Spread Research - CMC DI RAVENNA- 4Q17 - Deception on working capital and leverage;

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Spread Research

Marc Pierron

CMC DI RAVENNA- 4Q17 - Deception on working capital and leverage;

Revenue for the quarter increased by 5.1% to €311m, mainly coming from high activity during the quarter in Italy. The revenue growth is expected to continue in FY18 as the company guides for an increase of around 10% with revenue covered at 95% by the backlog.

11/05/2018 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

Marc Pierron

Other Reports from Spread Research

Joan Sehim

Joan Sehim

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

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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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CMC DI RAVENNA- 4Q17 - Deception on working capital and leverage;

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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