Spread Research - CBR FASHION- 1Q18 - Decent quarter but EBITDA decline expected to weigh on coming quarters

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Spread Research

Anthony Giret

CBR FASHION- 1Q18 - Decent quarter but EBITDA decline expected to weigh on coming quarters

CBR Fashion, the German apparel wholesaler active in the mid-price segment, has published decent 1Q18 results. Sales decreased by 2.5% yoy to €128m, despite delayed deliveries at the end of 2017 that eventually occurred in 1Q18, while reported EBITDA increased by 1% (EBITDA margin: +60 bps to 16.2%).

30/05/2018 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

Anthony Giret

Other Reports from Spread Research

Joan Sehim

Joan Sehim

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.

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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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Benjamin Sabahi

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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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CBR FASHION- 1Q18 - Decent quarter but EBITDA decline expected to weigh on coming quarters

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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