We are hitting first offers this morning at 80c/€, five points above the best offer we are seeing - there will be a little squeeze today. Even so,

Wolfgang Felix2 February 2026MAXEDA

INEOS Quattro - comment

Ineos Quattro released its Q4 trading statement, confirming the previously rumoured liquidity measures. The group has extended its trade receivables

Tomás Mannion2 February 2026INEOS QUATTRO

Kem One - comment

Kem One’s existing lenders have provided a further €30m of liquidity support, underlining the company’s ongoing cash burn. Management’s own

Tomás Mannion2 February 2026KEM ONE

Flora - comment

Flora has completed the refinancing of its senior secured bank facilities, extending maturities to October 2030. Following these

Tomás Mannion2 February 2026FLORA

Modulaire - comment

Q4 25 Underlying EBITDA of €133m is about at the market consensus, and we expect cash EBITDA to be above the

Aengus McMahon2 February 2026MODULAIRE

Ubisoft - We're playing for it - Initiation - Positioning

Please find our initiation on Ubisoft here.

It gets interesting when founder management are officially gamers, and in a game they’ve written themselves. It turns out, nobody’s gun is

Wolfgang Felix2 February 2026UBISOFT

Ardagh Group - comment

The ARD Finance litigation in New York continues; PIK holders are seeking to prevent the Ch 15 filing of ARD Finance. PIK holders are being

Aengus McMahon30 January 2026ARDAGH

Casino - comment

Having followed Casino for an extended period, we monitor the ongoing developments from afar. The latest is that Jean-Charles Naouri has been

Tomás Mannion30 January 2026CASINO

Eutelsat - comment

We have written before that we’ve never been fans of the EQT deal, although for a while it seemed that Eutelsat had no other option. Now that it has

Wolfgang Felix30 January 2026EUTELSAT

ASDA - comment

The mistakes in pay packets were initially revealed in March 2024. The sums involved are small, so ASDA is being magnanimous in settling

Aengus McMahon30 January 2026ASDA

Ubisoft - coming soon

Martha Felix30 January 2026UBISOFT

Ocado - comment

Underperforming CFCs are being shut as suppliers tweak their delivery models. We are surprised at the low level of compensation being

Aengus McMahon29 January 2026OCADO

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