AroundTown - comment

Aroundtown’s FY25 announcements point to operational stabilisation and continued deleveraging; however, the reinstatement of dividends and move to

Tomás Mannion4 March 2026AROUNDTOWN

INEOS Group Client Call and Presentation are now available on the website

INEOS Group Client Call and presentation are now available on Ineos Group page.

Martha Felix3 March 2026INEOS

SBB Norden - comment

The Fitch Upgrade reflects a change in rating methodology rather than a fundamental shift in risk. We are still sceptical that the

Aengus McMahon3 March 2026SBB

CPI Property Group - comment

The tender offer is small, and would represent around a €10m outlay for CPI if successful.

Aengus McMahon3 March 2026CPI

Consolidated Energy - comment

For now, it’s just an idea, but the pitch from Proman for methanol-fuelled power in the Caribbean is potentially positive for

Aengus McMahon3 March 2026CONSOLIDATED

ASDA - comment

ASDA is trying to bind a proportion of its customers through its loyalty scheme and is offering targeted discounts to

Aengus McMahon3 March 2026ASDA

AMS Osram - comment

AMS Osram completed the sale of the Entertainment and Industry Lamps business announced in July 2025. Proceeds is

Tomás Mannion3 March 2026AMS, OSRAM

Isabel Marant - comment

In summary, the proposal results in a 2.5-year maturity extension, a €20 million equity contribution and enhanced covenant protections. There is no

Tomás Mannion3 March 2026

SES - comment

Results came in close to target, which was well guided for. Overall, the disclosure of pro forma financials (as if Intelsat had been consolidated from the

Wolfgang Felix2 March 2026SES, INTELSAT

Clariane - comment

A combination of volume growth and pricing improvements, particularly in Germany, enabled Clariane to report strong revenue and

Tomás Mannion2 March 2026CLARIANE

AMS Osram - Balance sheet questions - Model Update

Please find our updated analysis of AMS Osram following the announced asset sale and the Q4 results, here.

AMS Osram’s credit profile has materially improved. Following the announced asset sale to Infineon, which the company expects to

Tomás Mannion27 February 2026AMS, OSRAM

Heimstaden Bostad - comment

Heimstaden Bostad AB reported FY25 results showing broad-based improvement across all key credit and operating metrics. Occupancy remained

Tomás Mannion27 February 2026HEIMSTADEN

Ineos Quattro - comment

Ineos hosted a further two-hour investor conference, this time focused on Ineos Quattro, during which management provided additional

Tomás Mannion27 February 2026INEOS QUATTRO

Worldline - comment

Block’s ambitions to shed nearly half its workforce through AI, is a straight read across to Worldline, as different as both

Wolfgang Felix27 February 2026WORLDLINE

Viridien - comment

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

Aengus McMahon27 February 2026VIRIDIEN, CGG

Ardagh Glass - comment

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

Aengus McMahon27 February 2026ARDAGH

Iceland - Bagging The Refinance - Model Update

Please find our updated analysis on Iceland here.

We have updated our model to reflect Iceland’s Q3 results, which came broadly in line with our prior expectations. We made modest

Tomás Mannion26 February 2026ICELAND

Ocado - comment

The FYE 25 headline results were broadly in line with our expectations (Revenue £688m vs £669m forecast), with both Technology and

Aengus McMahon26 February 2026OCADO

Mobico - comment

This morning’s FY25 reporting did not contain further news on the German negotiation, which should conclude and therefore lead to

Wolfgang Felix26 February 2026MOBICO

Antolin - comment

The family appears to be shifting a gear with the generational succession of Ernesto Antolín Calzada by his daughter Emma Antolin. He will remain in

Wolfgang Felix26 February 2026ANTOLIN