• Pro-Gest – Deadline To File Counter-Arguments On Mantua Plant Increased EIA Authorization Extended. Buy

    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

    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 …

  • 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 …

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