Spread Research - MATALAN (MTNLNGBP) MATALAN - 2Q16/17 RESULTS

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Spread Research

MATALAN - 2Q16/17 RESULTS

â€‹Similar to Q1 and unsurprisingly, the Q2 2016/17 results ended August 27, 2016, showed material improvements against last yearâ€™s weak comparison base. As a reminder, 2015 was hit by supply chain issues following the implementation of a new distribution centre, which have disrupted the flow of stocks into northern stores and compromised product availability.

10/10/2016 2 EN

Underlying

MATALAN

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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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MATALAN - 1Q16/17 RESULTS

Matalan is the 5th leading value clothing retailer in the UK, with an out-of-town network of 226 stores. The group has published its 1Q16/17 results ended May 28, 2016, which showed substantial improvements against last yearâ€™s weak comparison base. As a reminder, 2015 was hit by supply chain issues following the implementation of a new warehouse, which have disrupted the flow of stocks into northern stores and compromised product availability.

July 12, 2016 July 12, 2016 3 EN

Spread Research

MATALAN Weak Q4

â€‹The group has published its 4Q15/16 results ended 27 February 2016, which were broadly in line with the profit warning issued in January (it was the third one for the fiscal year). Q4 saw further sequential improvements in the supply chain after issues at the groupâ€™s new warehouse in the beginning of the fiscal year, which have disrupted the flow of stocks into northern stores and compromised product availability.

June 6, 2016 June 6, 2016 3 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

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

August 1, 2018 August 1, 2018 3 EN

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.

EUR 200.00

August 1, 2018 August 1, 2018 3 EN

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MATALAN - 2Q16/17 RESULTS

MATALAN - 1Q16/17 RESULTS

MATALAN Weak Q4

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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