Please find our updated analysis here.

As stressed / distressed investment Punch is past its prime, again. The company should be able to refinance at will as soon as Fortress feel the market won’t

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Punch Pubs has announced that Andy Spencer, currently Chief Operating Officer, has been appointed as Chief Executive Officer. He will assume

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Please find our updated analysis of Punch here. 

As we’ve been saying before, this name should refinance soon. If we were management we would not hold out to next year for the last 1.5 points of call protection but

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Please find what is likely our last update of Punch here.

The trade got away from us last year as the bonds would always trade just a little tighter than where we were prepared to buy in. Ultimately it was a matter of

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Please find our updated analysis of Punch Taverns here.

All good things must come to an end. In the case of Punch Taverns though we’ve missed it. The bonds always traded too tight for us and the opportunity is

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The company published its interim results ending in December. Sales were

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So Punch management had the nerve to hold an entire FY23 conference call without telling us that they paid a €20m dividend the day after closing the accounts. We understand that the

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Please find our updated model of Punch here.

Punch SSNs are the type of bond that at any time tends to trade just a few points tighter than where we would like. Trading tight in the mid 80s going into the

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Please find our updated analysis of Punch Pubs here.

Q3 has been somewhat uneventful, most notably solidifying management’s departure from the previous conversion strategy that foresaw selling pubs to fund the conversion of some of them from L&T into MPs. The company only converted one such pub,

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Please find our updated analysis here.

Upon some further analysis of the latest financials and pub economics at large, we are becoming more constructive on the name and may end up taking a

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We had expected a softer quarter for Punch and were still a little disappointed on Friday that Q2 revenue had not been strong enough to lift margins up. While that is

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All,

Please find our updated analysis on Punch Taverns here.

We remain bystanders, preferring to watch the very slow-motion game instead of taking part. Ahead of results on Friday, we have updated our analysis of the Fortress owned group. Q123, having shown encouraging sales trends, was the first to reflect the new energy contract. With the group performing broadly in line with our projections, Fortress’ three-year task is becoming clearer and more pressing as the group looks unlikely to grow into its capital structure by passing on inflation alone.

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Please find the “Initiation" of Punch Pubs here.

At 10-11% YTM, Punch bonds reflect the general yield premium we require from sterling paper, but on first sight appear wide for 70% LTV paper (pre-inflation valuation) that’s secured over a yielding portfolio of Britain’s most popular real estate. The deal

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