Maxeda - comment

Maxeda revenues came in line, but the company beat our EBITDA projections on more aggressive in-store staff cuts to post €15m of EBITDA vs. our expected €11m. Of course, how long the company can operate in this way before revenue drops further is anyone’s guess. We don’t think the savings will be enough to plug the gap to refinancing but will do further work. Noteworthy in that context is a €13m bond buy-back in the quarter.