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Gamenet, Italy’s No. 3 gaming firm, reported good 2Q18 results with stable sales yoy at €148m and EBITDA up 9% yoy to €21m, giving a 14.5% LTM margin as of June 2018 against 13.2% as of December 2017. Once again, Gamenet has adjusted its sport betting payout (winnings returned to players), lowering it to 80.3% during the quarter from 85.7% last year, to mitigate the impact from the tightening of regulation on gaming machines initiated in May 2017.
We initiated coverage in February with an Underweight recommendation on the Intralot 6.75% 2021 and 5.25% 2024 bonds, concluding that the group’s emerging profile and recent bad track record in tenders would weigh on bond prices. Since then, the 2021 and 2024 bonds have lost around 20-25 points to 86.375 and 78.375 respectively, now yielding at a high 10-12% to worst. The freefall started in May amid concerns over the group’s vulnerably to the Argentinean peso and Turkish lira (around 29% EBITDA...
The world’s largest provider of healthcare information reported strong numbers for 2Q18. Reported revenues increased by 9% yoy in 2Q18 and +7.7% excluding FX. This was above market expectations and an intensification of the positive trends seen in 4Q17 (+5.5%) and 1Q18 (+5.2%) excluding FX impacts. This was down to a mix of accelerated organic growth coupled with M&A contributions, fully reflecting the investments in the next generation of clinical trials.
Spanish construction company Sacyr reported strong 2Q18 results, driven by higher activity in most of its divisions. Indeed, total revenue increased by 24% yoy to €916m with the main contribution from Construction (44% of 2Q18 revenue) and Concessions (20%) recording respectively a yoy progression of 44% and 40%.
Fnac Darty has published another set of satisfactory results for 1H18, despite a slight decline in the top line. Sales decreased by 0.5% yoy to €3.2bn in H1, with LFL of -0.4%, due to theweak consumption environment in France, mainly in the competitive IT market (expected growth in household consumption spending for engineered goods is 1.4% for 2018, against 2.6% in 2017), and strikes in Q2.
Gamenet, Italy’s No. 3 gaming firm, reported good 2Q18 results with stable sales yoy at €148m and EBITDA up 9% yoy to €21m, giving a 14.5% LTM margin as of June 2018 against 13.2% as of December 2017. Once again, Gamenet has adjusted its sport betting payout (winnings returned to players), lowering it to 80.3% during the quarter from 85.7% last year, to mitigate the impact from the tightening of regulation on gaming machines initiated in May 2017.
We initiated coverage in February with an Underweight recommendation on the Intralot 6.75% 2021 and 5.25% 2024 bonds, concluding that the group’s emerging profile and recent bad track record in tenders would weigh on bond prices. Since then, the 2021 and 2024 bonds have lost around 20-25 points to 86.375 and 78.375 respectively, now yielding at a high 10-12% to worst. The freefall started in May amid concerns over the group’s vulnerably to the Argentinean peso and Turkish lira (around 29% EBITDA...
The world’s largest provider of healthcare information reported strong numbers for 2Q18. Reported revenues increased by 9% yoy in 2Q18 and +7.7% excluding FX. This was above market expectations and an intensification of the positive trends seen in 4Q17 (+5.5%) and 1Q18 (+5.2%) excluding FX impacts. This was down to a mix of accelerated organic growth coupled with M&A contributions, fully reflecting the investments in the next generation of clinical trials.
Spanish construction company Sacyr reported strong 2Q18 results, driven by higher activity in most of its divisions. Indeed, total revenue increased by 24% yoy to €916m with the main contribution from Construction (44% of 2Q18 revenue) and Concessions (20%) recording respectively a yoy progression of 44% and 40%.
Fnac Darty has published another set of satisfactory results for 1H18, despite a slight decline in the top line. Sales decreased by 0.5% yoy to €3.2bn in H1, with LFL of -0.4%, due to theweak consumption environment in France, mainly in the competitive IT market (expected growth in household consumption spending for engineered goods is 1.4% for 2018, against 2.6% in 2017), and strikes in Q2.
