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CareUK: Bank Debt for Refinancing

Worth Watching: 05 Dec 2018, 1:20 PM ET - CareUK sent out a press release today announcing that it has secured a new £250 mn five-year loan and a £37.5 mn RCF (although there are still some conditions precedent) and is at advance stages of negotiation to secure other sources of funding ..
Focused

CareUK F3Q18: Margin Recovering, Eyes on Disposals

Earnings Note: 30 Aug 2018, 5:33 PM ET - Care UK achieved a double-digit uplift in EBITDA on a low single-digit revenue growth in this fiscal quarter. Most of Care UK's debt matures in the next twelve months, the company is reviewing a number of options to address the maturities.

Healthcare: 2Q18 Earnings Recap

Sector Analysis: 15 Aug 2018, 9:59 PM ET - In this note, we recap 2Q18 earnings results in US Healthcare with a focus on the Health Insurers, Medical Device manufacturers and Pharmaceutical companies.

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? 

February 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2018, 11:31 PM ET - Our monthly report provides executive summaries for the twenty-one companies recommendation changes made on European companies during the month of February.
Focused

CareUK: Getting out of a Jam with Prison Wins

Worth Watching: 28 Feb 2018, 2:16 PM ET - CareUK  (1st lien: Caa1, 2nd lien: Caa3) reported solid results for F1Q18, which were above management's expectations. After a solid quarter, management stated on the call that they would be disappointed not to beat their FY18 guidance  Guidance w ..

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: European HY Healthcare

Transcript: 14 Dec 2017, 5:59 PM ET - In this presentation we discuss the outlooks for three different sub sectors within the European HY healthcare. These sub sectors are: the £ HY healthcare credits, the diagnostic laboratories sub sector and the performing pharma companies.

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.   

August 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Sep 2017, 8:11 AM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of August.
Focused

CareUK: F3Q17 – Better Outlook, 1st Liens To Buy

Worth Watching: 25 Aug 2017, 6:06 AM ET - CareUK (1st lien: Caa1, 2nd lien: Caa3) reported another quarter with good results, which gives us confidence that the company has somewhat moved on from past issues. Revenues were up 8% YoY, and adj. EBITDA was up 6%. Good operating results ca ..

Euro HY Conference 2017: Healthcare Transcript

Transcript: 20 Jun 2017, 11:35 AM ET - This is a transcript of the talk we gave at the CreditSights Euro HY Conference. We discuss our recommendations in the sector and where we feel comfortable taking a ‘risk on’ position, and we provide an update on the UK social care sector.
Focused

CareUK: F1Q17-Better Quarter, But Bonds Still Rich

Worth Watching: 28 Feb 2017, 1:01 PM ET - CareUK (1st lien: Caa1, 2nd lien Caa3) reported another quarter with improved results, albeit against an easy YoY comparable. Despite a good quarter, there was no change to management's FY17 and medium-term guidance (see CareUK F4Q16: Risks Are ..
Focused

CareUK F4Q16: Risks Are High Despite Good Quarter

Earnings Note: 27 Jan 2017, 1:21 PM ET - CareUK reported a much improved set of results with LFL YoY adj. EBITDA growth of 2%. However, we maintain our Sell rec. in part because leverage is to remain high and because we have a cautious view on the Healthcare business segment.

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

European High Yield Healthcare: 2017 Outlook

Sector Outlook: 12 Jan 2017, 10:29 PM ET - We discuss key themes and update our views on RV for European HY healthcare credits (including cross-over). We recommend an underweight position to the sector and favour exposure to the €HY healthcare sector over the £HY healthcare sector.

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.
Focused

FOURSN vs. CAREUK: Euro HY Conference Transcript

Transcript: 06 Oct 2016, 8:00 PM ET - In this transcript from our European high yield conference, we discuss whether investors should have exposure to either FOURSN or CareUK, as well as the reasons behind our recommendation change on FOURSN after 2Q16 results.

Euro HY Labs: Key Takeaways After Solid 2Q16

Sector Analysis: 13 Sep 2016, 8:23 PM ET - In this piece we discuss key takeaways for the €HY diagnostic lab sector following 2Q16 results. Overall, the results were positive, while 2017 could see the sponsors of Cerba and Unilabs exit their respective investments.

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