Spread Research - SNAITECH S.p.A. (SNA) Snaitech - Weak 4Q16, solid de-leveraging prospects but regulatory risks persist

Report

Spread Research

Joan Sehim

EUR 147.72 For Business Accounts Only

Snaitech - Weak 4Q16, solid de-leveraging prospects but regulatory risks persist

Snaitech, Italyâ€™s No. 1 player in sports betting, released another set of weak 4Q16 results. Yoy sales and EBITDA declined 3% each to â‚¬230m and â‚¬31m, respectively, with the EBITDA margin unchanged at a decent 13.5%...

12/04/2017 2 EN

Underlying

SNAITECH S.p.A.

Snaitech SpA, formerly Snai SpA, is an Italy-based company primarily engaged in the gaming and betting industry. The Company divides its activities into four sectors: Betting Services, Management of Racetracks, Concessions and Television Services. The Betting Services sector provides electronic services through bet and prediction contests acceptance points. The Management of Racetracks sector is involved in activities related to the management of racetracks, such as property management and organization of the races. The Concessions sector includes activities related to the management of the concessions for horse racing and sports, as well as for operation of electronic management of the network for legal gaming, skill games, bingo and casino games. Through the Television Services sector, the Company is active in the broadcasting of the SNAI TV television channel and the production of the audio channel Radio Snai.

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IT0000074903 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

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Snaitech - Weak 4Q16, solid de-leveraging prospects but regulatory risks persist

Monthly LMI Update Independent Investment Research

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

Snaitech S.p.A.

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

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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