In this publication, we review the past year and discuss our outlook for the next 12 months. We begin our discussion with the macro factors at play, including GDP forecasts, the geopolitical landscape and our expectations for cost inflation. We also trace the development of primary markets in the European HY space, and give our view on defaults in general as well as for our coverage universe. We then discuss sector trends and expectations, along with earnings development for companies under our ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Edison Investment Research is terminating coverage on Codere (CDR), Fidelity Asian Values (FAS), Fidelity China Special Situations (FCSS), Fidelity European Trust (FEV), Fidelity Japan Trust (FJV), Fidelity Special Values (FSV), Orège (OREGE) and Silence Therapeutics (SLN). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
Announcement: Moody's appends limited default designation to Codere's C-PD PDR. Global Credit Research- 10 May 2021. Paris, May 10, 2021-- Moody's Investors Service has today appended the limited default designation to Codere S.A.' s C-PD probability of default rating to reflect a limited default resulting from the extension of the grace period on the super senior secured notes due 2023. The/ LD will be removed after three business days.
Q319 results were dominated by previously announced accounting irregularities in the Mexico, Panama and Colombia divisions. These have been confirmed as one off and confined to H119 but, as a direct result, management has lowered FY19 EBITDA guidance by c €10m to €250–255m (pre-IFRS 16). As a positive, the Spanish division is developing strongly, with encouraging momentum in online. Codere’s focus is now on refinancing the senior notes and rebuilding trust with the investment community. ...
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