The company has reported very strong results that have beat our expectations. With record sales (up 17%) the underlying EBITDA of €132m is up YoY as the
Read MorePatchy news are out that Takko have reached an agreement involving a €150m debt/equity swap for the majority of shares in Takko. Missing from the information is
Read MoreTakko’s sales through December (usually year ends in January) are on apr with our modelling, but margins seem to have been better. Gauging our implicit forecast through
Read MoreWe are unsure if its bravery or foolishness, but Takko have a new Chief Information Officer. With his employer headed for a restructuring that
Read MoreOn what looks like slightly lower higher discounts, Takko’s gross profit is a mere €4m off expectations. Staff costs are as expected, as is rent. So EBITDA actually
Read MoreThe bonds have now moved up, on the one hand, to reflect a cancellation of the bond repo, which is producing a short squeeze and on the other to account for another scenario we have been favouring, where
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 MoreAccording to German market research firm GFK, their widely tracked survey concluded that Consumer Confidence has not deteriorated further in
Read MorePlease find our updated analysis of Takko here.
We've been here before. In 2004, following the German Labour Market Reform, sales dropped, trade insurers walked out and the LCs had to be arranged with haste. Shortly after a precarious refinancing led by Simon Mansfield's ESSG of GS and involving
Read MoreA news article yesterday has claimed that Apax are asking Takko’s LC and TLB providers to extend maturity beyond May 2023 and that this would run counter to Silverpoint’s plans, which were not further specified. We have previously written about the
Read MoreQ2 results to July showed better turnover and despite a lower margin also better GP than we had modelled. Otherwise, largely accurate cost and
Read MoreGermany’s retail sales have dropped dramatically in June. Real turnover dropped further by -1.6% MoM to -8.8% YoY. Within that, food is down by the same amount MoM and a staggering -7.2% YoY - possibly due to the 11.9% inflation in that category, but
Read MoreWe are out this morning, but first impressions of Takko’s results are very disappointing. Relative to our expectations, Takko have underperformed by
Read MoreIn light of the current state of the market, the methuselahmic sponsor of 10 supportive years, cost pressures all round, disposable income concerns, Takko are again worth sharpening our pencils for. To be sure, Takko have performed admirably throughout the pandemic, even when considering the fresh cash injection last year. But the debt pile it has been carrying so lightly in years gone by is now becoming very very heavy. We have been toying with a recap model and have extended our forecast to take more of an owners’ view of the name.
Read MorePepco’s H1 results had been previously sketched out, but the report contains some colour on how trading is going for the discounter. Unsurprisingly the report is very upbeat and management have raised
Read MoreThe German apparel discounter released its capital markets presentation and announced the Tjeerd Jegen - previously CEO of Hema - as new CEO. To deleverage Hema, Tjeerd drove a strategy of
Read MoreTakko are to publish a Capital Markets update next week. Following unconfirmed rumours that Takko had been trying to seek refinancing back in November, we received news from
Read More