Intralot : Little cause for optimism
We revisit our investment case following the recent weak results released by Intralot. We had previously cut our recommendation to ‘Neutral’ last 14 February just after the loss of the main Turkish contract (Inteltek) as credit ratios became very much stretched. We have updated our forecasts and believe that EBITDA should recover in 2019 as the ramp-up of new contracts should offset the loss of Inteltek. Meanwhile, cash generation should remain sizeably negative until 2021. Liqui...Intralot is a supplier of integrated gaming and transaction processing systems. Co.'s operating geographical segments are as follow: European Union, which comprises Greece, Italy, Malta, Cyprus, Poland, Luxembourg, Spain, the U.K., Nederland, Romania, Bulgaria, France, Germany, Czech Republic and Slovakia and Republic of Ireland; Other Europe, which comprises Russia, and Moldova; America, which comprises the U.S., Peru, Brazil, Argentina, Mexico, Jamaica, Chile, Colombia, Guatemala, Dominican Republic, Suriname, Uruguay and St. Lucia; as well as Other Countries, which comprises Australia, New Zealand, China, South Africa, Turkey, South Korea, Lebanon, Egypt, Azerbaijan, Taiwan and Morocco.
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.
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