Spread Research - Almaviva - We reaffirm our Buy recommendation

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Spread Research

Jean-Rene Meduri

EUR 200.00 For Business Accounts Only

Almaviva - We reaffirm our Buy recommendation

We retain our Buy recommendation on the Almaviva senior secured 7.25% 2022 notes, which offer an attractive ytw of 7.69% as compared to their B2/B+ ratings. The notes have lost c. 1 point to 98.875 since March 29th and the publication of the company’s FY17 results.

11/04/2018 2 EN

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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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Analysts

Jean-Rene Meduri

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Almaviva - We reaffirm our Buy recommendation

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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