Spread Research - SIVANTOS (AUDIOL) 4Q14/15 SIVANTOS Results: Solid momentum maintained

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Spread Research

4Q14/15 SIVANTOS Results: Solid momentum maintained

AUDIOL 8% 01/2023 (call 01/2018 @ 104) @ 110.375, YTW=4.61%, Z+465bps , Caa1 / B-

Sivantos, the worldâ€™s third-largest hearing aid producer, reported solid 4Q14/15 results (ended 30 September), although
profitability was a touch below that at the beginning of the year.

09/12/2015 3 EN

Underlying

SIVANTOS

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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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Other Reports on these Companies

Spread Research

Quarterly Comment: Sivantos

â€‹Sivantos, the German maker of hearing aids, disclosed relatively soft 1Q earnings with yoy organic sales up only 3.7% to â‚¬235m and company-adjusted EBITDA down â‚¬4m to â‚¬54m, while margin declined 120bps to 22.8%. In the call, management did not flag any specific reason for the temporary underperformance, pointing out (rightly) that the previous quarter had been very strong and that it remained on course to grow at twice the market rate (i.e. 9-10% against 4-5%) this year. We think that the company still benefits from a strong product line, with recent successful launches featuring inno...

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February 8, 2017 February 8, 2017 2 EN

Spread Research

SIVANTOS Soft 2Q15/16 results

â€‹The new results showed continuity with the previous set of quarterlies, as commercial momentum remained buoyant but profitability was hampered by pricing pressure and growth expenditures. Organic growth softened to 7.2% from above 8% in the previous quarter but remains well above industry trends, given the global hearing market is growing at 4 to 5%.

June 7, 2016 June 7, 2016 2 EN

Spread Research

finalement

â€‹Sivantos, the worldâ€™s third-largest hearing aid producer, reported mixed 1Q15/16 results (ended 31 December), as growth remained buoyant, but margin pressure intensified. Since 2012, focus on innovation and a shift of commercial efforts toward independent distributors have paved the way for higher growth. In 1Q15/16, organic revenue grew a still impressive 7% to â‚¬225m, driven by the ramp-up of the newlyintroduced micon and binax lines in 2012 and 2014.

March 3, 2016 March 3, 2016 2 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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August 2, 2018 August 2, 2018 3 EN

Joan Sehim

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INTRALOT- Special Comment

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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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4Q14/15 SIVANTOS Results: Solid momentum maintained

Quarterly Comment: Sivantos

SIVANTOS Soft 2Q15/16 results

finalement

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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