House of HR - Smoke vs. Fire - Model Update

Please find our updated analysis on House of HR here.

The pandemic, online migration, tariffs, AI and oil prices all have one thing in common: They impact House of HR. Staffing companies are notoriously pro

Wolfgang Felix15 May 2026HOUSE OF HR

Graanul - comment

Graanul’s Q1 financial results were broadly in line with expectations, although production numbers were stronger than

Tomás Mannion14 May 2026GRAANUL

Birkenstock - comment

As results were below market estimates, the bonds will be fractionally lower, but they were broadly in line with our estimates. The company has reiterated its

Aengus McMahon14 May 2026BIRKENSTOCK

Klockner Pentaplast - comment

The annual accounts published this morning should have some additional information for us, even if the extensive sections on the

Wolfgang Felix14 May 2026KLOCKNER

Boparan - comment

The news that 2 Sisters has passed £70m of additional tax and wage costs to supermarkets will be supportive of the SSNs, but the

Aengus McMahon13 May 2026BOPARAN

Tele Columbus - comment

0% of Tele Columbus’ SSN holders signing up to the creditor co-op agreement is a positive for the bonds. Tele Columbus is close enough to the

Aengus McMahon13 May 2026TELE COLUMBUS

Fedrigoni - comment

There should be no change to bond pricing on the news this morning that Fedrigoni will again defer its coupon on its

Wolfgang Felix13 May 2026FEDRIGONI

Eutelsat - comment

Compared to SES yesterday morning, Eutelsat’s performance is brighter. It was a good, brief call, and bonds should be mildly friendly today as

Wolfgang Felix13 May 2026EUTELSAT

Accentro - comment

Accentro's deviation from its planned sales trajectory has implications for the 2027 SSNs; the company’s requirement for an additional

Aengus McMahon12 May 2026ACCENTRO

Branicks - comment

The possibility of a partial debt-equity swap by Branicks (as reported in Debtwire) doesn’t change our fair value estimate but will

Aengus McMahon12 May 2026BRANICKS

SES - comment

We were disappointed with today’s results, and we imagine we were not the only ones. If it weren’t for the strong capitalisation now, bonds should

Wolfgang Felix12 May 2026SES, INTELSAT

AMS Osram - comment

AMS Osram has agreed to sell its CMOS Image Sensor business, a strategic divestment that will have no impact on current trading

Tomás Mannion12 May 2026AMS, OSRAM

Antolin Idea Pitch Video Now Available

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

Wolfgang Felix11 May 2026ANTOLIN

Pasubio - Many a slip between Actual and Proforma - Model Update - Positioning

Here is our updated model following Pasubio’s Q4 results, here.

To take a long position, investors are required to make a leap of faith, moving from an investment in a traditional automotive supplier to the new Pasubio. While

Tomás Mannion11 May 2026PASUBIO

Antolin - comment - Positioning for 28's↑ 30's↓

We have unwound our Long/Short 30s/28s position for 61.5/63 and will be looking at potentially the inverse strategy going into the business end of

Wolfgang Felix8 May 2026ANTOLIN

Punch - comment

Punch bonds should be neutral today. Q226 results are right on target, if ever so slightly better than modelled. WC was

Wolfgang Felix8 May 2026PUNCH

Pfleiderer - Never mind the 'spilt milk', comrades - Model Update

Please find our updated analysis here.

Ahead of next week’s great reveal (or so we hope), we are keen to get in shape to pick up what could be an interesting opportunity. Pfleiderer is as much

Wolfgang Felix8 May 2026PFLEIDERER

Transcom - comment

Transcom reported improvements in revenue and EBITDA, but the underlying progress remains modest. The Q4 €50m equity injection reduced

Tomás Mannion7 May 2026TRANSCOM

SBB - comment

Operationally, the numbers were in line with our expectations, and we would expect the hybrids to be higher and to outperform the SSNs. SBB values its

Aengus McMahon7 May 2026SBB

AMS Osram - comment

AMS Osram delivered a decent Q1 print, but the more important takeaway was management’s commentary on improving order momentum and

Tomás Mannion7 May 2026AMS, OSRAM