Ineos hosted a further two-hour investor conference, this time focused on Ineos Quattro, during which management provided additional
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Block’s ambitions to shed nearly half its workforce through AI, is a straight read across to Worldline, as different as both
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No surprises from Viridien, as the business generated cash and bought back bonds in 2025. It intends to do the same in 2026, assuming the
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The Ardagh Group is moving beyond the restructuring story it has been for two years. AMP stock is up on the day, which is good news for
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The FYE 25 headline results were broadly in line with our expectations (Revenue £688m vs £669m forecast), with both Technology and
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This morning’s FY25 reporting did not contain further news on the German negotiation, which should conclude and therefore lead to
Read MoreThe family appears to be shifting a gear with the generational succession of Ernesto Antolín Calzada by his daughter Emma Antolin. He will remain in
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FY25 was well guided for the CMD, and so historical figures are not far from projections. However, recent divestments leave the company with a
Read MoreIneos 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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