First impressions are positive this morning. The company exceeded our projected revenues, but kept the cost of sales low. As a result,

All,

Please find our updated analysis on Transcom here.

We previously believed the Company had no viable option for a full refinancing and that an Amend and Extend (A&E) represented the only realistic outcome for all stakeholders. We were therefore surprised when Altor provided €50m of equity (we had assumed €20–30m) to support the A&E process. With over 80% of bondholders committed from the outset, the transaction closed successfully and extended maturities to 2030. With the bonds now trading in the high 80s, we believe the risk-reward merits re-engagement.

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

Headline leverage metrics show an apparent reduction, but this improvement was driven almost entirely by the €50m sponsor equity injection rather than

Please find our existing analysis on Transcom here.

Transcom has announced a consent solicitation and exchange offer for all of its Senior Secured Notes. In summary, the Company is proposing a

Please find our updated model and analysis post Q3 numbers here.

Q3 results were marginally better than expected, supported by effective cost control that contributed to higher margins. Revenues were

Although revenue came in slightly below expectations, Transcom delivered a modest outperformance at the EBITDA level, driven primarily by

Please find our updated analysis on Transcom here, following the Q2 results.

The poor Q2 results have resulted in our exiting the name. Although we hadn’t expected a traditional full refinancing, we were expecting an uptick in performance from

Revenue from e-commerce and tech were disappointing as the company reported Consolidated net revenues some €10m below our forecast, impacted by

Please find our updated analysis post Q1 results, here.

We have focused our attention on the options available to the Company, the sponsors, Altor and bondholders regarding the refinancing of its

Q4 and FY24 numbers were broadly in line with our and market expectations.  EBITDA margins are showing modest signs of improvement, but doubts remain over

Please find our model post the release of the Q3 2024 results on Transcom here.

There is a slow & steady progress on the turnaround. While Transcom is suffering from lower customer volumes (in eComm & Tech) which

Please find our initiation note on Transcom, here.

Transcom is suffering from lower customer volumes (in eComm & Tech) which started in Q2 2023 and continues at the present, the