Spread Research - SNAITECH S.p.A. (SNA) Snaitech superb 4Q17 marks recovery in profitability; credit view upgraded

Report

Spread Research

Joan Sehim

EUR 203.58 For Business Accounts Only

Snaitech superb 4Q17 marks recovery in profitability; credit view upgraded

Snaitech, Italy’s No. 2 slot operator, surprised us with good 4Q17 results whereas those for the rest of the year had been rather weak. Sales gained 5% yoy to €248m while EBITDA soared to €50m against €31m the previous year, representing a 100 bps jump in the LTM margin to 15.3%. The improvement is entirely due to a gradual decrease of the betting payout (winnings paid to players) to 77.6% from 83.4% the previous quarter and 87.8% a year earlier.

21/03/2018 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 superb 4Q17 marks recovery in profitability; credit view upgraded

Monthly LMI Update Independent Investment Research

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IQVIA- 2Q18 Comments

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