Ineos Group - comment

The FT article contains no new news to followers of the Ineos Group story, and therefore has no real impact on trading. However, any

Tomás Mannion30 March 2026INEOS

Flora Group - Raising More Questions - Model Update

Please find our updated analysis following the FY25 numbers here.

A seemingly innocuous slide in the Q4 presentation has prompted an interesting debate about the underlying business at Flora Group. We have

Tomás Mannion27 March 2026FLORA, UPFIELD

Mobico - comment

Francisco Paco’s appointment strikes us as positive news for Mobico. The head of ALSA and COO of the group made a very solid operator impression on

Wolfgang Felix26 March 2026MOBICO

AroundTown - Macro Opportunity - Model Update - Positioning

Please find our updated analysis on AroundTown here.

At first glance, there appears to be limited opportunity in AroundTown and Grand City Properties. AroundTown continues to deliver stable operating

Tomás Mannion25 March 2026AROUNDTOWN, GRAND CITY

Emeria - comment

Revenue was spot on and EBITDA even beat our estimates by as much as €10m. However, the Assurimo sale saw a

Aengus McMahon25 March 2026EMERIA

ASDA - comment

Although ASDA’s pay rise is lower than its competitors’, we do not expect it to provoke staff departures or

Aengus McMahon25 March 2026ASDA

Flora - comment

The key investor debate for Flora Food Group remains the sustainability of revenue growth. Management continues to guide to l

Tomás Mannion25 March 2026FLORA, UPFIELD

Consolidated Energy – As Straightforward As Ever - Model Update

Please find our updated analysis here.

Consolidated Energy (CONSEN) is never dull, and the last three months have seen the Proman loan being repaid with a mixture of

Aengus McMahon24 March 2026CONSOLIDATED

Modulaire - Peace Dividend - Model Update

Please find our slightly updated model here.

The Modulaire story hasn’t changed much in the last few quarters. Revenue and cash flows are not deteriorating further, but are not

Aengus McMahon24 March 2026MODULAIRE

Vivion - comment

A mild positive for creditors. The additional cash is nice to have, more liquidity being better than less, but €60m

Aengus McMahon24 March 2026VIVION

Boparan - comment

Boparan continues to surprise us on the upside. Strong performance in the Poultry business more than made up for continued weakness in

Aengus McMahon24 March 2026BOPARAN

Morrisons - comment

The produce business has a value of c£600m to an external buyer, but the level of integration with its supermarkets may make this a strategic asset for

Aengus McMahon23 March 2026MORRISONS

Ardagh Group - Looking Forward - Model update

Please find our updated analysis here.

The recapitalisation closed in Q4, and Ardagh Group can now start to look to the future. The large restructuring costs are behind it, but

Aengus McMahon20 March 2026ARDAGH

Synthomer - comment

Today’s statement confirms what we have said since we took our position. At year’s end, Synthomer would have been close to its

Aengus McMahon19 March 2026SYNTHOMER

Adler, Pfleiderer - comment

We have become used to the company announcing asset sales without disclosing the price. That’s unfortunate. But in the wider context, the

Wolfgang Felix19 March 2026ADLER, PFLEIDERER

OHLA - comment

Disputes over contracts are part of OHLA’s business, and Peru has a long history of cancelling contracts for flimsy reasons. Any settlement

Aengus McMahon18 March 2026OHLA

Ubisoft - comment

We are supportive of the new appointments. Julien Bares’ background from Ubisoft strikes us as a great hire to lead Creative House 3, the

Wolfgang Felix18 March 2026UBISOFT

Adler Pelzer - Only The Penultimate Hour - Model Update

Please find our updated analysis on Adler Pelzer here.

Windows are dressed (admittedly with quality dressing: having reduced primarily overdue receivables), margins are bolstered with €10m+ of timely

Wolfgang Felix17 March 2026ADLER PELZER

Thames Water - comment

The next iteration of Thames Valley and Water's offer for the business is with Ofwat and the company, but still subject to negotiation and

Wolfgang Felix16 March 2026THAMES WATER

Adler Pelzer - comment

Preliminary FY25 figures had already been released last month, and this morning’s audited results confirmed that, except for the lower revenue and

Wolfgang Felix16 March 2026ADLER PELZER