Everest Research Limited @Everest_UK
Independent credit research, focused on HY, Distressed & Special Sits everestresearch.co.uk United Kingdom Joined January 2020-
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Slide deck from our Deep Dive Intrum Webinar post Q1 24 results now available: everestresearch.co.uk/product/intrum…
Our new Memo on Intrum: everestresearch.co.uk/product/intrum… Modelling each series of SUNs’ recoveries across scenarios and scenario probabilities – Uptiering & Dropdown (Narrow & Holistic), Qualified Receivables Financing, Restructuring & Break-Up
Our new Memo on Morrisons (UK food retailer): everestresearch.co.uk/product/morris… Assessing: potential sale of forecourts to Motor Fuel Group; maximising value in food manufacturing; potential EBITDA from growth levers; equal value compensation clams
Our new Memo on Lowell (debt purchaser): everestresearch.co.uk/product/lowell… Refinancing prospects, sponsor options to expropriate value from SSNs & alternative scenarios. SSNs recovery prospects.
Our new Memo on PureGym: everestresearch.co.uk/product/puregy… Potential EBITDA levers - international franchising, Denmark & Switzerland, existing gyms and new gyms. M&A analysis of possible future UK value gym transactions. Steady state FCF vs interest costs on new SSNs issuance.
Our new Memo on Groupe Casino: everestresearch.co.uk/product/casino… Analysing: 1. 6 hypothetical restructuring, M&A and partnership scenarios 2. Potential upside levers for EBITDA and (unleveraged) FCF at Casino France Retail
Our new Memo on Asda (UK's #3 food retailer): everestresearch.co.uk/product/asda-m… Covering hypothetical Asda - EG Group merger analysis and Asda's ability to pass through cost inflation without adverse market share impact.
Our new Memo on Raffinerie Heide, the German refiner: everestresearch.co.uk/product/raffin… Outlook for refined product crack spreads in high oil price environment and Heide valuation sensitivity to these. Can SSNs be refinanced even with Kalundborg insertion into Restricted Group?
Our new Memo on Novafives, the French-based industrial engineering group: everestresearch.co.uk/product/novafi… What is Smart Automated Solutions segment worth? How well covered are SSNs? Is refinancing attainable?
Our new Memo on Iceland, the UK frozen food retailer: everestresearch.co.uk/product/icelan… How resilient is Iceland’s SSNs coverage to cost inflation, LFL sales growth shocks and structural decline in "core" Iceland stores' EBITDA?
Our new Memo on Vivion, the UK hotel and German office landlord: everestresearch.co.uk/product/vivion… Does bears’ short thesis on Vivion make sense? To what extent could Vivion’s SUNs become impaired? Timing of possible positive vs negative catalysts.
In anticipation of Morrisons' c. £5.6bn debt issuance following its buy-out by Clayton, Dubilier & Rice, we have just published a new Memo on Morrisons, the UK's #4 food retailer: everestresearch.co.uk/product/morris…
Our new Memo on ASDA: everestresearch.co.uk/product/asda-m… How resilient are ASDA’s EV, FCF, leverage and liquidity to potential revenue loss: (1) to Aldi as Aldi executes on its planned store openings to 2025; and (2) to normalisation of COVID-induced food stock-piling?
Our Memo on Haya Real Estate: everestresearch.co.uk/product/haya-m… What are Haya and its SSNs worth given structurally declining Spanish real estate NPA AUM, declining servicer fee rates and “no cash upfront” servicer contracts?
Our new Memo on Metro Bank: everestresearch.co.uk/product/metro-… Recovery analysis for non-preferred senior, Tier 2 and equity investors in resolution vs in an “early recovery plan” to restructure debt and potentially “store” leases outside of resolution, to maximise recoveries for all
Our new Memo on Picard:: everestresearch.co.uk/product/picard… With Q1 22 net leverage (PF for Jul-21 refi) at 7.0x, to what extent could either Picard's SNs or SSNs be at risk of impairment in any adverse operating environment and / or if market re-appraises Picard's premium valuation?
Our new Memo on eDreams ODIGEO, one of Europe's leading online travel agencies: everestresearch.co.uk/product/edream… How well covered are eDreams’ SSNs by DCF EV (+ cash – SS RCF) across base, bear and bull cases? How much equity upside could eDreams’ Prime subscription programme create?
Our Memo on KME, Europe's #1 rolled copper producer: everestresearch.co.uk/product/kme-me… How sensitive is KME's working capital cash flow to copper prices and does it have the tools to manage through higher copper prices? Potential disposals analysis - Special division, KMD JV, Trefimetaux
Our new Memo on Cineworld: everestresearch.co.uk/product/cinewo… Does Cineworld need new money? What do the film slate, our box office revenue projections for likely top 10 films, Cineworld’s market share trends and capacity restrictions imply for Cineworld’s revenue trajectory post COVID?
Our new Memo on AMC (cinemas): everestresearch.co.uk/product/amc-me… Analysing film slate by quarter for 2021 (and our expectations for 2022 film slate), our projections for box office revenue for the likely top 10 grossing films and what these imply for AMC’s revenue trajectory.
Robert Smith @BondHack
44K Followers 3K Following @FT Corporate Finance Editor. Digging into dubious debt etc. Have a tip? Email: [email protected] / [email protected] | WhatsApp/Signal: +447921685062
©️redit From Ⓜ�.. @Credit_Junk
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Robert Smith @BondHack
44K Followers 3K Following @FT Corporate Finance Editor. Digging into dubious debt etc. Have a tip? Email: [email protected] / [email protected] | WhatsApp/Signal: +447921685062
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Katie Linsell @KatieLinsell
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European Leveraged Fi.. @Elfainvestors
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European High Yield Online is pleased to launch our "News Wall". A curated live News Feed that updates every 15 minutes. The wall captures high yield headlines from both news and social media. #highyield #levfin bit.ly/2WvR20F
Pretty serious issues dialling into #HighYield earnings calls today. Investors had 25+ mins wait on at least 2 calls due to insufficient operators at conf. call providers. Real issue for fair access to px sensitive information for mkt participants @Elfainvestors #LevFin
NEW: H2O Asset Management’s auditor has flagged that the firm broke rules governing open-ended funds by engaging in large trades with broker Shard Capital. More from @cynthiao and me on the small brokerage linked to controversial financier Lars Windhorst ft.com/content/4ff1f9…
Yesterday Acque Minerali d'Italia group filed for pre-insolvency proceedings at the court of Milan. At @Debtwire, we had reported the hiring of an advisor in anticipation for a potential restructuring on 14 January.
Ho scritto due parole su come in #UK si sta gestendo il #coronavirus, e sulle differenze con il sistema sanitario italiano per quella che qui, per ora, non e' un epidemia (ma potrebbe diventarlo) #COVID2019 #COVID19 #Covid_19 huffingtonpost.it/entry/il-regno…
Fugro first pulled deal of the decade. On market conditions... not surprising #LevFin #HighYield
Investors have never seen anything like it – U.K. pub company Stonegate has shocked credit traders with an announcement on its upcoming debt deal. Story with @lauralevfinance bloomberg.com/news/articles/… via @markets
Is Intelsat the biggest hedge fund hotel collapse since Valeant? Struggling to think of another..... and while VRX was a bigger market cap evisceration, I don't think it caused a ton of funds to gate.
Intelsat bonds falling for a third day. This chart! Where is the bottom? $I
Morning Yielders! Stocks down 1% , Xover +3-4. Oh for a gap. High Yield without Yield is junk. €1.8bn of primary across Techem and Banijay. Techem partial loan paydown, loans->bonds who is the smart money? €1.8bn should garner a decent NIP and gets secondary moving. Flows!
Morning Yielders! #goldenhalo in #highyield goes to Atalian with bonds up 4-5pts on Capital Markets Day, Matalan #goldenanvil -2pts on UK Retail sales. We continue to see credits taking/making remedial action - Atalian, CMA, Aston. Markit PMIs Friday will be a focus.
Shameless (and quite proud) Team Plug: You can now follow Everest Research - Independent Research for High Yield, Distressed and Special Sits: @Everest_UK Just had an offsite with these guys. In terms of depth of knowledge, passion and HY insight I think well worth a follow.
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