Rekeep will redeem its existing notes today, February 21st. This exits our successful long position in these bonds, initiated in

Tomás Mannion21 February 2025REKEEP

Rekeep - comment

Rekeep has successfully raised €360m 2029 bonds at 9%, with the use of proceeds to take out the existing 7.25% bonds. We had said that there would be a

Tomás Mannion14 February 2025REKEEP

Rekeep - comment

Rekeep’s investor call for the launch of a new €350m 4.5yr, 9.5% at 97.5% (c.10.3% yield) has only just ended. Proceeds plus cash on the balance sheet shall be

Tomás Mannion11 February 2025REKEEP

Rekeep - Steady numbers, refinancing next year.

Please find our model post the release of Q3 numbers here.

Rekeep’s Q3 numbers are broadly in line with the initial focus on the partial drawing (€15m) of the RCF taking the headlines. Q3 always sees a

Tomás Mannion15 November 2024REKEEP

Rekeep - comment

Rekeep published their Q3 numbers broadly in line with our model. Q3 is always tough regarding cash flow with a large

Tomás Mannion15 November 2024REKEEP

Rekeep - comment

Following the Q2 conference call, management stated they were looking at options to refinance the bonds, including the sale of assets or disposals

Tomás Mannion16 October 2024REKEEP

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Wolfgang Felix26 September 2024GENERAL, ADLER, REKEEP, CERBA, EMERIA, OCADO, MORRISOS, MORRISONS

Rekeep - Split Growth

Please find our updated model here.

This is a short update but we have made an interesting observation on the growth rates in Italy and Poland derived from the Net Operating Working Capital data provided by the

Tomás Mannion9 September 2024REKEEP

Rekeep - comment

Ignoring tax credits (which were related to the energy crisis in FY22/23) this is the highest LTM EBITDA in the last 10 years. Revenue continues to grow, mainly due to

Tomás Mannion30 August 2024REKEEP

Rekeep - comment

Moody’s changed the outlook to negative for Rekeep’s bonds citing the same issues we have previously written about - the poor cash conversion and upcoming

Tomás Mannion17 July 2024REKEEP

Rekeep - comment

S&P reaffirmed Rekeep’s rating at B, but kept its outlook on Negative. The reasons quoted by the S&P analyst echos comments we have made in the past; a slightly improving

Tomás Mannion5 June 2024REKEEP

Rekeep - comment

The Company continues to manage its liquidity and significant working capital as it aims to deleverage before a refinancing. Management again mentioned the potential for asset sale to aid debt reduction. Rekeep has rearranged

Tomás Mannion17 May 2024REKEEP

Rekeep - Path to Refinancing

Please find our updated analysis here.

Rekeep continues to bobble along, but as time ticks closer to the maturity of their bond in February 2025, the lack of cash deleveraging will hamper its

Tomás Mannion3 April 2024REKEEP

Rekeep - comment

Best to ignore the headlines which compare FY23 and Q4 23 versus prior year as these are distorted by the tax credits received last year to compensate for

Tomás Mannion22 March 2024REKEEP

Rekeep - comment

A group of shareholders, 11.3%, have filed with the Court in Bologna seeking an appointment of an independent judicial director and removal of the

Tomás Mannion19 February 2024REKEEP

Rekeep - bobbing along - positioning

Please find our updated model here.

Rekeep bonds have traded down 3pts on the back of their Q3 numbers. Although the Company had guided to weaker revenue (on the back of falling energy costs,

Tomás Mannion1 December 2023REKEEP

Rekeep - comment

Rekeep reported a weak set of numbers yesterday. Although the Company had guided to weaker revenue (on the back of falling energy costs, reducing the

Tomás Mannion16 November 2023REKEEP

Rekeep - Recent weakness justified?

Please find our updated Rekeep model here.

Post the Q2 numbers, Rekeep bonds have traded down, widening by 100-150bps as investors show some concerns regarding tender levels, working capital movement, loss of Saudi contract and the level of debt associated with factoring facilities.

Tomás Mannion6 October 2023REKEEP

Rekeep - comment

Rekeep posted their Q2 numbers yesterday which, adjusting for the tax credits, showed a modest decline in top line, albeit with improving EBITDA due to

Tomás Mannion31 August 2023REKEEP

Rekeep - Follow up with management

Please find our unchanged analysis here.

A short note following up on our exchange with Rekeep management. Details are below but briefly, Rekeep will draw in full the new Reverse Factoring facility

Tomás Mannion30 May 2023REKEEP