Coverage
Accentro
Adler
Adler Pelzer
Altice
Altice Intl
Amara S.A. - NEW
ams OSRAM
Ardagh Group
Aroundtown
Asda
Aston Martin - NEW
Atalian
Atos
Birkenstock - NEW
Boparan
Branicks | DIC Asset
Cerba
Clariane (Korian)
Consolidated Energy
CPI Group Property
Emeria
Eutelsat - NEW
Matalan
Maxeda
Morrisons
Ocado
OHLA
Pfleiderer
PizzaExpress - NEW
Punch Tavern
Rekeep
SBB
Selecta
SES/Intelsat - NEW
Graanul
Grand City Properties
Grifols
Heimstaden
HSE 24 - NEW
Iceland
Intrum
Isabel Marant - NEW
Kem One - NEW
Klöckner Pentaplast
Lowell
Standard Profil
Stonegate
Tele Columbus
Thames Water
The Very Group - NEW
Transcom
Tullow Oil
Upfield/Flora
Victoria Plc
Viridien (CGG)
Vivion
VMED O2
NAMES UNDER CONSIDERATION
Arxada/Lonza, Engineering Group, Medical Properties Trust, Modulaire (WIP), Reno de Medici.
SARRIA News Flow
Morrisons’ decision to expand its loyalty programme is a ripple caused by the ASDA price cuts, and the impact on Morrisons’ margins will
OHLA has got its €50m Right Issue away, whilst our analysis shows the company had the cash to pay the Kuwait judgement, the cash buffer is enhanced. Governance at
Q2 results were ahead of our expectations. Improved cost absorption at Birkenstock’s new plant and rising volumes pushed gross margin up by
Flora released its Q1 results yesterday, which came in slightly below expectations. There were a few mitigating factors, including the
Thames Water disclosed a near 99% consent rate on its second request yesterday and that it would prepare for the
Management is not seeing demand deteriorating further, which is encouraging. As regards FY24 figures, revenue and EBITDA were only just
We are sceptical that a deal is imminent as Telefonica buying out Liberty’s VMO2 stake would threaten the Spanish company’s Investment
Bonds dropped on what we believe to be a reaction from the Intersolar, which must have been a morbid affair this year. We don’t think Amara will run out of
AMS Osram has launched a consent solicitation for its convertible bonds to amend the guarantees, making it rank pari passu with the rest of the
Time is ticking. We are revisiting the name after receiving several questions about it. The bonds have been stuck in the mid-80s since April as doubts
The call shows that SBB slowly continues to rehabilitate its balance sheet. The problems at the Holding Company remain, but SBB has some time
We would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
Management are exploring refinancing options in the near term and the company has hired Barclays and NatWest to do so, which
Emeis only releases revenue numbers at Q1 and Q3, but in its press release this morning, the company confirmed 2025 guidance that the increase in
The VMO2 merger of its B2B business with Daisy Group will be a non-cash deal. VMO2 will have 70% of the combined B2B business, which implies
Jose Elías and his consortium would have had €8.5m in rights but declined to participate. The Amodio brothers and Andreas Holzer have now
The Q1 results were a little below our expectations, but that was due to the level of rent disposed being higher than our estimates. The lack of completed asset
We shorted Antolin10 3/8s at 82 in March, but are now buying back the position at 70 as we are getting carried out. The bonds had reached the
Fitch downgraded Victoria Plc bonds to CCC+, reflecting the market view of a difficult refinancing task for the Company with its upcoming bonds. We reiterate our
With less than two years to maturity, Transcom bonds still languish in the mid-70s. Today's Q1 results will do nothing to change that. The path to
Fundamentally, the year is off to a good start. Intrum have brought cost under control and the service segment is growing, making up
Selling at 98 felt great, but the bonds are now at 105. Apparently, the change in CEO to Jean-François Fallacher was a condition for the
Allan Leighton has decided not to wear the Chief Customer Officer hat, and ASDA has appointed Rachel Eyre from Morrisons. Eyre has the
The Amodio brothers are unwilling to make any concessions to Jose Elías (and the rest of his consortium) over governance. If the Jose Elías
Following last week’s announcement of its agreement with the RCF lenders, Lowell have begun the execution process with a consent solicitation to
PHLA's 5-year strategic plan is evolutionary rather than revolutionary, but it still could create problems in the longer term. The plan anticipates growth in
When equity has fallen so significantly, paying more cash becomes inevitable to attract the best senior executives and
The company has a new CEO in Jean-François Fallacher, who is coming from Orange, France. He has had
Heimstaden Bostad continues to see strong momentum in its occupancy and rental growth, resulting in a 1% increase in property values. LTM Ne
AroundTown are extending its debt maturities and has launched a new 5-year fixed at c.215bps over, the proceeds of which wil