• Thomas Cook – Fosun, Anex Or Bust?

    Thomas Cook – Fosun, Anex Or Bust? Rupesh Tailor, Everest Research, 7 August 2019 Thomas Cook’s share price has risen 2.2x over the past 5 trading sessions to stand now at c. 9.9p per share (market cap c. £152m). This rally coincided with the first time disclosure on 30/7/19 of a stake in Thomas Cook held by the Turkish investor, …

  • Jaguar Land Rover – Between A Rock And A Hard Brexit

    Jaguar Land Rover – Between A Rock And A Hard Brexit George Flynn, Everest Research, 6 August 2019 Jaguar Land Rover’s (JLR) results for Q1 2020 were weak. EBIT margin at -5.5% was 180 basis points lower yoy. Adjusted leverage stood at 2.95x vs 1.12x at Q1 2019. FCF excluding the draw on the receivables finance facility was c. -£1bn …

  • Salini – Pro Forma Net Leverage 2.3x?

    Salini – Pro Forma Net Leverage 2.3x James Moylan & Rupesh Tailor, Everest Research, 6 August 2019 On 2/8/19 Salini announced the launch of “Project Italy” aimed at “strengthening the national sector of public works and construction” (see here). From Salini’s perspective, the major components are: (1) Salini’s own EUR 600m equity raise, now committed; and (2) Salini’s acquisition of …

  • Aldesa – Press Reports: RCF Lenders Agree Extension; In Discussions For Private Debt To Refinance Bonds

    Aldesa – Press Reports: RCF Lenders Agree Extension; In Discussions For Private Debt To Refinance Bonds? James Moylan & Rupesh Tailor, Everest Research, 1 August 2019 El Confidencial has today reported (see here) that Aldesa’s five RCF lenders have agreed to extend Aldesa’s EUR 100m RCF from May 2020 to January 2021, just prior to the maturity of Aldesa’s EUR …

  • Pizza Express – Senior Secured Bondholders, How Safe Are You?

    Pizza Express – Senior Secured Bondholders, How Safe Are You? Neil Tailor & Rupesh Tailor, Everest Research, 31 July 2019 Background   In our note of 21/6/19, we initiated on Pizza Express with an Avoid recommendation on both Pizza Express £ 6.625% 2021 senior secured at a price of 88.46 (13.1% YTW) and on the Pizza Express £ 8.625 2022 …

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