Transcom - comment

Headline leverage metrics show an apparent reduction, but this improvement was driven almost entirely by the €50m sponsor equity injection rather than

Tomás Mannion19 February 2026TRANSCOM

Fedrigoni - Better to be punctual - Model Update - corrected

Please find our updated analysis on Fedrigoni here.

Considering the renewed sell-off of luxury equities this year, the bonds once again look richer than Fedrigoni’s end clients. While GY26 should largely

Wolfgang Felix18 February 2026FEDRIGONI

Synthomer - comment

We have heard press reports that the company is working with Rothschild on refinancing its debt (including a possible equity raise). We see this

Aengus McMahon18 February 2026SYNTHOMER

Virgin Media O2 - comment

Subscriber numbers were a little above our expectations, but the friction in Revenue and EBITDA continues. There will be at best a modest rise in

Aengus McMahon18 February 2026VMEDO2

Ineos Group - Cracking Capacity - Initiation

Please find our initiation on the Ineos Group here.

INEOS Group has sufficient liquidity to operate through December 2027, even if volumes and pricing remain at FY25 lows. However, with yields at 12–14%, constructing a compelling long thesis is

Tomás Mannion17 February 2026INEOS

Branicks - comment

Getting the Domination Agreement approved paves the way for the Amend and Extend operation for the 2026 SUNs. The full-year results will

Aengus McMahon16 February 2026BRANICKS

Morrisons - comment

In October 2025, we estimated the value of the full Morrisons Pharmacy business to be £170m. Press reports now suggest only a partial sale of

Aengus McMahon16 February 2026MORRISONS

The Very Group - comment

Carlyle has equitised £150m of subordinated debt, satisfying the deleveraging condition under the Group’s senior secured notes. As a result, the

Tomás Mannion16 February 2026THE VERY GROUP

Antolin - Progressing Optionality - Model Update

Please find our updated analysis on Antolin here.

As it looks unlikely that the bonds can be refinanced in the market by late 2027, Antolin is building a liquidity war chest, which should

Wolfgang Felix13 February 2026ANTOLIN

HSE 24 - Recovering - Model Update - Positioning

Please find our updated analysis here

HSE has proven to be a successful investment for us; the early execution of a debt restructuring meant our holding period was much shorter than

Aengus McMahon13 February 2026HSE24

Punch - comment

[Delayed] The company reported Q126 revenues on target on Tuesday, but we had probably been too optimistic on the margin for a Q1m, which is typically

Wolfgang Felix13 February 2026PUNCH

Thames Water - comment

Thus far, Thames Water's cash planning has been accurate; liquidity is running thin into March. The two Accordion Facilities of

Wolfgang Felix13 February 2026THAMES WATER

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