The ransomware attack on a supply chain IT provider will have a short-term impact, and not all costs will be recoverable. We expect the cash cost to

The potential closure of the Rathbones business surprises us, but selling a business where Morrisons is almost the sole customer may be

A sale of Morrisons' own label bread business would bring in £75m - £85m in our analysis. Not insignificant but not a

The refinancing is positive across the Morrisons debt stack. The new £1.2bn TLB will push much of Morrison’s maturities to November 2030 for

We remain positive about Morrisons. Q3 revenue growth was in line with our forecast, and whilst EBITDA margins were lower

The £370m proceeds from the ground rent deal will be used to repay debt.  The transaction will layer the SSNs, as the rents will be structurally

Please find our slightly updated analysis here.

Despite continuing cost headwinds, we continue to like the SUNs as we expect Morrisons market share to stabilise and profitability to grow over the

Settling the dispute with logistics staff will help Morrisons avoid disruption and empty stores, but will not aid the cost-cutting plans for

CEO Rami Baitiéh has highlighted the need for operational improvements at Morrisons. We are not hearing an alarm bell yet, but losing two

The recent strikes at Morrisons did impact deliveries, and most staff at the two distribution centres (of seven) took part. The industrial action is

The disruption caused by the three-day strike at two (of seven) Morrisons Distribution centres will only have a small impact on results. Even if the

The €1bn buyback surprised us as we had expected Morrisons to use the cash to repay Term Loans. We will continue to hold both the SSNs and the SUNs. We are not rushing to

Bouygues, will want to maintain its infrastructure at the forecourts sold by Morrisons. The suit will likely cost Morrisons something to make it go away, but

Cost-cutting efforts at Morrisons are seeing some staff pushback. The impact will be limited as the action impacts two of seven hubs

Please find our updated analysis here.

Morrisons are prioritising market share over profits. As a result of £75m of synergies being used to reduce prices / passed on to the consumer, our Q1 EBITDA was a significant miss (£70m). We have reviewed our model to rectify this. Reducing the