EnQuest PLC

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EnQuest is one several smaller operators that we have tracked over the past five years. While the group has made substantial progress boosting production and cutting costs during this period, the group remains highly levered.   EnQuest update – Jan 2019

Debenhams

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Debenhams plc – Aug 2018. Debenhams can trace its history to 1778 when William Clark established a drapers store at 44 Wigmore Street in London’s West-End selling fabrics, bonnets, gloves and parasols. The firm became a public company for the first time in 1928, effectively concluding the involvement of the Debenhams family. By 1950, Debenhams...
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Mattel Inc

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Over the past several years Mattel (MAT) lost control over its operating processes and systems, fell behind digitally and socially, and allowed its key brands to stagnate. Currently amid a comprehensive plan to streamline product development and production, leverage its iconic brands, and return to profit, this is a business that now has a much...
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AA Plc

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AA provides automobile insurance and breakdown cover. Its heritage dates back to 1905 when the company was founded by a group of motoring enthusiasts. Today there are more than 3m members. In 2004 the group was acquired by private equity groups CVC and Permira. The group IPO’d in 2014, subsequently selling AA Ireland in 2016....
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Wasps Rugby Club – Update

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  ISIN Issue Out Coupon Min Piece Maturity Bid Offer Ask YTM Spread XS1221940510 £35mn 6.5% £2k May 2022 99.75 101 6.23% Gilts + 536bps   On 21st December Wasps concurrently applied for approval from Bondholders to amend and waive some of the terms and conditions contained in the trust deed, as well as releasing...
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Aston Martin

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Aston Martin (“AM”) has been through its ups and downs during its long history, but it maintains a unique and distinguished brand and has worked long and hard to put itself on a solid financial and operational footing. Over the years its bonds have generally traded higher than the credit profile would suggest, thanks to...
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CenturyLink Inc

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CenturyLink Inc (CTL) is a major telecoms company with a long history, a $17.4bn market cap, $26bn in combined revenue and 52,500 employees. It provides a large array of products and services to residential and business customers, including local and long-distance voice, broadband, hosting, video, network, IT, security and various other services. The acquisition of...
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Stena Q3 update

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It’s hard going, but Stena will make it through the end of 2017 with a profit despite the tough drilling and LNG shipping markets. It will be an uncomfortable ride for a while yet as we wait to see how successful Stena is at eking out some contracts on the drillships, but it still has...
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