Morrisons - comment

The new tills are designed to draw more customers to use the self-checkout. Fewer till staff will reduce costs, and in an increasingly

Aengus McMahon9 March 2026MORRISONS

Virgin Media O2 - comment

Telefonica views the UK as one of its four key markets and intends to continue consolidating the Alt-net broadband providers. In the long term, this

Aengus McMahon9 March 2026VMEDO2

Atos - comment

Management continues to frame the turnaround in simple terms: 2025 as the restructuring year, 2026 as a stabilisation phase, and growth returning from

Tomás Mannion6 March 2026ATOS

Mobico - Rolling - Model Update

Please find our updated analysis on Mobico here.

Six months ago, we were all eagerly discussing what Mobico might do to address the balance sheet in the face of the call date approaching. But what happened was

Wolfgang Felix5 March 2026MOBICO

Morrisons - comment

Continued cost-cutting at Morrisons has been well trailed by management. When the convenience buying team is merged with

Aengus McMahon5 March 2026MORRISONS

ASDA - comment

Sales are falling, but more slowly, and market share is flat. This will be a relief to ASDA, but it still needs to establish the targeted

Aengus McMahon5 March 2026ASDA

Flora - comment

Flora is pursuing a small asset sale, with proceeds in the €100-200m range. This should have no impact on the

Tomás Mannion5 March 2026FLORA, UPFIELD

Isabel Marant - comment

It has been clear all along that bondholders have little practical alternative. While the coupon remains unchanged, accepting the

Tomás Mannion4 March 2026ISABEL MARANT

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