Matalan cash and update

All,

Please find our updated analysis here.

We remain long Matalan SSNs. The restructuring deal is done and it's obviously a retailer. But its significant share of kids (keep growing) and household (popular since Covid) should make it more resilient than the fashion players. The name has historically outperformed in crises as its positioned as a cost conscious brand. The company was not really struggling ahead of Covid, and our model suggests that the deal will give the company enough cash to continue through recovery.

Wolfgang