Morrisons’ decision to expand its loyalty programme is a ripple caused by the ASDA price cuts, and the impact on Morrisons’ margins will
Read MoreOHLA has got its €50m Right Issue away, whilst our analysis shows the company had the cash to pay the Kuwait judgement, the cash buffer is enhanced. Governance at
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Q2 results were ahead of our expectations. Improved cost absorption at Birkenstock’s new plant and rising volumes pushed gross margin up by
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Flora released its Q1 results yesterday, which came in slightly below expectations. There were a few mitigating factors, including the
Read MoreThames Water disclosed a near 99% consent rate on its second request yesterday and that it would prepare for the
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Management is not seeing demand deteriorating further, which is encouraging. As regards FY24 figures, revenue and EBITDA were only just
Read MoreWe are sceptical that a deal is imminent as Telefonica buying out Liberty’s VMO2 stake would threaten the Spanish company’s Investment
Read MoreBonds dropped on what we believe to be a reaction from the Intersolar, which must have been a morbid affair this year. We don’t think Amara will run out of
Read MoreAMS Osram has launched a consent solicitation for its convertible bonds to amend the guarantees, making it rank pari passu with the rest of the
Read MoreTime is ticking. We are revisiting the name after receiving several questions about it. The bonds have been stuck in the mid-80s since April as doubts
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The call shows that SBB slowly continues to rehabilitate its balance sheet. The problems at the Holding Company remain, but SBB has some time
Read MoreWe would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
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Management are exploring refinancing options in the near term and the company has hired Barclays and NatWest to do so, which
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Emeis only releases revenue numbers at Q1 and Q3, but in its press release this morning, the company confirmed 2025 guidance that the increase in
Read MoreThe VMO2 merger of its B2B business with Daisy Group will be a non-cash deal. VMO2 will have 70% of the combined B2B business, which implies
Read MoreJose Elías and his consortium would have had €8.5m in rights but declined to participate. The Amodio brothers and Andreas Holzer have now
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The Q1 results were a little below our expectations, but that was due to the level of rent disposed being higher than our estimates. The lack of completed asset
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We shorted Antolin10 3/8s at 82 in March, but are now buying back the position at 70 as we are getting carried out. The bonds had reached the
Read MoreFitch downgraded Victoria Plc bonds to CCC+, reflecting the market view of a difficult refinancing task for the Company with its upcoming bonds. We reiterate our
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With less than two years to maturity, Transcom bonds still languish in the mid-70s. Today's Q1 results will do nothing to change that. The path to
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