reports
- Joan Sehim
Gamenet 2q18 - sport payout change offsets regulation impact, goldbet ...
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.
- 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...
- Benjamin Sabahi
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.
- Marc Pierron
SACYR- 2Q18 Comments
Spanish construction company Sacyr reported strong 2Q18 results, driven by higher activity in most of its divisions. Indeed, total revenue increased by 24% yoy to €916m with the main contribution from Construction (44% of 2Q18 revenue) and Concessions (20%) recording respectively a yoy progression of 44% and 40%.
- Anthony Giret
FNAC DARTY- 1H18 Comments
Fnac Darty has published another set of satisfactory results for 1H18, despite a slight decline in the top line. Sales decreased by 0.5% yoy to €3.2bn in H1, with LFL of -0.4%, due to theweak consumption environment in France, mainly in the competitive IT market (expected growth in household consumption spending for engineered goods is 1.4% for 2018, against 2.6% in 2017), and strikes in Q2.
- Remi Ramadou
REXEL- 2Q18 Comments
Rexel, the French distributor of electrical products, held a conference call today to comment on what proved to be satisfactory 2Q18 results. After a mixed first quarter marked by a deterioration of profitability, good sales volume across most regions and productivity measures in the US enabled the group to improve its adjusted-reported EBITA margin by 20bps to a decent 4.8% in Q2.
- Joan Sehim
IGT- 2Q18 Comments
IGT, the world’s largest lottery firm, reported sound 2Q18 results with sales down 1% yoy to $1,202m but EBITDA up 4% yoy to $442m (36.8% margin) against $424m (34.8%) last year. The second quarter provided further evidence of IGT’s power in the lottery market, both in the US (47% of the business) and Italy (37%). The group continued to enjoy increasing demand for instant-ticket and draw-based lottery games (+5.3% yoy) in the US, as well as for lottery (+7.5% yoy) in Italy.
- Jean-Rene Meduri
INDRA- 2Q18 Comments
Salini reported 1H18 results with a slight profitability decrease at constant FX and excluding a 1H17 positive one-off item. Net debt increased on the back of working capital seasonality. We expect the likely disposal of the plants & paving division (P&P) to improve Salini’s financial structure.
- Marc Pierron
SALINI- 1H18 Comments
Salini reported 1H18 results with a slight profitability decrease at constant FX and excluding a 1H17 positive one-off item. Net debt increased on the back of working capital seasonality. We expect the likely disposal of the plants & paving division (P&P) to improve Salini’s financial structure.
- Anthony Giret
CEMEX- 2Q18 Comments
Mexican cement maker Cemex has publisheddecent results for its 2Q18, with LFL sales and EBITDA up by 7% and 4% yoy, respectively. This follows the relatively weak Q1 EBITDA (LFL -6%), which was essentially due to temporary adverse effects from timing and weather, while H2 should see even stronger improvements.
- Remi Ramadou
GRIFOLS- 2Q18 Comments
Grifols, the Spanish provider of biological medicines, reported a good set of 2Q18 results, in line with those of the previous quarter. Yoy sales were down 3.0% to €1,131m mainly due to a negative FX change (EUR/USD), while organic sales growth came in at a satisfactory +6.7% similar to last quarter (+7.4%.)
- Remi Ramadou
ORPEA- Rating Report
Founded in 1989 and based in Puteaux, France, Orpea is one of the largest operators of nursing homes in France and Europe (#1-2), competing head-to-head with Korian. Orpea has 73,270 beds opened in 819 facilities, 57% of which are outside France. In 2017, the company had annual sales of €3.1bn and an EBITDA of €550m. While nursing homes are the main activity (about two-thirds of sales), the company also has a strong foothold in post-acute & rehabilitation care facilities as well as in psychiatri...
- Joan Sehim
Elis' 1h18 results were good, berendsen on track
Elis, the French linen services provider, reported good 1H18 results. Sales came in at €1,534m, up 2.1% organically, and EBITDA reached €469m (30.6% margin) against €435m (29.4%) last year. The home French market (33% of sales) is doing well, up 1.9% organically thanks to good activity in hospitality.
- Marc Pierron
Vallourec - profitability improvement in 2q18 but still high cash burn
The French worldwide leader in premium tubular solutions mainly for the energy industry, Vallourec, reported 2Q18 results which showed an improvement in EBITDA but still high cash burn. The company reaffirmed its guidance of a significant improvement in EBITDA in FY18 and retains adequate liquidity of €3.1bn.
- Anthony Giret
Casino 1h18 - strong improvement in operating profit and cash generati...
French food retailer Casino has released a strong set of underlying results for 1H18, in line with our expectations and management’s guidance. This follows the release about two weeks ago of sound sales numbers for 2Q18, with LFL growth of 3.2% yoy (after +1.8% in Q1) and a 10bp gain in market share. However, today’s release was somewhat tarnished by the continued lack of transparency and simplicity of Casino evidenced by the further use of financial engineering to move cash around the group - a...
- Joan Sehim
INGENICO- 1H18 Comments
Ingenico, the world’s No. 1 payment terminals provider, has reported weak 1H18 results, as expected by management and investors for several months now. Revenues came in at €1,229m, down 3% organically, and EBITDA plummeted to €193m from €260m in 1H17. The results largely suffered from an unfavorable basis of comparison, with 1H17 having been boosted by the demonetization push in India and the migration towards PCI in Europe.
- Jean-Rene Meduri
SOLOCAL- 2Q18 Comments
Solocal held a conference call this morning to discuss what proved to be a weak 1H18 financial performance. Revenue was down by 4.7% yoy to €350m while recurring EBITDA came in 11.9% weaker at €70m. This semester - and especially the latest quarter - the performance of the digital segment (84% of total revenue) was disappointing, albeit not really surprising given subdued digital sales orders in 1Q18 (-6% yoy) following the announcement of the redundancy plan (there is a timelag of a few months ...
- Remi Ramadou
NEXANS- 1H18 Comments
Nexans, the French manufacturer of electrical cables, has published a poor set of 1H18 results. This does not come as a surprise, since Nexans issued a profit warning last month covering 2018 prospects, revising down its full-year EBITDA guidance to €350m from €410m (i.e.-15% yoy).
- Joan Sehim
SIG COMBIBLOC- 2Q18 Comments
SIG Combibloc, the world’s No. 2 packager of aseptic cartons, reported good 2Q18 results. Sales came in at €417m, up 4% yoy (10% at constant currency and perimeter), while EBITDA reached €112m (26.9% margin) against €95m (23.6%) last year. Once again, the growth came from emerging markets, i.e. Asia Pacific (31% of sales) and the Americas (19%), while demand in Europe (40%) remained flat.
- Benjamin Sabahi
INTRUM JUSTITIA- 2Q18 Comments
Intrum’s share price jumped by 14% on Tuesday on the back of stronger-than-expected 2Q18 results. Its share price is now trading back around the level reached at the end of April 2018, before valuations of debt collectors were hit by questions surrounding the sustainability of their relatively leveraged business model. The bond market also responded positively. The Intrum 3.215% 2024 up 1 point at 93.1 / YTW 4.4%, albeit still far from April level (98 / YTW, Z-spread 280bp / YTW of 3.3%). The In...
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