INTRUM JUSTITIA- 2Q18 Comments
Intrum’s share price jumped by 14% on Tuesday on the back of stronger-than-expected 2Q18 results. Its share price is now trading back around the level reached at the end of April 2018, before valuations of debt collectors were hit by questions surrounding the sustainability of their relatively leveraged business model. The bond market also responded positively. The Intrum 3.215% 2024 up 1 point at 93.1 / YTW 4.4%, albeit still far from April level (98 / YTW, Z-spread 280bp / YTW of 3.3%). The Intrum 2.75% 2022 gained 1.3 points to around 95.8, also still 5 points down vs April. Most leveraged Lowell FRN 2023 gained 1.8 points as Intrum’s good earnings could be seen as a positive signal for the industry generally.
Intrum is a credit management company. Co. provides clients credit management and financial services. Before its clients sell a product or service, Co. helps them assess potential customers' payment capacity using its credit optimization services. Once the transaction has been made, Co.'s payment services is used, with billing and accounts receivable. Where invoices are past due, Co. provides its debt-collection services to ensure that payment is received for the product or service. Co.'s financial services help clients improve their cash flow and reduce their financial risk. Co.'s operations are divided into three regions: Northern Europe, Central Europe and Western Europe.
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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