Intralot : Unexpected Turkish setback further reduces odds for a turnaround
The loss of the Turkish contract illustrates risks associated to Intralot's high exposure to emerging countries where traditionally lucrative B2C contracts are facing increasing challenges as these markets ramp up. Meanwhile, the strategy of expanding into B2B in mature countries is positive but initially proves highly dilutive to credit metrics. With stretched ratios (7.4x of pro-forma proportionate net leverage), the odds of a turnaround are becoming more remote. While we still...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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