TUI - Destination undecided

Please find our all-new, if preliminary analysis, on TUI here.

In our first take, we are in particular focusing on the monthly and quarterly working capital movements and their impact on liquidity. The aim is to

Tomás Mannion20 April 2021TUI

Takko, Tui, e-Dreams

The Germany lockdown is coming. Cabinet ministers have today agreed on a law to allow the Federal Government to intervene in areas where Covid-19 infections exceed 100 per every 10,000 inhabitants over a 7 day period (Incidence Rate). Please see the link to the map. This is the case

Wolfgang Felix13 April 2021TUI, E-DREAMS, TAKKO

Takko, Tui, eDreams - and the postponed MPK

While we are building an all-new, simpler model of Takko, we continue to monitor the situation in Berlin.

The pandemic is highlighting the limits of Germany’s consensus-based federal system -

Wolfgang Felix9 April 2021TAKKO, TUI, E-DREAMS

Tui - lucky bondholders

Tui bondholders are counting their lucky stars as the Company announced another wave of financial support, this time a €500m shareholder rights issue combined with further government support. The proceeds of

Tomás Mannion3 December 2020TUI

TUI Pre close statement, no surprises, bondholders still reliant on equity raise

Tui bonds sit in a unique position. From a pure credit perspective, the bonds should trade lower than current levels, with significant uncertainty over future liquidity remains. However, the bonds

Tomás Mannion22 September 2020TUI

TUI - Recent press speculation confirms the unique position of the Tui bonds

Press reports yesterday reported on plans that TUI are seeking to raise further finances to navigate through the Covid-19 crisis. Handelsbatt, the German financial paper, reports that Alexey Mordashov, TUI’s largest sharehoder has already committed €300m. Additionally, the Company is expected

Tomás Mannion18 September 2020TUI

Tui : No surprise in the numbers but surprisingly high outflow of cash since June end

No major surprises in the reported numbers to the end of June. However, several analyst questions focused on the cash outflow from quarter end (June 30th) to yesterday of c.€800m and having spend more time on the numbers we are

Tomás Mannion13 August 2020TUI

Tui - as expected, KfW comes in with further support

Hard to base analysis on the likelihood of further government support, but TUI bondholders have lucked out with an additional €1.2bn of liquidity, €1.05bn provided by means

Tomás Mannion12 August 2020TUI

Tui - call at 9, lots of questions.

Still going through the details of tStill going through the details of the results, but a couple of points to make:

1 The covenants on the RCF have been suspended and will be tested in September 2021. This is prior to

Tomás Mannion13 May 2020TUI

Rotating the book - 11 names we like and a lot more we really don't

Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.

Which HY companies could be impacted from the Boeing 737 Max?

Its been some time since we thought about something… so here goes: Which HY companies could be impacted from the Boeing 737 Max? We note that 1) the grounding of planes could have a negative