The numbers continue to improve although deleveraging has slowed. Investors don’t appear to care, with several balance sheet refinancings/taps reducing the
Read More
Morrisons had a good start to the year (to end Jan). Q1 sales +2.1% LFL, in contrast to the -4.2% at ASDA. The company has increased its
Read More
AroundTown released its FY24 accounts, demonstrating continued European real estate market improvement. AroundTown continues to
Read MoreThe head of the institutional business is leaving, and the CEO will take over his role in a slimmed-down management board. We are relaxed about
Read MoreThe execution of Guarantees in favour of Kuwait will tie up €39.5m of liquidity. OHLA has sufficient liquidity, but the outflow raises the possibility of further
Read MoreWe took that short just in time. It turns out, however, that we don’t have to wait for Q1 to look forward to covenant discussions. We hear that not
Read More
Tullow - No CEO, quickly becoming a one-trick pony. Tullow has sold its working interest in Gabon for $300m (to close over the summer), which leaves Tullow increasingly
Read MoreMorrisons is cutting costs rather than prices. There are only 365 in-store redundancies, so the cash impact will be
Read MoreColisée, a peer of Clariane, has seen its Term Loan B price fall into the 50s from the low 90s due to its overleveraged balance sheet and some
Read MoreThe latest price cuts announced will have been part of the plan rather than an additional tranche. Company-calculated leverage at FY24 was 2.9x, including supply chain
Read MoreAMS Osram released its Annual Report this morning. We are reviewing the details but have already commented on the Q4 numbers released
Read MoreAltice International are again trying to sell their Covilhã Data centre in Portugal, with press reports stating that the base valuation exceeds €100m / close to
Read MoreKem One has announced the anticipated new money finance to meet its liquidity needs, settling on €200m, €120m funded at closing and €80m effectively as a
Read More
Topline and Gross Profit/EBITDA were broadly in line with our estimates; operating cash flow was higher due to a better-than-expected payables performance in
Read MoreThe 1Ls are creating Selecta now at a mere 40% of what it was worth only a year ago. We are not suggesting that was the right valuation then
Read More"Not now" is the summary of yesterday’s shareholder presentation. SES revealed some incremental information on the proposed funding for the
Read MoreAlthough the cleansing documents from Altice France were not specifically mentioned, creditors and the market assume that the 50.1% XPFibre stake would be
Read MoreIt didn’t take long for the shareholders at OHLA to fall out. A potential €20m cash restriction would explain why the €50m convertible was still on the table after the
Read MoreSourcing some of its chicken from Germany is more about ASDA’s lower prices campaign than it is about supply chain challenges. It sends a warning shot to
Read MoreThe litigants have around 7% of the nominal value of the SUNs, which on their own is not enough to block the current proposals. Increasing the potential value of the
Read More