Gamenet : Fit to survive a prolonged lockdown

Before the start of the sell-off, Gamenet’s two bonds had registered a smooth solid performance. While we liked the group fundamentals, we changed our recommendation from 'Buy' to 'Neutral' last October as we lacked visibility on the upcoming refinancing following the acquisition by Apollo. Since mid-March, the two bonds have shed 15 to 25pts, a free fall that was not stemmed by the release on 20 March of good Q4 results (alongside encouraging liquidity trends). - All in all, we be...