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Focused

Atalian 2Q18: Who is Going to Clean this Up?

Earnings Note: 09 Sep 2018, 8:51 PM ET - Atalian's reported figures were boosted by acquisitions, and the company expects to see strong growth in revenues and earnings in 2H18. However, credit metrics deteriorated, with estimated pro-forma net leverage jumping to over 6.5x.

IDH (MyDentist) FY18: Will This Pain Ever End?

Earnings Note: 08 Jul 2018, 9:25 PM ET - The past year was challenging for IDH to say the least, with lower NHS revenues and a decline in profitability. However, the new management has made progress in hiring new dentists, and is guiding for improvement in performance this year. 

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

Atalian: New Issue Report on EUR/GBP 7Y Bonds

HY Note: 26 Apr 2018, 8:09 AM ET - We outline our views on Atalian's new seven-year bond issue, which will be used to fund the recently announced acquisition of Servest.  
Focused

Atalian FY17: How the Mop Flops

Earnings Note: 10 Apr 2018, 9:46 PM ET - Atalian’s growth continues to be driven by acquisitions, while on an organic basis revenues edged down in 2017. The Servest acquisition will lead to a significant increase in financial risk, and we are wary of the company's M&A appetite. 
Focused

Atalian: Acquiring Servest, PF Leverage >5x

Worth Watching: 08 Apr 2018, 9:14 PM ET - Atalian (B2/ B+) announced on Friday afternoon that it has agreed to buy 100% of Servest, a UK facility management company. The total consideration is £540 mn (~€619 mn), comprising of £457 mn (~€523 mn) enterprise value of Servest Limited and ..

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.
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

Atalian 3Q17: Guidance Downgrade

Earnings Note: 12 Dec 2017, 11:54 AM ET - Atalian's headline revenues and EBITDA were boosted by acquisitions, mostly in the international segment, however, underlying performance was impacted by loss of contracts in the US. 

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.   
Focused

Atalian: 1H17 Growth Driven by Acquisitions

Earnings Note: 21 Sep 2017, 12:18 PM ET - The company's top-line result continues to be affected by a loss of a large contract in the US on one side and boosted by M&A on the other.

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.
Focused

Euro HY Conference 2017: Services Transcript

Transcript: 14 Jun 2017, 8:25 PM ET - In this article, we transcribe our presentation to CreditSights' European High Yield Conference, in which we presented our thoughts on how to analyse the European High Yield Support Services sector and discussed our views on single names.
Focused

Atalian: The Second First Quarter

Earnings Note: 31 May 2017, 10:33 PM ET - Atalian continues to grow its international business through bolt-on acquisitions, which were the main driving factor behind revenue growth in the first quarter. This was the first set of results following the change in its fiscal year end.
Focused

Atalian: New €600 mn 7YR Bond

HY Note: 26 Apr 2017, 8:33 AM ET - Atalian is in the market with a new €600 mn seven-year senior unsecured bond, with the proceeds to be used for refinancing existing debt and general corporate purposes.
Focused

Atalian: F1Q17 Results Solid, More Bolt-on M&A

Earnings Note: 31 Jan 2017, 10:43 PM ET - Atalian, the French facility management company, published solid quarterly results, with growth in revenue and EBITDA boosted by recent acquisitions. The company's continuing M&A activity is likely to limit deleveraging in the near future.

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.
Focused

Atalian: F4Q16 – Steady Quarter, But Still U/P

Worth Watching: 08 Dec 2016, 11:21 AM ET - Atalian  (B2/B): There were no real surprises in Atalian's results. Growth came from largely inorganic sources particularly within Atalian's International and French Facility Management businesses. Companywide reported revenues grew by 36% YoY ..

November 2016 Company Coverage Initiated

Company Coverage Initiated: 30 Nov 2016, 9:04 PM ET - Our monthly report provides executive summaries for the thirteen company on which we launched coverage in the US, Europe, and Asia during the month of November.

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.

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