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Focused

Boparan F1Q18/19: All Hat And No Cattle

Earnings Note: 12 Dec 2018, 7:02 AM ET - The credibility gap between management talk and results remains as wide as it ever was albeit new management deserve some benefit of the doubt as they try to professionalise the company. Expectations are low for 2Q, so sale proceeds are key

IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Boparan FY17/18: Out Of The Frying Pan...

Earnings Note: 20 Nov 2018, 9:18 PM ET - Another fractious call despite new management's attempt to sell a turnaround plan. Despite the list of asset sales, liquidity looks tight if the 2019s absorb £250 mn. Manton Wood may buy some time, but Protein needs to turn, and quickly.
Focused

Boparan: Chopping Wood

Worth Watching: 31 Oct 2018, 4:12 PM ET - Boparan where we have a Hold recommendation on all three tranches of its bonds, today announced the sale of its Manton Wood sandwich operations to pasty makers Samworth Brothers. The sale price is undisclosed save for the company telling us tha ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
Focused

Boparan: M&A - Making Ends Meat

Worth Watching: 30 Jul 2018, 12:26 PM ET - Boparan is reported to have sold its red meats business 2 Sisters Red Meat Limited to Kepak Group, the Ireland-based food producer. The price was not disclosed, but 2 Sisters Red Meat Ltd acquired the trade and operating assets of Vion Red Meat in ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
Focused

Boparan F3Q18: A Little Less Conversation...

Earnings Note: 25 Jun 2018, 10:07 PM ET - Things are still not quite right at Boparan, with management's claim that matters are in hand at odds with the run of disappointing numbers and ever more fractious calls. We think management have few lives left to deliver on promises. 
Focused

Boparan F2Q18: Our Thoughts Turn to Biscuits

Earnings Note: 22 Mar 2018, 10:14 PM ET - F2Q18 was not the 'bottom' we had hoped for with only a "gradual" turnaround from here. Management however seemed quietly confident, leading us to wonder what their grand plan is. 
Focused

Boparan: Why Did the CEO Cross the Road?

Worth Watching: 28 Feb 2018, 10:07 PM ET - Boparan 's CEO moves aside; big news at Boparan where after 25 years, co-founder and face of the company to the HY market (since its first bond in 2011), Ranjit Singh, has announced he is stepping down from the role of CEO and instead will take up ..
Focused

Boparan / Nomad Foods: Pizza Delevery

Worth Watching: 18 Jan 2018, 6:59 AM ET - Boparan / Nomad Foods: Boparan (B3/B-), where we have a Hold recommendation (please see Boparan:F1Q18 - The Credit That Santa Claus Forgot from 7 December 2017), is selling its Frozen Pizza businesses within Green Isle Foods Limited to Nomad Foods ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

December 2017 Europe Company Recommendation Change

Euro Recommendation Changes: 01 Jan 2018, 6:35 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of December.

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

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