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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Ticker Underlying First Report Latest Report
105I ZAE000006284 Sappi Ltd. 2017/05/16 2017/05/16
604700 DE0006047004 HeidelbergCement AG, 2017/05/22 2018/03/26
685160 DE0006851603 St. Gobain Oberland AG 2017/03/28 2017/03/28
723530 DE0007235301 SGL Carbon 2017/03/24 2018/03/16
725180 DE0007251803 Stada Arzneimittel AG 2018/03/15 2018/03/15
A010060 KR7010060002 OCI 2018/04/23 2018/04/23
A111C3 LU1048328220 eDreams ODIGEO 2018/03/15 2018/03/15
A14M93 FR0012435121 Elis SA 2017/03/16 2018/07/27
A14U65 FR0012789949 Europcar Mobility Group 2017/05/09 2017/05/09
A14UTB FR0012757854 SPIE SA 2017/05/03 2017/05/03
A1H62B NL0009693779 InterXion Holding N.V. 2016/03/02 2018/06/07
A1T95K FR0011476928 FNAC DARTY 2018/08/01 2018/08/01
A1XD9Z US92857W3088 Vodafone Group PLC (ADR) 2018/03/15 2018/05/11
A2AFKW LU1377527517 Senvion SA 2018/03/16 2018/03/16
A2DKCH NL0012169213 Qiagen N.V. 2018/07/23 2018/07/23
A2H5K5 FR0013214145 SMCP 2018/03/22 2018/03/22
A2H7MG ES0119256115 Codere S.A. 2018/03/15 2018/03/15
A2N9M9 MX01OH010006 Aleatica SAB de CV 2017/05/11 2017/05/11
AB1 GB00B128C026 Air Berlin Plc 2017/05/22 2017/05/22
AF FR0000031122 Air France-KLM 2016/05/04 2016/05/04
ARD LU1565283667 Ardagh Group 2017/04/28 2018/04/27
ARW GB00BDGTXM47 Arrow Global Group 2018/05/28 2018/05/28
AST IT0003261069 Astaldi 2017/02/09 2018/03/16
BDC US0774541066 Belden 2016/05/06 2018/05/09
BDC-PB US0774542056 BELDEN INC Pfd. 2017/05/09 2017/05/09
BNS IT0001389631 Beni Stabili 2018/07/26 2018/07/26
CCK US2283681060 Crown Holdings 2017/04/20 2018/07/26
CDR ES0119256032 Codere SA 2018/05/18 2018/05/18
CGG. US12531Q2049 CGG ADR 2018/03/15 2018/04/11
CGUSY US14758Q2066 Casino Guichard Perrachon SA 2018/03/15 2018/03/15
CMXCPO MXP225611567 Cemex S.A. de C.V. CPO 2017/04/28 2018/08/01
CO FR0000125585 Casino Guichard-Perrachon et Cie. S.A. 2018/06/27 2018/06/27
COTY34 BRCOTYBDR006 Coty Inc 2018/04/11 2018/04/11
CRBP2 FR0010483768 Caisse Regionale de Credit Agricole Mutuel Brie Picardie Invest. Cert. 2018/04/30 2018/04/30
CSTM NL0010489522 Constellium Holdco BV 2016/08/03 2018/04/27
DUFN CH0023405456 Dufry 2018/03/16 2018/03/16
DUFRY US26433T1088 Dufry AG 2017/05/02 2017/05/02
ENC ES0130625512 Ence Energia y Celulosa SA 2018/02/21 2018/02/21
ENR US29272W1099 Energizer Holdings 2018/07/16 2018/07/16
EQIX US29444U7000 Equinix Inc. 2017/09/06 2018/05/09
FLLIY US3443371006 Folli - Follie S.A. 2018/04/30 2018/04/30
GALP PTGAL0AM0009 Galp Energia SGPS SA 2016/09/23 2016/09/28
GAME IT0005282725 Gamenet Group S.p.A. 2018/03/22 2018/08/02
GLPEY US3640971053 Galp Energia Sgps 2017/09/07 2017/09/07
GRF ES0171996087 Grifols 2018/03/15 2018/08/01
HLAG47 DE000HLAG475 Hapag-Lloyd 2016/11/15 2017/05/12
IAG ES0177542018 International Consolidated Airlines Group S.A. 2016/10/28 2018/06/14
IDR ES0118594417 Indra Sistemas S.A. 2016/11/15 2018/08/01
IGT GB00BVG7F061 International Game Technology PLC 2018/08/01 2018/08/01
IJ SE0000936478 Intrum AB 2018/07/26 2018/07/26
ING FR0000125346 Ingenico Group 2018/04/27 2018/07/27
INLOT GRS343313003 Intralot S.A. 2018/04/05 2018/08/01
IQV US46266C1053 IQVIA Holdings 2018/08/01 2018/08/01
KC0100 DE000KC01000 Kloeckner & Co 2018/03/15 2018/04/26
LOCAL FR0012938884 Solocal 2016/11/25 2018/07/27
MT IT0004931058 Maire Tecnimont 2017/11/23 2017/11/23
NEX FR0000044448 Nexans 2017/05/03 2018/07/27
NHH ES0161560018 NH Hotel Group 2018/03/15 2018/03/15
NOMDN VGG6564A1057 NOMAD FOODS LTD 2017/04/19 2017/04/19
NUM GB00B05M6465 Numis Corp. PLC 2015/12/15 2015/12/15
NUMCF FR0011594233 SFR Group SA 2018/03/16 2018/05/18
NYR BE0974294267 Nyrstar N.V. 2017/05/09 2018/05/09
OCI NL0010558797 Oci NV 2018/05/15 2018/05/15
OHL ES0142090317 Obrascon Huarte Lain S.A. 2018/03/15 2018/03/15
ORP FR0000184798 Orpea S.A. 2018/04/05 2018/08/01
OUT1V FI0009002422 Outokumpu Oyj 2017/04/28 2018/04/26
PIC BE0003807246 Picanol N.V. 2016/06/27 2016/06/27
PRY IT0004176001 Prysmian 2017/05/12 2018/05/11
PTEC IM00B7S9G985 Playtech 2018/02/26 2018/02/26
RCO FR0000130395 Remy Cointreau S.A. 2017/11/23 2017/11/23
RXL FR0010451203 Rexel S.A. 2017/05/02 2018/08/01
SAL IT0003865570 Salini Impregilo 2018/03/21 2018/08/01
SK3 IE00B1RR8406 Smurfit Kappa Group 2018/05/09 2018/05/09
SNA IT0000074903 Snaitech 2017/04/12 2018/03/21
STERV FI0009005961 Stora Enso Oyj R 2017/04/28 2018/07/26
STLN CH0005795668 Schmolz + Bickenbach AG 2018/03/15 2018/03/15
SYV ES0182870214 Sacyr 2018/08/01 2018/08/01
TCAG17 DE000TCAG172 Tele Columbus AG 2018/04/25 2018/05/16
TCG GB00B1VYCH82 Thomas Cook Group 2016/11/23 2017/02/09
TDC DK0060228559 TDC A/S 2018/06/19 2018/06/19
TEVA.N US8816242098 Teva Pharmaceutical Industries Ltd. 2018/03/19 2018/03/19
TNET BE0003826436 Telenet Group Holding NV 2017/04/28 2017/04/28
TUI1 DE000TUAG000 TUI AG 2018/03/15 2018/03/15
UBI FR0000054470 Ubisoft Entertainment S.A. 2018/03/15 2018/07/18
VED GB0033277061 Vedanta Resources PLC 2016/11/14 2016/11/14
VK FR0000120354 Vallourec S.A. 2018/07/27 2018/07/27
WHA NL0000289213 Wereldhave N.V. 2018/07/26 2018/07/26
WOD PLWDKAN00016 Wodkan 2017/05/10 2017/05/10
XPO US9837931008 XPO Logistics 2016/05/04 2016/05/04

Analysts

  • Remi Ramadou

    Analyst
  • Damien Bas

    Analyst
  • Jean-Rene Meduri

    Analyst
  • Marc Pierron

    Analyst
  • Joan Sehim

    Analyst
  • Anthony Giret

    Analyst
  • Benjamin Sabahi

    Analyst
  • Djivan Torossian

    Analyst
Joan Sehim

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.

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), on top of contract losses in Morocco and South Carolina - in favor of Sisal and IGT respectively ...

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. 

Joan Sehim

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.

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), on top of contract losses in Morocco and South Carolina - in favor of Sisal and IGT respectively ...

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. 

KLOECKNER & CO 4Q16, Strong quarter and decent prospects for FY17

​The German producer-independent steel and metal distributor reported a strong increase in profitability in 4Q16. While revenue declined by 4% yoy to €1.4bn on the back of lower volume in Europe and USA, partially due to location closures, reported EBITDA more than tripled to €37m boosted by favourable market effects as steel prices increased yoy. After a difficult FY15, penalised by declining steel price, FY16's EBITDA rebounded strongly to €196m driven by the recovery of the steel market. KCO’s conservative guidance expects FY17 to have slightly better EBITDA, with demand remaining subdued i...

Air Berlin Announces Exchange Offer for 2019 Convertible Bond

​Air Berlin Finance B.V, the subsidiary of Germany’s second largest airline, announced today an exchange offer for its €140m 6.00% convertible bond due 6 March 2019, but with a holder put option at the principal amount on 6 March 2017. The exchange offer consists of a one for one exchange of the existing convertible bond for a new convertible bond. The new convertible bond will have the same maturity date (6 March 2019), higher coupon of 8.50% (vs. 6.00%), lower conversion price of €1.15 (vs. 2.11), and a holder put option on 29 December 2017 at the principal amount. In addition to the exchang...

Cable and Telecom Sector Recommendations

​The Cable & Telecom sector has been active in terms of M&A in 2016. Mobile/Fixed convergence has become key in most European countries. Liberty Global, the largest cable operator in Europe, has been very active with the merger of Ziggo and Vodafone NL in the Netherlands and the acquisition of Base in Belgium. In Italy, the commercial agreement signed by Vodafone and Wind with Enel Open fiber will accelerate the momentum. On the contrary, mergers between mobile players have become increasingly difficult since Margrethe Vestager has been appointed the EU Competition Commissioner, as attested by...

AIR BERLIN 1Q16 RESULTS

​In contrast of the growing European market recording yoy +5.4% in revenue passenger kilometres (RPK) and +4.5% in available seat kilometres (ASK), Air Berlin continued its network rationalization with a yoy decrease of -7.0% in RPK and - 7.2% in ASK. It contributed with the dispute about the approbation of codeshare and lower tourism traffic to a revenue decline of -7.1% yoy at €737m. Adjusted EBITDAR improved slightly to €5m compared to the -€27m last year due to a 4.2% yoy decrease in cost per ASK thanks to lower fuel prices.

NUMERICABLE-SFR 1Q16

​SFR, the #2 French telecom operator, reported disappointing 1Q16 results.The topline was down by 6.1% to €2.6bn (vs.-3.5% in FY15). Adj.EBITDA came in at €851m, much weaker than 1Q15 i.e. a margin of 33.1% vs.34.1% in 1Q15. SFR also continued to largely underperform its competitor Orange in both fixed and mobile. The promotion activity initiated in 3Q15 has accelerated during the recent consolidation talks, pressurizing both mobile and fixed ARPU. Mobile customer erosion, which was halted in 4Q15 (+54k qoq),came back in 1Q16 (-276k qoq).

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