Atalian Revenue and EBITDA were in line with our estimates, but the operating environment is difficult, and there is little reason to believe it will improve

Please find our updated analysis here.

Atalian is again struggling to pass increased costs through to French clients. The impact will hurt this year’s results and will continue to weigh in 2025. Lower pass

An inability to pass through higher costs to clients continues to drag on Atalian’s results; the company also admitted that full recovery of higher wages will not happen in

Q2 results from Atalian were weaker than expected due to continued difficulties passing through higher costs in the French business. Full-year guidance has

The results were below our forecasts, and despite reiterating FY guidance Atalian will need to work hard on pass-throughs over the rest of the

Please find our updated analysis here. 

Atalian has pushed out its maturity issues to June 2028. Leverage will come down slowly and will be 6.5x at the end of 2027. The new bonds are trading a

Find our updated analysis, here.

We have decided to take a position in the Atalian 2024 bonds. We had a spirited conversation after we published our email on the

Please find our updated analysis here.

 Atalian’s proposed Exchange Offer is coercive but is close enough to our DCF valuation for the additional recovery to be only worthwhile if you see a significant upside in the company projections, which we do not. We are unconvinced that

Please see our updated analysis here.

Atalian’s upcoming strategic plan needs to address several issues; 1) how to refinance both the 2024/2025 bonds, 2) whether the refinance operation can be split, and 3) how to generate enough free cash flow to cover coupon >1.5x. Atalian’s pitch to

Please find our unchanged analysis here. We are reserving the update for next month.

In September, Atalian will present its strategic plan aimed to pacify bondholders, whilst leaving the equity in charge of the business. Meanwhile, we are awaiting answers from IR, which have been delayed by the plan and summer leave. Previously, management has