With a potential exit or refinancing event increasingly likely in the near term, we retain

Please refer to our unchanged analysis here.

The company’s confirmation it is exploring a potential IPO confirms our underlying thesis that following the

Please refer to our updated analysis here.

We have upgraded our model to reflect a better bottom-up granularity of revenues and improved working capital estimates. We have also

Please refer to our unchanged analysis here.

Modulaire’s results were significantly better than our projections. Q3 20 revenues came at EUR335m (+6.5% yoy before M&A impact), above our EUR287m estimate. The outperformance is both

Despite Algeco’s positive growth momentum, we remain concerned about the unresolved issue of debt sustainability. Algeco’s

Algeco’s +1.1% revenue growth before M&A, and 81% utilization, are the most reassuring datapoint of the results release. During the coronavirus crisis, revenue

Please find our updated model on Algeco here.

Algeco announced today a EUR150m mirror note issue, which will have the same terms of the existing EUR6.5% Feb 2023 senior secured bonds. Importantly, the

We have just updated our Algeco model for the Q1 20 results and call. Please find it here.

Algeco has remained relatively resilient during the coronavirus crisis.

Segments that could have been more at risk, such as

Algeco has had a reassuring Q1 20 results and call. Leading indicators of the business, such as new rental orders, have been holding up well. We will be reassessing Algeco’s

Please find our initiation of Algeco here.

We are not at this time committing to a position in Algeco. Our analysis suggests that Algeco have sufficient liquidity in place to weather