Iceland released its Q2 results, which were slightly below expectations, driven by slightly lower prices, increased marketing and timing of
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The Moody’s upgrade is good news for investors, though it is likely already priced into bonds following last month'
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Iceland released their FY23/24 (to March 24) audited numbers this morning, with EBITDA at £171m in line with guidance given at the time of the
Read MoreThe Grocer magazine reports that Iceland is seeking to increase the number of Food Warehouse stores, and has appointed Mason Partners LLP to
Read MoreTesco continue their market share gain, adding a further 52bps of market share as Tesco continue to see customers switch from M&S and Waitrose. More importantly,
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Iceland’s numbers are out this morning and strong as expected. Sales £20m lower than our model, but Gross Profit and Operating cashflow in line. Gross Profit margin is
Read MoreWe haven’t paid too much attention to Kantar’s market share statistics as Iceland historically moves in a tight range from 2.2% to 2.4% market share. This month,
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Today’s UK’ economic headlines are dominated by the drop in Retail sales, the lowest since February 2021, impacted by lower fuel consumption and
Read MoreOctober inflation has come down to 4.6% spilling water on Sunak’s mills. The move is not entirely unexpected, but nonetheless positive for
Read MoreThe feed price ratchet has been crucial to Boparan's efforts in rebuilding margins. However, the entire food production sector is fighting to recover other
Read MoreThe transaction would reduce leverage at Morrison if approved. This £2.5bn (EV basis) fuel forecourt deal is the opposite of the EG/ASDA deal. CD&R-owned Motor
Read MoreAldi has increased its long-term target to 1,500 stores, up from an earlier goal of opening 1,200 by 2025. This is on the back of a surge in demand in
Read MoreOverall UK grocery sales grow by 6.5% in the four weeks to the 6th of August, driven by grocery price inflation of 12.7%. Morrisons (8.7%) and Asda (7.7%) grew ahead of
Read MoreIceland priced their refinancing bond yesterday with pricing tightening from initial talks. The Sterling tranche was smaller than we had expected at
Read MoreIceland are tendering for their outstanding 2025 notes at par plus accrued funded by the proceeds of New Notes, and £25m on cash from
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Please find our updated pdf analysis here. We have uploaded our Excel model which we were unable to upload last week.
In Summary, we have rotated our position from a long in Iceland’s 2025 bonds into the 2028’s taking out 16pts based on our expectation of further
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At first glance, Iceland have beaten our expectations, mainly due to higher top line. The Company are presenting their numbers to the market this morning in person, which we will attend so further details may emerge. We have some queries on Working
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