Rekeep - comment

Moody’s Ratings has revised the outlook on Rekeep S.p.A. to negative from stable, citing expectations of weaker operating performance over the

Tomás Mannion11 February 2026REKEEP

Morrisons - comment

The main question we have about raising debt against property assets is, why? With no medium-term maturities, it is unlikely to be a matter of

Aengus McMahon11 February 2026MORRISONS

Eutelsat - comment

Following its recent unfunded order of 340 LEO satellites from Airbus, Eutelsat Communications SA, the topco, has received an

Wolfgang Felix11 February 2026EUTELSAT

AMS Osram - comment

Following last week’s divestment announcement, the Q&A was largely forward-looking, with analysts focused on understanding the shape and

Tomás Mannion10 February 2026AMS, OSRAM

Ubisoft - comment

A three-day trial begins at Ubisoft in reaction to the announced additional cost savings plans. Ubisoft has already cut 20% of its

Wolfgang Felix10 February 2026UBISOFT

Branicks - Chips - Positioning

Please find our updated analysis here.

Branick’s SUNs will suffer some volatility over the next quarter as the company puts together an Amend and Extend package for the SUNs. Our core thesis is

Aengus McMahon9 February 2026BRANICKS, DIC ASSET

Adler - comment

Published a “We are normal again” note this morning with a few details in advance of publishing its annual accounts. The Berlin portfolio remains

Wolfgang Felix9 February 2026ADLER

Ocado - comment

The press reports of 1,000 job losses were inevitable given the Kroger and Sobeys news. Our view is that the value of the existing

Aengus McMahon9 February 2026OCADO

Birkenstock - comment

The upgrade to BB+ reflects the expectation that the revenue growth and EBITDA margin strength in recent years will continue. S&P calculated

Aengus McMahon9 February 2026BIRKENSTOCK

Intrum - Sobering up - Model Update

Please find our updated analysis on Intrum here.

Perhaps not enough to simply refinance in 2028, but better. So much better, in fact, that it had us recalculate the entire model to

Wolfgang Felix6 February 2026INTRUM

OHLA - comment

OHLA needs to refinance its (€45m) share of the Canalejas gallery; we would have thought the existing lenders (Santander and CaixaBank) would be

Aengus McMahon6 February 2026OHLA

Consolidated Energy - comment

The multiple paid for the stakes in CNC and N2000 is at the high end of what we would expect, but not outrageous. The $100m cash that

Aengus McMahon6 February 2026CONSOLIDATED

Ubisoft Client Call and Presentation are now available on the website.

Unisoft Client Call is now available on Ubisoft’s page.

Martha Felix6 February 2026UBISOFT

Klöckner Pentaplast - comment

The company has held up well enough last year. Q4 financials released in a presentation on Tuesday are right on target, even as we have had to guess our

Wolfgang Felix5 February 2026KP, KLOCKNER

ASDA - comment

Losing the cheapest supermarket tag to Tesco may be a blip, but it highlights the difficulty of trying to target being 5% to 10% cheaper than

Aengus McMahon5 February 2026ASDA

AMS Osram - comment

AMS Osram has delivered on its promise, deleveraging the business substantially. Infineon are buying the non-Optical Analog/Mixed-Signal Sensor Business for

Tomás Mannion4 February 2026AMS, OSRAM

Atalian - comment

The restructuring process has started. Atalian is working with a noteholder group representing more than 50% of the 2028 notes. With the

Aengus McMahon4 February 2026ATALIAN

OHLA - comment

The signing of the Canalejas deal on time and without last-minute changes is a pleasant surprise from OHLA; although, when announced in

Aengus McMahon3 February 2026OHLA, OHL

VMEDO2 - comment

Adding Infravia Capital to the group, looking to buy Netomnia points to Telefonica and Liberty bidding for the asset directly and possibly avoiding