IGT : Still a top pick

IGT once again demonstrated its defensive nature, with solid H1 2022 results and resilient outlook for H2, despite a highly challenging macro environment. Good efforts have been made so far to clean up the balance sheet, via successful asset sales, bond repayments and RCF extension. Net leverage is seen at a record-low level in a decade at year-end 2022 while the group is heading to a further slow deleveraging in the next three years. To do so, IGT counts on its strong cash gener...