Eutelsat - comment

It’s all faster than expected. Both the growth at One Web and the drop in Video are running ahead of our model to produce EBITDA, only slightly

Wolfgang Felix13 February 2026EUTELSAT

Birkenstock - comment

Birkenstock had already released the headline results in January, so the results didn’t contain much by way of surprises. Birkenstock will benefit from

Aengus McMahon13 February 2026BIRKENSTOCK

Ubisoft - comment

Unfortunately, we were not allowed to ask questions, but yesterday’s most ominous word was “re-profile”. Management emphasised several

Wolfgang Felix13 February 2026UBISOFT

Iceland - comment

Tomás Mannion12 February 2026ICELAND

Synthomer - comment

We think the equity raise is being pushed on Synthomer by its banks. Synthomer required a receivables loan from its main shareholder to

Aengus McMahon12 February 2026SYNTHOMER

Ineos/Ineos Quattro - comment

We had intended to publish a morning note on Sir Jim Ratcliffe’s remarks at the Antwerp Summit, where he warned that the

Tomás Mannion12 February 2026INEOS QUATTRO, INEOS

ASDA/Morrisons/Iceland - comment

Aldi's investment in its stores is a response to investment programs by the rest of the industry. Aldi/Lidl are already cheaper, but run on fewer

Aengus McMahon11 February 2026ASDA, MORRISONS, ICELAND

Adler Pelzer - comment

We interpret yesterday’s preliminary release in the context of APG’s ongoing refinancing efforts. We were braced for a Q4 disappointment following

Wolfgang Felix11 February 2026ADLER PELZER

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