FY25 was well guided for the CMD, and so historical figures are not far from projections. However, recent divestments leave the company with a
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Ineos Group released preliminary Q4 numbers and hosted a two-hour conference call yesterday. Management offered little
Read MoreIneos Quattro is scheduled to hold its Q4 conference call tomorrow (Thursday). Ahead of the call, the Financial Times reports that
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The Q4 25 numbers are almost secondary here. SBB has sufficient cash to cover maturities to November 2028, but we are not convinced
Read MoreAfter last week’s release, the bad news is already out there. Given the liquidity concerns, the full drawing of the RCF (an additional £60m) was
Read MorePlenty of news around the company and the payments sector, but none of them transformative for the French incumbent. The sale of its
Read MoreThe new USD 330 million TLB will fund the calling of the remaining USD 223 SUNs. This will layer the remaining outstanding SUNs with
Read MoreThis morning’s profit warning from Victoria PLC reinforces that this is still fundamentally a volume-driven issue. While management continues to
Read MoreIn an interview with Les Echos, Yves Guillemot stated again that he continues to explore further asset sales. In the same sentence, he could
Read MoreEutelsat is following up its recent €1bn BPI guaranteed financing with the bond issuance (a condition precedent). The €1.5bn issue will
Read MorePlease find our previous Tullow Oil analysis here. We will update our assumptions and models when the Company release its full-year numbers.
Tullow Oil made multiple announcements this morning (Friday 20th), but in substance, little has changed. While the proposed Amend and Extend transaction provides the Company with an additional 30 months of runway, this period is clearly intended to facilitate a sale of the business, which now appears to be the sole viable exit route.
In early September, we noted that the Company was unlikely to appoint a new CEO, arguing that the CFO and Chairman were adequately positioned to oversee a sale process. The subsequent appointment of Mr Perks briefly raised market expectations that the company was pursuing alternative strategic outcomes. However, it has now become apparent to all stakeholders that this is fundamentally a liquidation-led equity story.
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With options exhausted, the proposed A&E represents the Company’s only viable path. 66% of bondholders, alongside Glencore, have agreed to
Read MoreRangit and Baljinder’s private office has bought German turkey producer Heidemark through its European arm,
Read MoreWe are not convinced that any chemical analyst can confidently forecast the sector’s short- to medium-term outlook beyond maintaining a
Read MoreIneos Quattro was downgraded by two notches, reflecting its weaker credit profile relative to Ineos Group on a standalone basis. This is consistent with
Read MoreAML will have >GBP300m of liquidity after the F1 transaction, but 2025 has ended even weaker than expected. 2026 is expected to see some
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The acquisition of Neomnia by Nexfibre will result in a cash inflow of GBP950m for VMED, leading to a reduction in leverage of 0.3x. It is a
Read MoreOur key takeaway from INEOS’s announcement of €300 million in grant aid from the French state is the scale of support industries are receiving, and
Read MoreCorrection: In our Q325 update yesterday, we should have chosen our words more carefully. The company has a net leverage - maintenance - covenant of 4.6x that
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