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Focused

Elis: 3Q18 Trading Update

Earnings Note: 26 Oct 2018, 10:50 AM ET - Elis generated solid organic growth in revenues of 2.4% in the third quarter. Trends are positive in France, but organic growth slowed down in Latin America and  Southern Europe. 
Focused

Elis 1H18: Organic Growth, Integration in Progress

Earnings Note: 01 Aug 2018, 1:49 PM ET - Elis reported organic growth in all regions, apart from the UK & Ireland, and managed to improve margins, as it benefited from the cost synergies with Berendsen and price stabilisation in France. 

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? 

May 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of May.
Focused

Elis 1Q18: No Dirty Linen, but U/P

Earnings Note: 08 May 2018, 10:59 PM ET - Elis’ headline increase in revenues continues to be driven by acquisitions but organic growth picked up as well. 2018 will be a transitional year with the integration of Berendsen and an associated increase in capex 
Focused

Elis: Back in the Market, New Issue Report

HY Note: 08 Feb 2018, 5:11 AM ET - We discuss our views on Elis’s new senior unsecured bonds, as well as key takeaways from the recent CMD.

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

Elis: 9M17 Trading Update

Earnings Note: 26 Oct 2017, 9:31 PM ET - Elis published a solid 9M17 trading update, with double-digit increase in revenues driven by recent acquisitions. While a detailed integration plan for Berendsen is yet to be defined, the management provided some colour on the progress. 
Focused

Elis: New Convertible Bonds

Worth Watching: 03 Oct 2017, 9:06 AM ET - Elis (Ba2/BB) announced today an offering of new convertible bonds for up to €400 mn via a private placement to institutional investors. The bonds would be the first convertible instrument issued by the company and would mature on 6 October 202 ..

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

Elis 1H17: Steaming Ahead

Earnings Note: 27 Jul 2017, 7:08 PM ET - Elis reported another solid set of results, with growth in revenues and earnings both on reported and organic basis. The pending Berendsen deal will not lead to any major increase in leverage.

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

Elis: Agreement with Berendsen Reached

Worth Watching: 07 Jun 2017, 9:39 PM ET - Elis (Ba2/BB) announced that it reached an agreement in principal with Berendsen's management on a potential offer to acquire this UK laundry services company. Elis increased the cash consideration from £4.4 to £5.4 per share, with the rest to ..
Focused

Elis: Going Hostile on Berendsen?

HY Note: 19 May 2017, 6:43 AM ET - We analyse the impact of the potential acquisition of Berendsen on Elis's business and credit profile.  
Focused

Elis: 1Q17 Update, FY17 Guidance Affirmed

Worth Watching: 27 Apr 2017, 8:42 PM ET - Elis (Ba2/BB) published its 1Q17 trading update this afternoon, with double-digit sales growth supported by the recent acquisitions. 1Q17 revenues jumped 14.3% YoY as reported to €400.6 mn, which is just a touch above the Bloomberg consensus fi ..
Focused

Elis: FY16 as Expected, Growth to Continue

Earnings Note: 19 Mar 2017, 10:37 PM ET - Despite some pressure in France, Elis published good full-year results. While reported growth in revenues was boosted by acquisitions, organic growth was supported by strong performance in Southern Europe and Brazil.   

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

Elis SA: Completed Equity Raise to Fund M&A

HY Note: 20 Jan 2017, 9:48 AM ET - Elis SA, the French laundry services company, completed a rights issue, with proceeds to be used to part-fund M&A. The two acquisitions improve Elis' business profile and are largely leverage neutral. 

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