Hints and tips:
...However, Carnival will likely need covenant waivers/ additional financing (as they themselves comment) as return to cruising is pushed out to August. On our analysis, CCL may breach covenants in Q3-20....
...Despite our pessimism on trading, we still have GNC within its banking covenant (which we wouldn't expect to be enforced anyway), at 2.8x ND:EBITDA and cash-positive in H2....
...However we do expect pressure on sales densities for stores in more urban, touristy locations, which rely more on public transport, and a structural shift online, which we see as a potential constraint to...
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...These days the v-word is taboo. When Credit Suisse organised this week’s conference on distressed debt it politely described it as a “special situations” event....
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