Worldline - comment

Here it is, the second leg of the highly dilutive capital raise, by way of rights issue for €392m, following the first round of €110m that was shared

Wolfgang Felix12 March 2026WORLDLINE

SES - comment

Following its merger with Intelsat, the Luxembourg satellite operator is tendering for its outstanding subordinated perps, funded with a

Wolfgang Felix11 March 2026SES

Pfleiderer - comment

No hockey stick. Details are scant this morning as the company published a one-page Q425 update and 2027 outlook on each of its two divisions,

Wolfgang Felix11 March 2026PFLEIDERER

ASDA - Execution - Model Update

Please find our updated analysis here

The challenges of separating from Walmart’s IT systems are behind ASDA, but the plan to reposition itself as the cheapest of the Big 4 is a

Aengus McMahon10 March 2026ASDA

Ineos Quattro - What has Changed - Positioning

Please find our previous analysis on Ineos Quattro here.

At the time of our initial work, we outlined several potential trading strategies but ultimately waited for a more attractive entry point. While headline yields looked

Tomás Mannion10 March 2026INEOS QUATTRO

Modulaire - comment

The downgrade of the SUNs to CCC by Fitch will preclude some ratings-limited investors from owning them. Fitch reflects many of

Aengus McMahon10 March 2026MODULAIRE

Branicks - comment

The Promissory Noteholders are clearly playing hardball, but would be significantly impaired if they triggered an uncontrolled liquidation of

Aengus McMahon10 March 2026BRANICKS, DIC ASSET

Virgin Media O2 - comment

The Three deal is part of the same broad strategy that prompted Telefonica/Liberty Global to buy Netomnia. Owning more of

Aengus McMahon10 March 2026VMEDO2

OHLA - comment

The loss at arbitration should close the case over a road construction and maintenance contract in Kuwait. The

Aengus McMahon10 March 2026OHLA, OHL

Tullow - comment

We had expected receipt of the $40m Kenya asset sale proceeds by end-June 2026. The earlier-than-expected receipt of

Tomás Mannion10 March 2026TULLOW

Punch - Which Call? - Model Update

Please find our updated analysis of Punch here.

Forever the ugly duckling among behind Stonegate, Punch is doing well and turning acquisitive. The bonds are trading rightfully tight now,

Wolfgang Felix10 March 2026PUNCH

Synthomer - comment

Press reports that Lenders have appointed FTI as advisors is a logical next step, and we expect the noteholders to do the same. We are retaining our

Aengus McMahon9 March 2026SYNTHOMER

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