Thames Water - comment

Good News. Seeing Ofwat officially shift from a dogmatic stance to a more pragmatic, goal oriented position signals the very conversion around a

Wolfgang Felix2 April 2026THAMES WATER

ASDA - Progress - Model Update

Please find our slightly updated analysis here.

ASDA’s Q4 results were expected to be bad and were. Also, whilst the pace of decline has slowed in the first few months of 2026, revenue has

Aengus McMahon1 April 2026ASDA

Air Baltic - Recap Scenarios - Initiation

Please find our initiation on Air Baltic here.

Not fully in control of their costs, highly operationally leveraged, exposed to commodity swings and economic cycles, airlines can

Wolfgang Felix1 April 2026AIR BALTIC, AIRLINES

Branicks - comment

An agreement with the EUR87m Promissory note holders was the only logical choice, but the SUNs could rise by a few points in relief. Our core thesis has

Aengus McMahon1 April 2026BRANICKS, DIC ASSET

Synthomer - comment

The SSN price may be marked lower than the 64.5% from yesterday, but as the S&P rating is still B, forced selling should

Aengus McMahon1 April 2026SYNTHOMER

CPI Property Group - comment

After market close last night, CPI announced its FY 25 results, which were in line, with Adjusted EBITDA higher and FFO a

Aengus McMahon1 April 2026CPI

Adler - comment

We are reviewing our residual 2L position. The continued erosion of equity cushion from the 1L PIK narrows the window for the

Wolfgang Felix1 April 2026ADLER

Antolin - comment

Moody’s has downgraded Antolin to CAA1 on raised probability of default. The outlook remains negative. The rating was preceded by a steep sell-off in

Wolfgang Felix1 April 2026ANTOLIN

House of HR - comment

A small short squeeze this morning as the company published an extensive section on its AI exposure and held a 2-hour call. EBITDA came in

Wolfgang Felix31 March 2026HOUSE OF HR

Rekeep - comment

Rekeep S.p.A. reported Q4 and FY25 results on Friday, prompting a further 3–4 point sell-off in the bonds. Revenue came in line with our expectations, and improved

Tomás Mannion30 March 2026REKEEP

Mobico - comment - Positioning

The drums are rolling. Mobico wanted to communicate its deal with the German PTAs in time for its March 15-month year-end. Being

Wolfgang Felix30 March 2026MOBICO

Air Baltic - comment

Inconsistencies. As we are in the final stages of deliberating over our positioning on Air Baltic, Bloomberg broke the news this morning that the company is

Wolfgang Felix30 March 2026AIR BALTIC, AIRLINES

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