Codere - Solid results but still vulnerable to Argentina
Codere, the Spanish gaming company, reported solid 4Q17 results with sales of €423m, up 7% yoy (+18% at constant currency), and EBITDA of €74m, up 12% yoy (+27% at cc). The group has continued to gain traction in most of its markets, particularly in Italy (23% of the business, +22% yoy), Spain (12%, +18%), Argentina (33%, +27%) and Uruguay (4%,
+22%).
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