Please find our slightly amended analysis here.

Weak consumer confidence in Germany continues to crimp customer numbers. Operationally, HSE is performing in line with our projections, whilst new

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We will be hosting a call on HSE24 on Tuesday 19th. Bondholders organising makes sense (as reported in Debtwire). The capital structure is no

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Please find our new analysis here.

HSE suffers from an ageing customer base and an economy (Germany) with weak consumer confidence, but the business still generates cash, and the

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