We missed it. On our shelf is the analysis of Thames Water from January 2000 when we decided not to go short the bonds then. You’ll find Southern Water there too. Now Sarah Bentley has
We are rotating out of a number of names that have either fulfilled their investment thesis or have failed to do so or have otherwise traded up significantly post March and therefore hold more beta than alpha now:
Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.
S&P have released their next batch of ratings for water companies.
However, neither Southern, nor Thames are amongst them.
Actions today have been:
please find a slight update to our Southern Water analysis here.
The changes allow for a more
Please find our updated analysis here.
We are looking to take a short position in
Please find our analysis of Southern Water here.
The company is highly indebted, has had its permitted revenue cut by