Edison Investment Research - Codere S.A. (CDR) Codere - Moving on from accounting irregularities

Report

Edison Investment Research

Richard Williamson

Codere - Moving on from accounting irregularities

Q319 results were dominated by previously announced accounting irregularities in the Mexico, Panama and Colombia divisions. These have been confirmed as one off and confined to H119 but, as a direct result, management has lowered FY19 EBITDA guidance by c â‚¬10m to â‚¬250â€“255m (pre-IFRS 16). As a positive, the Spanish division is developing strongly, with encouraging momentum in online. Codereâ€™s focus is now on refinancing the senior notes and rebuilding trust with the investment community. We have lowered our FY19 EBITDA by 8.7% and our FY20 EBITDA by 8.0%. The stock is very illiquid and trades at 4.2x EV/EBITDA for FY20e, which is at a deep discount to peers.

18/11/2019 6 EN

Underlying

Codere S.A.

Codere is a Spanish multinational group engaged in the private gaming industry. Its core business is managing gaming machines, bingo halls, betting locations, casinos and racetracks. It operates in eight countries across Europe and Latin America.

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ES0119256032 Madrid Stock Exchange Spain

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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