CPI Property Group - comment

CPI is tendering at the short end of its curve. The EUR 1.75% 01/2030 now trades at around 5.75%, so the coupon shock of

Aengus McMahon29 January 2026CPI

Synthomer - comment

We will not be closing our short yet. The Winter Statement put EBITDA below guidance (c£142m), but above our estimates (which excluded

Aengus McMahon29 January 2026SYNTHOMER

Intrum - Positioning

We are taking the short off this morning. Following the news that Cerberus had bought Intrum’s minority stake in the JVs, we had shorted the

Wolfgang Felix29 January 2026INTRUM

Ineos Quattro - comment

Ineos held an informal conference call hosted by Bank of America on Monday. While details are still emerging, the commentary broadly echoed the

Tomás Mannion29 January 2026INEOS QUATTRO

Victoria -Who is paying for future growth? - Model Update

Please find our updated analysis on Victoria PLC here.

The reason for the existence of Victoria has historically been to consolidate the carpet/flooring manufacturing market, resulting in

Tomás Mannion28 January 2026VICTORIA

Aroundtown - comment

The successful issuance of a €750m perpetual bond at a 5.125% coupon highlights strong demand for BB+ rated real estate credit. The coupon

Tomás Mannion28 January 2026AROUNDTOWN

Graanul - comment

The FT reports that the Japanese government is reducing subsidies for the biomass sector, framing the development negatively as a cut to

Tomás Mannion28 January 2026GRAANUL

Mobico - comment

German press reports prompted a statement from the company today. The statement was scant but overall affirmative. According to the press, there seems to be a

Wolfgang Felix28 January 2026MOBICO

Rekeep - comment

Rekeep is expanding its international footprint through the acquisition of a 60% stake in Euromex Facility Services, which will be rebranded as

Tomás Mannion27 January 2026REKEEP

Aroundtown - comment

Aroundtown has announced a multi-currency tender across five outstanding hybrid issues (EUR/GBP/USD, including

Tomás Mannion27 January 2026AROUNDTOWN

Morrisons - comment

USDAW is understandably angry that its members working for Morrisons are receiving lower pay rises, but the government's additional

Aengus McMahon26 January 2026MORRISONS

AroundTown - comment

Aroundtown’s board has approved a share buy-back programme of up to €250 million, launching on 26 January and running

Tomás Mannion26 January 2026AROUNDTOWN

Matalan - Positioning

We have been shouting about this for a while. We have bought a 5% of NAV position in the Matalan SUNs above the offer price we are

Wolfgang Felix26 January 2026MATALAN

OHLA - No more drama - Positioning

Please find our unchanged analysis here.

We have had positions in OHLA since 2021 through two restructurings and almost endless drama. A year after the last restructuring, we are

Aengus McMahon23 January 2026OHLA, OHL

Atalian - comment

We were surprised at the Atalian announcement yesterday. We did expect that another restructuring would be needed, but didn’t expect it to be quite so imminent. Clearly,

Aengus McMahon23 January 2026ATALIAN

Flora - comment

As anticipated, following the extension of the revolving credit facility in October last year to October 2030, the company has now moved to

Tomás Mannion23 January 2026FLORA