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Focused

eDreams Odigeo F2Q18/19: Keep Calm And Carry On

Worth Watching: 28 Nov 2018, 11:18 AM ET - eDreams Odigeo F2Q18/19 met management guidance and allowed for the reiteration of FY18/19 expectations. However, it is a testament to the current market tone that eDreams bonds are off 2pts on the back of today's results (to September 30th). As p ..
Focused

eDreams Odigeo New Issue: Return Ticket

Earnings Note: 13 Sep 2018, 8:09 AM ET - Most of the time, eDreams is a positive story; an interesting business model with good execution and exposure to the appealing Travel sector. It comes with baggage though and its revenue model is still WIP. We assess the outlook.
Focused

eDreams Odigeo: Covenant Flash Report

Company Analysis: 11 Sep 2018, 11:27 AM ET - In this short report we highlight a couple of initial covenant considerations for investors as they participate in the eDreams roadshow.

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

eDreams ODIGEO: The Price Is (Not) Right

Worth Watching: 08 Mar 2018, 1:51 PM ET - eDreams ODIGEO (B3/B) announced today it is no longer considering a sale of the business (at least for the time being) after acknowledging potential buyers were attributing "a risk profile to the transformation (of the company) that does not ma ..
Focused

eDreams ODIGEO F3Q18: Less is More

Earnings Note: 28 Feb 2018, 10:10 PM ET - The eDreams F3Q18 results showed the best and the worst of the company's strategy to improve the long term sustainability with bookings down 6% YoY and EBITDA up 38% YoY. At current levels, we believe investors are sufficiently compensated.

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

eDreams ODIGEO: F2Q17/18 - On Autopilot

Worth Watching: 29 Nov 2017, 12:42 PM ET - eDreams ODIGEO (B3/B) F2Q17/18 results were back on track, less so on a bookings metric, but more driven by operational improvements taking revenue margin and adjusted EBITDA both up double digits. We do caveat, however, that figures reflect so ..

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

eDreams: F1Q18 - Despacito...

Worth Watching: 27 Aug 2017, 10:44 AM ET - eDreams (B3/B) where we have a Hold recommendation, reported a slow quarter by the standards of recent numbers, affected firstly by the ongoing roll out of the new revenue model (where increased transparency in pricing is dampening demand), second ..

June 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 02 Jul 2017, 9:29 PM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of June.
Focused

eDreams ODIGEO: Trade 'Dunne' - Shift to Hold

Earnings Note: 27 Jun 2017, 6:29 PM ET - Dreams ODIGEO reported another robust set of results exceeding analyst expectations and guidance with bookings, revenue margin and EBITDA all up high-single to low-double digit and net leverage down by 0.7x YoY. We shift to a Hold on Px.

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

eDreams ODIGEO: Solid F3Q17 – Conviction Buy

Earnings Note: 28 Feb 2017, 8:35 PM ET - eDreams ODIGEO reported another quarter of impressive results underpinned by strong growth in bookings, continued decline in variable costs per booking and improved FCF profile. We reiterate our Buy recommendation on EDRSM SSNs due 2021.

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.
Focused

eDreams Odigeo: F1H16/17 Earnings & Investor Day

Worth Watching: 21 Nov 2016, 11:55 AM ET - eDreams Odigeo reported another strong set of earnings with F1H16/17 bookings up 8% YoY (+9% Flight, +3% Non-Flight), revenue margin up 2% YoY and adjusted EBITDA up 22% YoY.  The bookings growth was softer in F2Q16/17 (+6% YoY for Flight) due ..

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

European HY Consumer: 7 Credits with 7%+ Yields

HY Note: 25 Sep 2016, 11:40 PM ET - In the lead up to our European High Yield conference and given the ongoing reach of yield in a low-rate environment, we reiterate our  views on 7 credits yielding 7%+ in the European Consumer sector.
Focused

HY Note: eDreams Odigeo Issuing €425 mn SSNs

HY Note: 19 Sep 2016, 10:08 AM ET - eDreams ODIGEO is coming to market with a  €425 mn senior secured bond offering to refinance its LUXGEO 7.500% SSNs due 2018 and LUXGEO 10.375% SNs due 2019. We see good value at 8%+ new issue yield. 

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