BioGroup - comment

Ahead of its FY25 conference call tomorrow at 1:00 pm, BioGroup released its Q4 and FY25 results. The figures came in

Tomás Mannion9 April 2026BIOGROUP

Morrisons/ASDA - comment

The incremental impact of the Morrisons price cuts to creditors is small, but it underlines the low consumer confidence and the

Aengus McMahon8 April 2026MORRISONS, ASDA

Viridien - comment

The upgrade from S&P is a minor positive for creditors, but most of the rationale behind the S&P change is already reflected in the

Aengus McMahon8 April 2026VIRIDIEN

CPI Property Group - comment

A fairly dull call from CPI was welcome after three years of fireworks. Hybrid issuance is going to remain challenging, and the perpetual resetting in

Aengus McMahon7 April 2026CPI

Victoria - comment

Victoria PLC completed a sale and leaseback of its Belgian distribution centre for c.€34m, crystallising an uplift versus the

Tomás Mannion7 April 2026VICTORIA

ION Platform - Is AI the real risk? - Initiation

Please find our initiation on ION Platform here.

All of the discussion in the market around ION Platform focuses on AI and its potential impact on the business. AI will undoubtedly influence the

Tomás Mannion2 April 2026ION PLATFORM

Mobico Idea Pitch Video Now Available

The Mobico Idea Pitch video is now available.
You can find the video on the Sarria website landing page as well as on the Mobico dedicated page.

Wolfgang Felix2 April 2026MOBICO

Atos - comment

Atos has completed the sale of Bull, its Advanced Computing activities, to the French State for an EV of up to €404m, including contingent

Tomás Mannion2 April 2026ATOS

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