Management did not comment on the senior equity rumours, but earlier in the call had already floated the idea of resuming M&A activity, now
Read More
Solar volumes are holding up better than expected, outweighing the more disappointing development of smart grids (allegedly temporary). But margins on
Read More
Isabel Marant reported another solid set of Q3 results, continuing the positive momentum seen in recent quarters. Growth in the Wholesale segment has
Read More
The Q3 trading statement shows continued YTD operational improvement in 2025, but points to slowing growth in H2. Also, within
Read More
The Q3 25 trading statement held no surprises for us. CPI debt has moved out of the stressed universe, and the company recently placed
Read MoreFollowing yesterday’s call, we are maintaining our positioning in the name. Upon several requests from the audience, management indicated again that the
Read More
The major divestments of its development properties had already been announced. What is more interesting is that the valuation adjustments on the
Read MoreManagement expects the impact of curtailments in Q3 (in T&T) will be reversed in Q4. Outside of the T&T Methanol business, results were at
Read MoreWe are reading that Intrum is starting a second tender offer for its bonds this month. This time, the maximum volume is a little
Read MoreFitch’s downgrade of ASDA reflects the agency’s belief that the turnaround at ASDA will take three years, with volumes and profitability only
Read More
Things aren’t getting worse at Modulaire, but management acknowledges that the UK and French divisions are unlikely to see much improvement before
Read More
We had dropped our forecast only slightly following the poor Q2 results, in order to test our thesis with a more constructive outlook (we are
Read More
US glass operations are smaller but more profitable, and Europe/Africa is seeing low single-digit volume growth. There has been little by way of
Read MoreFlora have appointed Giangaddo Prati as CFO to replace Florence Naviner, who will retire in March 2026 after the closure of the
Read More
Graanul reported its Q3 results, which were broadly in line with expectations. Demand for wood pellets has strengthened since the
Read MoreThe long-awaited cooperation agreement at Cerba is now in place. It is reported that 66% of senior creditors have signed the agreement,
Read MoreRecent strong investor demand has continued to push new issuance coupons tighter for AroundTown. The most recent issuance reduces
Read More
Revenue was in line with our model, and whilst reported EBITDA was ahead, driven by the absence of one-offs. The take-up of new, faster
Read More
Revenue growth is slower than anticipated - primarily due to Spanish Long-haul growth of a mere 4%, where the segment benefited from a Multi-Vouture scheme last year. The lower end of
Read More
There are no signs of recovery in Ineos’ latest market update on the wider chemical industry. The ethylene market remains oversupplied, with
Read More