Instead of examining Black Friday “bargains” the market’s focus has turned to a new Covid 19 strain emerging from Southern Africa. Airline stocks have
Please refer to our unchanged analysis here.
eDO was great for us last year, but this year? What do you learn if you were right about a name, said you’d do it, and didn’t? In September we were shouting we’d buy the stock again anywhere with a
Please find our updated analysis here.
Many companies are worth more today than they have been pre-pandemic. Few of them still generate negative EBITDA and even
Please find our unchanged analysis here.
With all the changes to booking behavior currently occurring and considering the large remaining payables balance after a year of pressure, we had become
The Germany lockdown is coming. Cabinet ministers have today agreed on a law to allow the Federal Government to intervene in areas where Covid-19 infections exceed 100 per every 10,000 inhabitants over a 7 day period (Incidence Rate). Please see the link to the map. This is the case
While we are building an all-new, simpler model of Takko, we continue to monitor the situation in Berlin.
The pandemic is highlighting the limits of Germany’s consensus-based federal system -
Please refer to our updated analysis here.
Bookings had picked up in December, but are down again even more in January and February following further lock-down restrictions in December.
During Q3 (Dec.) however, bookings had
England’s new national holiday will be placed on the 17th of May - the day pubs re-opened. Incidentally, that is also the earliest date from which foreign holidays may be allowed. Meanwhile, the EU are unlikely to be much faster.
Oh, we always knew that:
Ahead of the results on Thursday, please find our updated analysis here.
e-Dreams is not the only name with a very different allure to equity vs. credit investors. The bonds
Please find our updated analysis of eDreams here.
As indicated yesterday, we have today
Please refer to our current analysis here.
Given everybody has been vaccinated and the pandemic is now behind us, our e-Dreams shares have popped sooner than
Clearly the market has traded up significantly, and there is a good risk that buying some of the names that have recently traded up from deep distressed levels leaves us
With quarantines on international travellers likely remaining in place even as national lock-downs could possibly begin easing from
Reading the news of Merkel’s push for 14 days inbound quarantine made me realise this morning that despite predicting it, I had somehow still held hopes that this scenario was going to be avoidable.
Please refer to our analysis of e-Dreams here.
The announcement for September confirms our CF modelling. However, as a levered bet on finding near-term a vaccine against Covid19, eDreams is becoming
Please find a more detailed analysis of e-Dreams here.
The company records revenue only on a net basis, which means the large negative WC will likely
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.
Please find our initiation here.
Only a few days ago we thought it was a “travel short" and decided to do work only for Mr. Trump to beat us to it. But, an analysis of its historical downturns, its