Report
Maxime Kogge

Codere : Contrasting fortunes

Over the past year, the spread differential between Cirsa and Codere widened further, reflecting Cirsa's safer geographic footprint and the stronger execution vs. its peer. - Codere had a tough 2019 year marked by the revelation of accounting inconsistencies in Latin America, renewed headwinds in Argentina and weakening momentum across most operations apart from Spain which was very strong. Admittedly, net leverage is a low 3.1x with group adjustments and 3.6x excluding them, which...
Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Maxime Kogge

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