The small miss on revenue growth (11.1% vs guidance of 13% - 15%) is a negative, without being terrible. Constant currency growth
Read MoreOur key takeaway from AMS Osram’s statement is the reaffirmation of its asset disposal strategy and, notably, the absence of any
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We are shorting the 2027 Euro bonds at 96.75, going into the strategic review that the company is to unveil at the end of the month. Looking across to
Read MoreThe financial update from Viridien for FY25 is slightly above our projections, with revenue of USD1,150m vs. our forecast of
Read MoreThe 10.75% ‘29s are up by a point to par. This is the month that Apollo's Platinum financing becomes callable, and the robust
Read MoreWith the start of the new year, speculation has once again intensified around potential asset disposals by Patrick Drahi. Recent reports
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SBB needs Sveafastigheter’s equity to continue to rally if it is to reduce its own leverage, and the successful placing of €300m of
Read MoreIf Viridien sells its Sensory equipment business, we estimate a valuation of around $170m - $200m (5.5x – 6.5x LTM EBITDA). We would expect some
Read MoreJust how short the leash is by which creditors are holding the utility is documented with its now 7th consecutive
Read MoreCarlyle assumed control of The Very Group in November, following the insolvency of VGL Holdco, the holding company above the
Read MoreThe cash sweep funded bond repayment (at par) adds 10bps to our P&L. PF the sweep, HSE will have €41m of cash on hand (in with
Read MoreDetails of the restructuring plan are only coming through in waves. We understand there will be a drop-down of the entire business into a
Read MoreThe Amend and Extend operation for the Sep 2026 SUNs will start immediately after the Branicks/VIB control and profit agreement is
Read MoreOur valuation of the Rathbones bread business in November 2024 was c€80m based on FYE 2023 results, but the business has
Read MoreManagement had already warned the market that Q4 food revenue would be lower than Q3. They also warned that margin would be
Read MoreDetails of the Amara deal are not yet public, but it’s progressing at pace. According to a press report this morning, the WC banks and majority note holders have agreed to
Read MoreThe key dates for the control and profit agreement are the AGMs of VIB (12 February) and Branicks (13 February), but
Read MoreToday’s announcement doesn’t change our thesis on Ocado, and is a small positive as it widens the potential customer base. The existing
Read MoreWe had already highlighted that Branicks would need a very strong Q4, with €250m of sales needed to reach €500m for the year. Branicks delivered a
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