Jaguar Land Rover Automotive plc
Although the automotive sector is dealing with semiconductor shortages, we think JLR has a good opportunity to capitalise on improvements it made both before and during the pandemic. It has ample liquidity and is pivoting hard to electrification. Yields available in EUR, GBP, and USD are appealing. Jaguar Land Rover Desknote 2021 09 23
AMPIL2 – GREEN BOND
Aggregated Micro Power Holdings Limited, trading as AMP Clean Energy (“AMP”), develops, owns, and operates renewable energy generating facilities. Its strategy is to develop and manage low carbon distributed energy projects in the UK, principally via non-domestic biofuel boilers and flexible power generation. The assets are held separately within an on balance sheet SPV. Prudential... Read More →
REA Holdings
Latest update on palm oil producer REA Holdings. 2020 was a volatile year for CPO prices and global economic demand, but with careful management of Covid-19’s impact, the group has come through. With prices substantially higher at the start of 2021, and likely to be more stable this year, cash flow should improve. REA Holdings... Read More →
Tullow Oil
After falling 84% since November, market cap is just £460mn. Five years ago the trigger was the drastic fall in world oil prices. This time, Tullow’s problems are mostly of its own making, and it will need to move swiftly and cross its fingers to head off the concerns evident in both the equity and... Read More →
Bruntwood Docs
On 28 January 2020, Bruntwood Bond 2 PLC announces offer of 6.00 per cent Sterling Bonds due 2025 (“New Bonds”) and invitation to holders of the £50 million Sterling Bonds due 2020 to exchange their bonds for New Bonds. Information Booklet Prospectus Consent declaration Bruntwood Report & Accounts 2018 Bruntwood Report & Accounts 2018 Bruntwood... Read More →
Bruntwood
Bruntwood is proposing to issue a 6% senior unsecured retail bond, maturing 2025, which will be listed on the LSE. We think the deal can do well due to its well-established regional property business underpinned by satisfactory gearing (debt to fixed assets of 49% at Sept 2019). We also think that due to limited new... Read More →
Saga
2019 07 29 – SAGA plc – GB Desknote
Senvion SA
Senvion designs, manufactures, and installs onshore and offshore wind turbine generators (WTGs). It also has an important and growing services division, providing operating, maintenance and other services to clients worldwide. As subsidies have fallen away, the industry has moved to highly competitive auctions. Senvion (and others) are still in the process of adjusting. Despite the... Read More →
EnQuest PLC
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