ASDA - comment
ASDA will take time to turn around, but we still see significant equity under the bonds. The new Chair’s business plan will be published by the end of January after the crucial Q4 figures are available internally. It gives Allan Leighton some cover in writing off 2024 and starting with a new slate. 25Q1 will see the roll-out of the IT System to the bigger stores, so there could be some disruption. The CEO hunt will continue, but a new person will be operating under a master plan created by Leighton.