Selecta. Going Long SSNs At 95.375 (7.2% YTW) & Selling 5y CDS At 474bps  Massimiliano Zanetti Bottarelli & Rupesh Tailor, Everest Research, 3 March 2020 We published a deep dive last week on Selecta, the European unattended self-service retail market leader, and now see an attractive opportunity to go long risk via both the Senior Secured Notes (SSNs) and 5 …

OHL. Take Profits Following FY 19 Results James Moylan & Rupesh Tailor, Everest Research, 28 February 2020 FY 19 results saw negative valuation adjustments on key assets we expect to be sold (Old War Office, London) and alternatively monetised (Canelejas, Madrid) and ongoing uncertainty on the ownership structure. Whilst we remain constructive on OHL’s turnaround (of which there were positive …

Aldesa. China Railway To Take 75% Stake. CoC Put At 101. Buy James Moylan & Rupesh Tailor, Everest Research, 27 December 2019 Aldesa announced late yesterday that, on 25/12/19, it “entered into an investment agreement with CRCC International Investment Group (CRCCII), a wholly-owned subsidiary of China Railway Construction Corporation Limited (CRCC)”, one of the largest construction companies in the world. …

Pro-Gest – Deadline To File Counter-Arguments On Mantua Plant Increased EIA Authorization Extended. Buy Massimiliano Zanetti Bottarelli & Rupesh Tailor, Everest Research, 30 October 2019 According to the local newspaper “La Gazzetta di Mantova” (see here), Pro-Gest has been granted a further extension by the Province of Mantua to file its counter-arguments to the rejection of its application for an …

Lecta – Liquidity Intact, Senior Secured Close To Liquidation Recovery Value. Buy James Moylan & Rupesh Tailor, Everest Research, 4 September 2019 Lecta held its Q2 2019 results call yesterday, highlights of which we provide below (overall positive in our view). In our note on 2/9/19, we recommended buying Lecta € 6.5% 2023 senior secured notes at a price of …