Spread Research - Dufry AG (DUFRY) DUFRY 1Q17 - Organic sales growth accelerating, EBITDA margin to follow

Report

Spread Research

Anthony Giret

EUR 147.72 For Business Accounts Only

DUFRY 1Q17 - Organic sales growth accelerating, EBITDA margin to follow

Dufry, the worldâ€™s largest travel retailer (with 92% of sales in airport retail), has released encouraging results in the seasonally weak Q1, although the EBITDA margin was below analyst consensus...

02/05/2017 2 EN

Underlying

Dufry AG

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US26433T1088 Pink OTC Markets Switzerland

Provider

Spread Research

Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.

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Analysts

Anthony Giret

Other Reports on these Companies

Moody's Investors Service

Dufry AG: Update Following Rating Upgrade to Ba2 Rating

CORPORATES CREDIT OPINION 19 May 2017 Update RATINGS Dufry AG Domicile Switzerland Long Term Rating Ba2 Type LT Corporate Family Ratings - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Ernesto Bisagno 4420-7772-5403 VP-Senior Analyst ernesto.bisagno@moodys

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Moody's Investors Service

Dufry AG - March 2017 (LTM): Peer Snapshot

PeerÂ Snapshot:Â Â DufryÂ AG -Â MarchÂ 2017Â (LTM) 9Â MayÂ 2017 (inÂ USÂ millions) FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Jan-15 FYE Jan-16 LTM Oct-16 FYE Jan-15 FYE Jan-16 LTM Jan-17

EUR 695.30

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Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

Gamenet, Italy’s No. 3 gaming firm, reported good 2Q18 results with stable sales yoy at €148m and EBITDA up 9% yoy to €21m, giving a 14.5% LTM margin as of June 2018 against 13.2% as of December 2017. Once again, Gamenet has adjusted its sport betting payout (winnings returned to players), lowering it to 80.3% during the quarter from 85.7% last year, to mitigate the impact from the tightening of regulation on gaming machines initiated in May 2017.

EUR 200.00

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Joan Sehim

Joan Sehim

INTRALOT- Special Comment

We initiated coverage in February with an Underweight recommendation on the Intralot 6.75% 2021 and 5.25% 2024 bonds, concluding that the group’s emerging profile and recent bad track record in tenders would weigh on bond prices. Since then, the 2021 and 2024 bonds have lost around 20-25 points to 86.375 and 78.375 respectively, now yielding at a high 10-12% to worst. The freefall started in May amid concerns over the group’s vulnerably to the Argentinean peso and Turkish lira (around 29% EBITDA), on top of contract losses in Morocco and South Carolina - in favor of Sisal and IGT respectively ...

EUR 200.00

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Benjamin Sabahi

Benjamin Sabahi

IQVIA- 2Q18 Comments

The world’s largest provider of healthcare information reported strong numbers for 2Q18. Reported revenues increased by 9% yoy in 2Q18 and +7.7% excluding FX. This was above market expectations and an intensification of the positive trends seen in 4Q17 (+5.5%) and 1Q18 (+5.2%) excluding FX impacts. This was down to a mix of accelerated organic growth coupled with M&A contributions, fully reflecting the investments in the next generation of clinical trials.

EUR 200.00

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DUFRY 1Q17 - Organic sales growth accelerating, EBITDA margin to follow

Dufry AG: Update Following Rating Upgrade to Ba2 Rating

Dufry AG - March 2017 (LTM): Peer Snapshot

Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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