Spread Research - ALDESA (ALDESA) ALDESA - 4Q15 RESULTS

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Spread Research

ALDESA - 4Q15 RESULTS

â€‹Aldesa, the Spanish engineering firm, released final 4Q15 results while giving a muted guidance for 2016 in the accompanying call. Main items had been previously released on March 16, evidencing a decent 4Q15 operating performance with restricted sales up 21% yoy to â‚¬228m, EBITDA â‚¬4m higher to â‚¬18m, and restricted net leverage curbed to 1.2x from 1.8x a year earlier.

26/04/2016 2 EN

Underlying

ALDESA

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Provider

Spread Research

Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.

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ALDESA - 2Q16 RESULTS

Aldesa, the Spanish engineering firm, put in a weak 2Q16 performance as the lack of orders in the previous quarters started to bite on revenue, while the political deadlock in Spain hit project execution and cash collections.After five quarters of vibrant growth, restricted sales dropped 11.3% yoy (-3% excluding forex headwinds) to â‚¬190m and EBITDA shrank 17.9% to â‚¬9m, well below our forecasts of â‚¬222m and â‚¬12m respectively. In Spain (23% of sales), despite a sizeable backlog, execution is held down by the current political limbo, while in Poland (18% of sales) the company has not been...

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ALDESA - 4Q15 RESULTS

ALDESA - 2Q16 RESULTS

Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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