Spread Research - HOMEVI (DMVIFR) HOMEVI - 4Q15 RESULTS

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Spread Research

HOMEVI - 4Q15 RESULTS

â€‹Organic revenues grew 2.9% yoy to â‚¬225m, against +2.4% in 3Q15. Given the lack of authorizations for new homes in France (87% of revenues), a trend set to last, organic growth was fuelled by existing operations. However, while the occupancy rate kept rising, daily rates stalled, reflecting in our view low pricing power in certain areas. This was also the first quarter of full contribution from Spainâ€™s Geriatros, which was acquired in October and is now making up 13% of revenues.

18/03/2016 2 EN

Underlying

HOMEVI

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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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Fundamental Research

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

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Spread Research

HOMEVI - 1Q16 RESULTS

â€‹HomeVi, Franceâ€™s third-largest nursing home operator, posted a solid set of 1Q16 results with organic sales up 3.8% yoy to â‚¬219m and EBITDA up â‚¬3m at comparable basis to â‚¬23m. The company made further progress in improving the performance of the French network (87% of sales), as well as integrating the new Spanish business (13% of sales). In France, with an occupancy rate improving 1.8pts yoy to 95.1%, the company believes that it is nearing a ceiling, and has thus shifted the focus to raising prices, which grew a solid 2.1% last quarter.

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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

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 ...

EUR 200.00

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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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HOMEVI - 4Q15 RESULTS

Monthly LMI Update Independent Investment Research

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

HOMEVI - 1Q16 RESULTS

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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