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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.
Focused

Four Seasons Healthcare: 3Q17 - Sponsor Hands Over

Worth Watching: 16 Nov 2017, 8:48 AM ET - Four Seasons Healthcare (FOURSN) (secured: Caa3/CC, unsecured: Ca/C) 3Q17 results were somewhat disappointing, but results reflected a tough YoY comparable and were impacted by backdated contribution on NHS funding for nursing care and to a less ..
Focused

FOURSN: Winter is Here - Views on Restructuring

HY Note: 01 Nov 2017, 12:43 AM ET - In this piece we give our views on FOURSN’s restructuring proposal, which is to be implemented by a scheme of arrangement. We view the terms as sufficient not to alarm bondholders, but we recommend SSN bondholders push for improved terms

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.   

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.
Focused

Four Seasons Healthcare 4Q16: Harvesting Season

Earnings Note: 27 Apr 2017, 2:23 PM ET - FOURSN results were again strong and we remain optimistic for continued good results. However, with the secured notes now above par and with restructuring of the capital structure approaching, we view now as a good time to take profits.

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.
Focused

FOURSN 3Q16: Buds are Blooming After Good Quarter

Earnings Note: 29 Nov 2016, 8:09 PM ET - FOURSN’s results were strong with KPIs meaningfully improved, resulting in substantial EBITDA growth and reinforcing our constructive view on FOURSN. Our view on asset coverage is boosted by another sizeable reported gain from disposals

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.

Voyage Care F1Q17: More Fees Please, Move to M/P

Earnings Note: 07 Sep 2016, 10:10 AM ET - Voyage Care reported weak results with 10% YoY decline in EBITDA, driven by higher payroll costs. Lack of adequate fee growth is a continued concern and after recent good performance in the bonds, we scale down our recommendation to a Hold.

August 2016 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Aug 2016, 11:36 PM ET - Our monthly report provides executive summaries for the seventeen company recommendation changes made on European companies during the month of August.
Focused

Four Seasons: Working My Way Back To You Babe

Earnings Note: 23 Aug 2016, 7:51 PM ET - FOURSN’s reported good results with 23% YoY EBITDA growth and with improvement in key KPIs. We are now more confident in the asset coverage than previously thought. Further, management expects restructuring talks to conclude before YE.

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