Spread Research - Gamenet Group SpA (GAME) Gamenet - margin improvement in 1Q18 but core concerns remain

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Spread Research

Joan Sehim

Gamenet - margin improvement in 1Q18 but core concerns remain

Gamenet, Italy’s No. 3 slot operator, has reported mixed 1Q18 results. Sales came in at €149m, down 4% yoy, but EBITDA jumped to €23m from €17m last year. The top line was dragged down by gaming machines (82% of sales) , down 10% yoy, due to the higher taxes implemented in May 2017.

18/05/2018 2 EN

Underlying

Gamenet Group SpA

Co. is engaged in organizing and managing business activities of video lottery terminal, amusement with prize, betting and online and direct management of owned gaming halls.

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IT0005282725 Italy

Provider

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

Joan Sehim

Other Reports on these Companies

Fundamental Research

Feasibility Study Results in December to be a Catalyst for this Junior

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Five months after its latest FRN issuance, Gamenet is returning to the markets with a similar new offering of â‚¬Â 225m to refinance the acquisition of Goldbet announced in July, a deal likely to help it become Italy's leading sports betting company and a more relevant player in the fast-growing online segment. Although entirely financed by debt, the acquisition of Goldbet was well perceived by markets and ratings agencies, given its fairly low cost (4.4xÂ EBITDA and 3.9x after cost ...

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Oddo BHF

Gamenet : Issuance Focus

September 13, 2018 September 13, 2018 9 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.

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Joan Sehim

Joan Sehim

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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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Gamenet - margin improvement in 1Q18 but core concerns remain

Feasibility Study Results in December to be a Catalyst for this Junior

Gamenet : Focus Emission

Gamenet : Issuance Focus

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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