Spread Research - BENI STABILI (BNSIM) BENI STABILI - 1H16 RESULTS

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Spread Research

BENI STABILI - 1H16 RESULTS

â€‹Beni Stabili, the Italian listed property investment company, reported decent 1H16 results broadly in line with our expectations.

21/07/2016 2 EN

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BENI STABILI

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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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Other Reports on these Companies

Spread Research

Quarterly Comment: Beni Stabili

â€‹Beni Stabili, the listed Italian property portfolio company, reported 4Q16 results broadly in line with our expectations. Rental income was stable on a like for like basis with +0.2% yoy at â‚¬200m, while it was +2.4% when excluding Telecom Italia properties. During the year occupancy rate increased by 200bps on the whole portfolio to 95.5% as a result of Beni Stabiliâ€™s drive to let...

EUR 212.46

February 10, 2017 February 10, 2017 2 EN

Spread Research

BENI STABILI 3Q16 Results

November 4, 2016 November 4, 2016 2 EN

Spread Research

BENI STABILI 3Q16 Results

â€‹Beni Stabili, the listed Italian â‚¬4.2bn property portfolio company, reported 3Q16 rental income of â‚¬50.1m down by 3.1% yoy. Rental income from Telecom Italia (49% of total rental income), decreased by 9.2% due to the disposal of some properties. Non Telecom Italia office and retail rent increased by 3.5% and 4.2% respectively thanks to lower vacancy. It helped LFL rental growth that was positive at 9M16 with...

November 4, 2016 November 4, 2016 2 EN

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

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.

EUR 200.00

August 2, 2018 August 2, 2018 3 EN

Joan Sehim

Joan Sehim

INTRALOT- Special Comment

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), on top of contract losses in Morocco and South Carolina - in favor of Sisal and IGT respectively ...

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August 1, 2018 August 1, 2018 3 EN

Benjamin Sabahi

Benjamin Sabahi

IQVIA- 2Q18 Comments

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.

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BENI STABILI - 1H16 RESULTS

Quarterly Comment: Beni Stabili

BENI STABILI 3Q16 Results

BENI STABILI 3Q16 Results

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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