We are exiting our 3% of NAV SEAG A2s and B2.2s today at 38c/€ and 29c/€ respectively. Pepco are still reporting negative LfLs (-3% through March), but
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Pepco today announced it had begun to narrow the negative LfL trend and curtailed CapEx. The company is signalling price investment - in line with
Read MorePepco this morning alluded to data suggesting Central and Eastern European shoppers will rebound over the next year. Management has sensibly scaled back it
Read MorePepco are holding their corporate marketing event today. The outline appears to be in line with our previous comments, in that store roll-out will be
Read MoreExactly how the LfL calculations work in a given period is always hard to tell. The sales/store data does deviate somewhat from the LfL published this morning. Let’s say it’s flat. But the real cracker will
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Following the sudden departure of Pepsi’s CEO, the company is announcing a profit warning for the year, along with sweeping changes in Pepsi’s
Read MoreTrevor Masters has resigned out of the blue and with immediate effect. We know of no reason for the move yet and stunned as we are by the rocky move, we are
Read MorePoundland had a better Q3 than we expected with +9% LfL growth. Pepco, meanwhile, came in right on target with €831m of revenue, down -1.2%. The market seemed
Read MoreTis done. The restructuring is complete - all the way to the next restructuring. Our analysis and model already reflect the new reality. The CVRs have been
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Yesterday was Restructuring Effective Day as the Amsterdam District Court homologated the plan in spite of objections raised by a
Read MorePepco are launching a €300m bond to repay their term A facility of equal size. It is interesting to see the bond market out in front of the private lenders on such a
Read MorePepco’s H123 underlying EBITDA came in slightly low at €211m vs our expected €230m. “The Group remains confident…” in its EBITDA guidance for the year
Read MoreThe restructuring plan was accepted by all classes except the SIHL equity. The plan is therefore set to be accepted. This morning Pepkor have
Read MoreTempus Sealy have agreed to acquire all outstanding shares in Mattress Firm at a valuation of $4bn, almost precisely the value in our model (sheer luck). The consideration will
Read MoreTomorrow is voting record date, kicking off a two-week voting period for the plan. Simultaneously, the company (Stichting Steinhoff Recovery Foundation) will
Read MoreFollowing the end of the consultation period, Steinhoff have settled to award 20% of future equity in the form of contingent value rights to its current shareholders,
Read MorePepco Poundland have put forward another strong quarter of growth, even as LfL at constant currency its Pepco stores generated only 31% growth, vs.
Read MoreSteinhoff have extended their Consultation Period to April 17th. There will certainly be challenges coming in from the German union for small shareholders as well as
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