Spread Research - ARDAGH GROUP (ARGID) ARDAGH - 1Q16 RESULTS

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Spread Research

ARDAGH - 1Q16 RESULTS

â€‹Ardagh, the Ireland-based glass and metal packager, has reported decent 1Q16 results. Simultaneously, it has also announced the purchase of $3.42bn of beverage can assets from the Ball/Rexam divestiture, funded entirely by debt.Â Ardagh, the Ireland-based glass and metal packager, has reported decent 1Q16 results. Simultaneously, it has also announced the purchase of $3.42bn of beverage can assets from the Ball/Rexam divestiture, funded entirely by debt.

26/04/2016 3 EN

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ARDAGH GROUP

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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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ARDAGH GROUP

â€‹Glass packaging is being increasingly substituted for cans, as predominantly observed in Europe than the US, causing the division to post a 2% decline this quarter. Meanwhile, Metal packaging was broadly stable. Consequently, 1Q16 revenues came in at â‚¬1,218m, or -1% yoy at ccy. Ardagh pursued its operating efficiencies and cost reductions, as reflected in EBITDA growing +4% yoy to â‚¬217m. This bolstered the EBITDA margin to 17.8% (+90bps yoy), confirming the groupâ€™s leading position over its peers (Owens-Illinois 16%, Crown 15%). Assets from Ball/Rexam will enhance the business; Re-lev...

April 26, 2016 April 26, 2016 3 EN

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Joan Sehim

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Benjamin Sabahi

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ARDAGH - 1Q16 RESULTS

ARDAGH GROUP

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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