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Wagamama

Wagamama is a UK based restaurant chain, serving pan Asian food inspired by Japanese cuisine from 133 company owned restaurants, of which 5 are in the US. It has 49 franchised restaurants in the rest of Europe, Middle East and New Zealand. It competes in the fast growing branded casual dining segment. It was created in 1992 by Alan Yau, who went on to create Hakkasan and Yauatcha in London and competed at a lower, more value price point than was typical at that time in the sit-down space. Its focus is fresh food with a seasonal menu, served as soon as it is ready, thereby reducing sitting time. Seating arrangements are typically benches with large tables where up to 20 people can sit. It has promoted the concept of kaizen ie constant change throughout its operations to optimise operating practices. In 2005, its then owner Graphite Capital sold a majority stake of 77.5% to Lion Capital for £103 mn. In 2011, it was sold to Duke Street Capital for £215 mn approx. Wagamama is 42%-owned by Duke Street, 27% by Hutton Collins, management own 19.5% and institutions own 11.6%. (24 Oct 2018)

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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

Wagamama: Noodles in a Twist?

Worth Watching: 12 Nov 2018, 6:11 AM ET - Wagamama (B/B2) where we have a Hold recommendation today issued a meagre trading update that coincides with The Restaurant Group (TRG), the prospective new owner, announcing financing plans for the takeover announced on October 30th. Firstly, t ..
Focused

Wagamama: Take Out

Worth Watching: 30 Oct 2018, 2:19 PM ET - Wagamama where we have a Hold recommendation, was confirmed today to be a target for The Restaurant Group (TRG) for £357 mn for the equity or an EV of £559 mn. This represents a  multiple of 11.9x Adjusted LTM EBITDA at 1Q18/19 (pre-synergies to 1 ..

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.
Focused

Wagamama F1Q18/19: Katsu Carry

Worth Watching: 07 Oct 2018, 9:02 PM ET - Wagamama F1Q18/19 was the usual assortment of strong positives with a few negatives mixed in. Certainly, there is a lot to like at Wagamama, not least 8.5% UK LFLs which warrant a double take given how much is wrong in the UK casual dining space a ..

IG/Fallen Angel UK Retail: Second Half

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IG/Fallen Angels European Retail: Second Half

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John Lewis Partnership: Bashing M&S

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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.

French Grocers: Property Off B/S Financing

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Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.

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Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  
Focused

Wagamama: F3Q18 - Much to Chew Over

Worth Watching: 20 Mar 2018, 12:42 PM ET - Wagamama possibly called a top to the UK casual dining market when it refinanced its 7.875% bonds of 2020 with its new 4.125% bonds of 2022 in June 2017 and took £60.7 mn out of the company as part of the new deal. At a micro level, the sponsor co ..

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.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

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.

2017 Euro Conference: High Yield RV Panel

Transcript: 14 Dec 2017, 5:59 PM ET - We provide the transcript from the high yield relative value panel at our 2017 European Conference, highlighting key credits across the Consumer, Banks, Construction, Building Materials, Services and TMT sectors.

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