Ineos Quattro - comment

Ineos released another market update on Friday, which reiterated previous commentary on conditions in the wider

Tomás Mannion22 December 2025INEOS

Adler - Development vs. Yield - Model Update

Please find attached our updated analysis of Adler here.

Property sales are booked at balance sheet value these days, a far cry from previous years, and we increasingly agree with

Wolfgang Felix19 December 2025ADLER

Fedrigoni - comment

Guidance on yesterday’s call was positive. Management is seeing volumes bottom out around current levels, which means there will be

Wolfgang Felix19 December 2025FEDRIGONI

Maxeda - comment

The tougher weather comps are here, and as indicated, LfL sales have gone into reverse, except a little more than we thought. Even though

Wolfgang Felix19 December 2025MAXEDA

Emeis - comment

Emeis has announced the completion of its refinancing process, which began in November. The refinancing extends the Company’s debt

Tomás Mannion19 December 2025EMEIS, ORPEA, CLARIANE

AMS Osram - comment

We exited our convertible bond position in AMS Osram at 95% in July, as we did not believe the Company would pursue a tender for

Tomás Mannion18 December 2025AMS, OSRAM

Klöckner Pentaplast - comment

The US Bankruptcy Court of Southern Texas has

Wolfgang Felix17 December 2025KLOCKNER

Victoria Plc - comment

Victoria released its H1 results this morning, which were in line with the guidance issued in early November. Revenue, and volumes in particular, remain weak; however,

Tomás Mannion17 December 2025VICTORIA

Tele Columbus - comment

Markus Oswald is leaving his job as CEO of Tele Columbus after only three years, without a successor in place. He has overseen the

Wolfgang Felix16 December 2025TELE COLUMBUS

Standard Profil - comment

Standard Profil has released its Q3 results and scheduled a conference call for Wednesday at 9:00 a.m. The restructuring was

Tomás Mannion16 December 2025STANDARD PROFIL

Boparan - comment

Poultry beat our expectations by £5m EBITDA, but it’s the topline that surprises us. Still driven by inflation recovery, it more than

Wolfgang Felix16 December 2025BOPARAN

Adler Pelzer, Antolin, Pasubio, Standard Profil - comment

The EU is reportedly considering proposals to ease the planned 2035 ban on combustion engines. The objective is to support European OEMs and

Wolfgang Felix16 December 2025ADLER PELZER, ANTOLIN, PASUBIO, STANDARD PROFIL, AUTOMOTIVE

Ardagh - comment

The CDDC voted for its own survival when it determined that Ardagh had triggered a credit event

Wolfgang Felix15 December 2025ARDAGH

Pasubio - Not yet - Model Update

Please find our analysis on Pasubio post Q3 numbers here.

Following a successful trade in Pasubio’s bonds earlier this year, we continue to monitor the credit. This month’s results were

Tomás Mannion12 December 2025PASUBIO

Worldline - Positioning - comment

Our short on the name was opportunistic - in case the company failed to calm markets over its use of overdrafts, or

Wolfgang Felix12 December 2025WORLDLINE

Eutelsat - comment

The company announces the success of its rights issue, the second leg of its capital raising program. Over the course of Q4, therefore, Eutelsat will

Wolfgang Felix12 December 2025EUTELSAT

Ams Osram, Flora and Rekeep Idea Pitch Videos Now Available

The new Idea Pitch videos are now available.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Martha Felix12 December 2025FLORA, AMS, REKEEP

Mobico - A change in game theory.

Notes from our call with Mobico this morning:

All eyes are on Germany negotiations, UK asset sales, ALSA margins and US contracts - so basically everything. The answers this morning have bearings on our game theory.

Wolfgang Felix11 December 2025MOBICO

Ineos Quattro - comment

Moody’s has downgraded Ineos Quattro (and Ineos Group), maintaining a negative outlook on both entities. At Ineos Quattro, the rating was

Tomás Mannion11 December 2025INEOS