ASDA - comment

With over £1bn of available liquidity (post the November £560m sale and lease back transaction), ASDA has sufficient cash to cope with the

Aengus McMahon2 December 2025ASDA

Isabel Marant - steadying the ship - Model Update

Please find our updated analysis on Isabel Marant here.

We continue to sound like a broken record. Despite marginally improving numbers, we remain uninvested in the Isabel Marant bonds. We maintain our

Tomás Mannion1 December 2025ISABEL MARANT

Tullow Oil - comment

Tullow has experienced a significant departure of its independent non-executive directors, with the Chairman and three other directors stepping down with

Tomás Mannion1 December 2025TULLOW

Rekeep - comment

The Bologna Court has rejected the petition filed by minority shareholders against the management of MSC Società di Partecipazione tra Lavoratori S.p.A., the

Tomás Mannion1 December 2025REKEEP

Altice International - comment

Altice International has commenced its financial restructuring by raising €750m at Altice Portugal S.A. This was enabled by

Tomás Mannion1 December 2025ALTICE INTERNATIONAL, ALTICE

House of HR - comment

Results were right on target. Revenues were ever-so-slightly softer than expected, but pricing compensated for it so that

Wolfgang Felix1 December 2025HOUSE OF HR

Fedrigoni - comment

Mixed Signals. LPCS revenues are down significantly, even as fillers are keeping the machines running. At EBITDA level, however, the division has

Wolfgang Felix1 December 2025FEDRIGONI

Matalan - Maturities and Pivot - Model Update

Please find our updated model on Matalan here.

Any name with any risk attached that is rearing its head in this market will trade down. Following their Q2 Call in October, Matalan bonds are

Wolfgang Felix28 November 2025MATALAN

Emeria - comment

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

Wolfgang Felix28 November 2025EMERIA

Amara - comment

Solar volumes are holding up better than expected, outweighing the more disappointing development of smart grids (allegedly temporary). But margins on

Wolfgang Felix28 November 2025AMARA

Isabel Marant - comment

Isabel Marant reported another solid set of Q3 results, continuing the positive momentum seen in recent quarters. Growth in the Wholesale segment has

Tomás Mannion28 November 2025ISABEL MARANT

OHLA - comment

The Q3 trading statement shows continued YTD operational improvement in 2025, but points to slowing growth in H2. Also, within

Aengus McMahon28 November 2025OHLA, OHL

CPI Property Group - comment

The Q3 25 trading statement held no surprises for us. CPI debt has moved out of the stressed universe, and the company recently placed

Aengus McMahon28 November 2025CPI

Antolin - comment

Following yesterday’s call, we are maintaining our positioning in the name. Upon several requests from the audience, management indicated again that the

Wolfgang Felix27 November 2025ANTOLIN

Adler - comment

The major divestments of its development properties had already been announced. What is more interesting is that the valuation adjustments on the

Wolfgang Felix27 November 2025ADLER

Consolidated Energy - comment

Management 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

Aengus McMahon27 November 2025CONSOLIDATED

Intrum - comment

We are reading that Intrum is starting a second tender offer for its bonds this month. This time, the maximum volume is a little

Wolfgang Felix26 November 2025INTRUM

ASDA - comment

Fitch’s downgrade of ASDA reflects the agency’s belief that the turnaround at ASDA will take three years, with volumes and profitability only

Aengus McMahon26 November 2025ASDA

Modulaire - comment

Things aren’t getting worse at Modulaire, but management acknowledges that the UK and French divisions are unlikely to see much improvement before

Aengus McMahon26 November 2025MODULAIRE

Antolin - comment

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

Wolfgang Felix26 November 2025ANTOLIN