The Sarria Rotation Discussion #3 is now available on the website members’ landing page.
Names under review: AMS Osram, ASDA, Emeria, Matalan, Morrisons, and VictoriaPlc.
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The Sarria Rotation Discussion #2 is now available on the website members’ landing page.
Names under review: Antolin, Adler Pelzer, Kem One, Rekeep and Viridien
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The Sarria Rotation Discussion #1 is now available on the website members’ landing page.
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In light of ongoing macro developments, we will be hosting a discussion on how we plan to rotate our book and position ourselves from here on out.
You are warmly invited to join us tomorrow, 8th April at 2:30 pm UK time | 10:00 am EST.
Read MoreWe are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page.
Read MoreEuropean Automotive sales in March are headline-grabbing but are flattered by the war and semiconductor-impacted March 2022 comparisons. However, it is the comparison to
Read MoreAs we embark on our exciting next growth phase we would like to announce two new hires.
Sarria strengthens its analyst team with the hire of Edward Lewisohn. Ed will assist in expanding our coverage up the quality curve into the more event driven and opportunistic space. This will compliment the deep dive analysis the team will continue to produce in the special situations and distressed space.
Read MoreFirst of the grocers, Sainsbury’s, reported this morning. It is a difficult narrative for the grocers to tread with profitability likely to rise in the current inflationary environment. Top-line sales have risen but by less than the headline food inflation, which
Read MoreThe virtual closure of the high-yield market is causing issuers and investors to fret about 1) When will the high-yield market re-open for highly leveraged names, and 2) the coupons
Read MoreAbsence of evidence is not evidence of absence… Or so it has been going with the magic injection of equity into LBOs and leveraged refinancings throughout the pandemic. I know I’m naïve. So I only first observed this phenomenon on Lowell in 2020. We were proposing a refinancing transaction that would
Read MoreThe German government has found that it will be earning an extra surplus of €126 bn between now and 2026 compared to its most recent estimate
Read MoreFollowing Friday’s Mini-Budget, Sterling has fallen against any basket of currencies, extending its sharp fall since the beginning of the month. This should further
Read MoreAll,
Black-outs in Germany should be over by February and consumer confidence / disposable income will take time to drop to the point we will be pricing in by Christmas when we get more reliable readings. Soon the world will have had nine months to adjust to the war in the Ukraine and, unless there is a significant turn of events, we’ll settle into the new reality -
Read MoreWe have recently focused on Aston Martin and its wrestling with supply chain issues in the first half of the year. However, we noted that Aston’s order book has been strong. Further evidence that those that can afford supercars are not cutting back yet was in Ferrari’s results. Ferarri, one of Aston’s key competitors, saw
Read MoreAs we are headed into the airport chaos to meet some of you in the US, the below graph caught our attention this morning. The first graph below is very high-level, but it tells clear enough a story - so far. Down with the elevator and up with the stairs, we are - two years later
Read MoreNatural gas suppliers have been seen as marvellously dull and ideal assets for a bond investor, driven by fees and regulated return on infrastructure. The Ukraine war has turned natural gas into a strategic industry as prices have risen. Recent economic news from Germany points to an increasingly
Read MoreWe’ve introduced a new feature on the service called “Risk Summaries”. Once you log in you will notice it on the right under “Risk Summaries”, divided by “Yield” and “Event-Driven” as per the image below. Please click on the plus sign to read the summary.
We are always open to feedback, suggestions on coverage and new features. Just send us an email or reach out by phone.
Read MoreAs part of our ongoing effort to improve our communication, we have begun making the pdf files of our analysis available to you also via Bloomberg.
Note, that these files are available and visible only to clients. We hope you
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