• 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 …

  • 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 …

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