Codere is growing but sill dependent on Argentina and Mexico
Codere, the Spanish gaming company, released good 3Q17 results with sales up 3% yoy to €401m and some 12% higher yoy at constant currency, keeping pace with the growth rate of the previous two quarters. With a large focus on LatAm (69% of sales), Codere is, just like its competitor Cirsa, accustomed to this kind of performance, combining rapid growth and currency volatility. Unfortunately, Codere does not yet seem to be able to diversify outside of Mexico (21% of sales) and Argentina (36%). The former was up 5% yoy, mainly organic as the Mexican peso has stabilized after a long run of devaluation.
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