Intralot : The wrong suspect: yields are disconnected from decent fundamentals, lending support to our ‘Buy’ recommendation
Despite a limited newsflow, Intralot's bond prices have fallen sharply since May given heightened concerns over the group's exposure to emerging countries, high capex required for the Illinois contract and contract losses in South Carolina, Morocco and Greece. The fall, which accelerated from mid-June, has occurred amid a wave of distrust against peripheral issuers (some investors drew comparisons with Greece’s Folli Follie) and sensitive sectors. The two bonds are now trading at...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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