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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? 

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.

November 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Dec 2017, 12:03 AM ET - Our monthly report provides executive summaries for the twenty-five companies recommendation changes made on European companies during the month of November.
Focused

Euro HY Labs 3Q17: Tariff Outlook Dampens Results

Earnings Note: 29 Nov 2017, 7:14 PM ET - Against the back drop of tariff cuts and one less working day, we view the results as in-line. Expectations for another tariff cut in France was a notable negative, in particular for Cerba. M&A ambitions for the sector remain high.

September 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Oct 2017, 3:20 PM ET - Our monthly report provides executive summaries for the nine companies recommendation changes made on European companies during the month of September.

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

Cerba 2Q17: Results are In – Shift to Hold

Earnings Note: 05 Sep 2017, 10:07 PM ET - Cerba’s results were soft, but similar to peers results were affected by less working days YoY and a tariff cut in France. Cerba’s market position remains strong, but we shift our recommendation down to a Hold due to valuations.

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.

April 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 May 2017, 9:28 PM ET - Our monthly report provides executive summaries for the twelve company recommendation changes made on European companies during the month of April.

Synlab: Solid Quarter, But Shift to Hold

Earnings Note: 12 Apr 2017, 8:53 PM ET - Synlab reported good results with strong margin improvements. This validates our more constructive view on the sector. However, we shift our recommendation on the credit to a Hold due to valuations. For €HY lab exposure, we prefer Cerba.

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

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.

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)
Focused

Cerba: 1Q16 – Positive Signs within France

Worth Watching: 26 May 2016, 10:34 PM ET - Cerba (Secured: B2/B+, Unsecured Caa1/B-) had another decent quarter with 7% like-for-like revenue growth and 27% like-for-like EBITDA growth. On the back of EBITDA growth, pro forma net leverage (excluding expected synergies) was 6.2x, a decli ..

Synlab FY15: Mixed 4Q, Elevated Synergies and M&A

Earnings Note: 10 May 2016, 11:13 PM ET - Synlab 4Q15 results were mixed, but management raised synergy expectations and provided a decent outlook for 2016.  M&A continues to be high on their agenda and is a source of concern.

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