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Autoroutes du Sud de la France

Autoroutes du Sud de la France (ASF Group) is a leading European toll motorway operator with 3,208 km under concession, operating approximately 40% of the French toll roads network. It is 100% owned by the French construction group Vinci, but is also a debt issuer on a stand-alone basis. The concession contracts are held until 2036 for the large part (ASF, 2,714 km), with some of them (Escota motorways, 471 km) held until 2032. Given the geographic location of the motorways (south of a drawn line Loire Valley-Lyon), networks are exposed to traffic flows within the South of France and between the Iberian peninsula and Italy. While activity outside France is insignificant, the network provides major and essential international transit routes within France. Since it entered the Vinci Group in 2006, ASF has ceased to compete for new concession agreements. (16 Jul 2018)

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November 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the twenty-two companies recommendation changes made on European companies during the month of November.
Focused

French Toll Roads RV Reset & APRR Credit Update

Company Analysis: 11 Nov 2018, 10:38 PM ET - We are resetting our relative value recommendations on three French Toll Road issuers: ASF, Cofiroute and APRR. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Euro Toll Roads: Wider Implications Of Genoa

Sector Analysis: 20 Aug 2018, 10:57 PM ET - We expect the Genoa bridge disaster will lead to increased capex and more intensive bridge monitoring for toll road operators across Europe. 
Focused

ASF & Cofiroute 1H18: Steady Performance

Earnings Note: 14 Aug 2018, 9:52 PM ET - ASF and Cofiroute reported sound 1H18 results, with net leverage broadly unchanged on YE17 following higher dividend payments.

SIAS 1H18: Upgrading to M/P on Valuation Grounds

Earnings Note: 09 Aug 2018, 9:53 PM ET - Following an assessment of SIAS' 1H18 financials and RV against peers in the TRO universe, we are switching to a Market perform view from an Underperform recommendation.

Brisa 1H18: Fundamentally Strong, Staying O/P

Earnings Note: 07 Aug 2018, 9:30 PM ET - We are rolling our Outperform recommendation on Brisa Concessao following its 1H18 results. 
Focused

European Toll Roads: Sector Update & 2Q18 Preview

Sector Analysis: 24 Jul 2018, 10:21 PM ET - Ahead of 2Q18 earnings, we provide an update on the TRO sector's key drivers of operating performance, the likely evolution of credit metrics, and recent developments in relation to M&A, concession extensions & bond issuance.
Focused

ASF: New €500 mn 2028 Bonds

IG Note: 21 Jun 2018, 5:42 AM ET - French toll road operator, ASF, is in the market this morning with a new €500 mn ten-year senior unsecured bond.

Atlantia: Worst Timing to Try to Issue New Bonds

IG Note: 30 May 2018, 10:34 PM ET - Atlantia was roadshowing last week, as the company has significant issuance needs this year to cover funding for the Abertis takeover. However, with the market jittering  over the political situation in Italy, the deal has gone quiet.

Atlantia & Abertis 1Q18: It’s Happening!

Earnings Note: 24 May 2018, 9:35 PM ET - Abertis' and Atlantia's operating stories are currently overshadowed by the risks stemming from the joint takeover of Abertis by Atlantia, Spanish ACS and German Hochtief.

SIAS: FY17 Solid, but FCF to Drop Next Year

Earnings Note: 26 Mar 2018, 10:29 AM ET - While SIAS operating performance is likely to remain solid in 2018, we expect its free cash flow to drop significantly and remain negative or low for the next three years, as a result of a jump in investments in concessions.

Atlantia: A Bad Peace is Worse than a Good War!

IG Note: 16 Mar 2018, 9:56 AM ET - We assess the agreement between Atlantia, ACS and Hochtief for a joint takeover of Abertis. The companies have denied any intentions to divide the assets, and the structure created as a result of this deal would be rather convoluted.

Atlantia: Unite with ACS and Conquer?

IG Note: 12 Mar 2018, 10:58 PM ET - In this report, we look at possible implications of a potential tie up between Atlantia and ACS to bid for Abertis. We also analyse Atlantia's and Autostrade's recent operating performance. 
Focused

ASF & Cofiroute FY17: Dividends Reduced

Earnings Note: 18 Feb 2018, 8:37 PM ET - We analyse FY17 results of two French TROs, ASF and Cofiroute. Light traffic growth slowed down considerably, while heavy traffic growth remains robust. Net leverage edged down due to lower dividends.  

Brisa Concessao FY17: Leverage Down, Stay O/P

Earnings Note: 15 Feb 2018, 11:11 AM ET - Brisa Concessao's FY17 operating trends were strong, supported by further traffic growth. Net leverage improved, helped by lower shareholder remuneration.  

Abertis FY17: Bid Me Up before You Go-Go

Earnings Note: 13 Feb 2018, 8:32 AM ET - We discuss our takeaways from Abertis's FY17 results and the recent developments related to the two outstanding takeover bids. We analyse pro-forma leverage for a combined Atlantia-Abertis entity if Atlantia decides to raise its bid.

SIAS: New Bond Pricing

Worth Watching: 31 Jan 2018, 6:22 AM ET - SIAS has been roadshowing for new ten-year senior secured euro-denominated bonds since 25 January. The IPT for the deal this morning was at MS + 85/90 bp, and the guidance has come in to MS+70/75 bp. Based on the current level of the euro swaps ..

Initiation on New SIAS Bond: At a Turning Point

Company Spotlight: 29 Jan 2018, 10:16 PM ET - In this report, we weigh up the key credit positives and negatives of SIAS, an Italian toll road operator, ahead of its upcoming new ten-year senior secured bond. 
Focused

European Toll Roads: 2018 Outlook

Sector Outlook: 24 Jan 2018, 10:20 PM ET - In this report, we round-up our outlook for the key drivers that will impact the Toll Roads sector in general in 2018 and the nine issuers in our coverage in particular, from macroeconomic factors to capex programmes to M&A.

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