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Focused

Almaviva 3Q18: Behind the Working Capital Increase

Earnings Note: 26 Nov 2018, 10:08 AM ET - Performance in the third quarter was rather mixed. The IT services division remains the main growth engine, however, a significant increase in IT works related to the SPC contracts led to an increase in working capital requirements.
Focused

Almaviva 2Q18: Not Leaving This Train Yet

Earnings Note: 18 Sep 2018, 7:48 PM ET - Almaviva achieved strong growth in revenues and earnings in the second quarter. One of the key issues for investors to watch out for is the future of Almaviva's contracts with Ferrovie dello Stato.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

Euro HY Conference 2018: Support-Services

Transcript: 19 Jun 2018, 10:53 PM ET - We discussed our views on the riskier part of the support-services sector, five services bonds that yield over five per cent, at our European High Yield Conference. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.
Focused

Almaviva 1Q18: Growth Driven by IT services

Earnings Note: 30 May 2018, 10:35 PM ET - At constant FX, Almaviva achieved strong growth in revenues and EBITDA in 1Q18. Profitability improved in all divisions, apart from CRM International.
Focused

Almaviva FY17: Recovered, What Next

Earnings Note: 05 Apr 2018, 9:51 PM ET - 2017 was a transitional year for Almaviva, as the company slowly recovered from a very weak 2016. Going forward growth is expected to be driven by IT services and Brazilian operations. 

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

2017 Euro Conference: High Yield RV Panel

Transcript: 14 Dec 2017, 5:59 PM ET - We provide the transcript from the high yield relative value panel at our 2017 European Conference, highlighting key credits across the Consumer, Banks, Construction, Building Materials, Services and TMT sectors.
Focused

2017 Euro Conference: Support Services

Transcript: 12 Dec 2017, 4:03 PM ET - At CreditSights' 2017 European conference, we presented our thoughts on key macro drivers and trends in the European High Yield Support Services sector and discussed our RV recommendations. 
Focused

Almaviva: 3Q17 On Track, Still a Buy

Earnings Note: 27 Nov 2017, 9:11 PM ET - Almaviva's first set of results following the issuance of the new 7.25% 2022 bond were largely in line with expectations, apart from somewhat underwhelming performance in the CRM International segment.

October 2017 Company Coverage Initiated

Company Coverage Initiated: 31 Oct 2017, 9:47 PM ET - Our monthly report provides executive summaries for the twelve companies on which we launched coverage in the Americas and Europe during the month of October.
Focused

Almaviva: Calling for a Buy?

Company Spotlight: 22 Oct 2017, 11:54 PM ET - We launch coverage on Almaviva, an Italian company providing IT and customer relationship management outsourcing services, which has recently refinanced its debt structure. 

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   

Euro HY Conference 2017: Travel Services Transcript

Transcript: 20 Jun 2017, 7:47 PM ET - In this article, we transcribe our Travel Services presentation for CreditSights' Euro High Yield Conference, in which we laid out our views on the European Travel Services space and took a closer look at Travelex.

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

Tales from the Trails: € HY Healthcare & Services

Sector Analysis: 11 Oct 2016, 10:24 PM ET - We highlight key takeaways and themes from a recent road trip with investors where we discussed companies within our Euro high yield healthcare and support services coverage.

Taking a Back Seat on UK Retailers

Sector Analysis: 11 Jul 2016, 10:20 PM ET - Following the plunge in UK consumer confidence amidst Brexit-related economic and political uncertainty, we take a more defensive position on UK high yield retailers. We shift to Hold from Buy on NEWLOK (1L and subs) and Iceland (1L)

US Retail: 4Q15 Roundup

Sector Analysis: 01 Apr 2016, 3:00 AM ET - We provide an update on operating metrics and earnings trends in the US Retail universe in the wake of a rocky-for-some fourth quarter.

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