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November 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the twenty-two companies recommendation changes made on European companies during the month of November.
Focused

IDH F2Q19: This Tooth Needs to Be Pulled

HY Note: 29 Nov 2018, 9:46 PM ET - The growth in the private dental services segment continues, and some weakness in the Dental Directory was expected. However, the units of dental activity in the NHS segment continued to decline.
Focused

IDH F1Q19: EBITDA Stabilising, Outlook Confirmed

Earnings Note: 23 Aug 2018, 8:50 PM ET - After disappointing performance last year, improvement in the dental services EBITDA offset weakness in Dental Directory. IDH expects to see strong performance in F2H19 and confirmed its positive outlook for the full year.

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.

July 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jul 2018, 9:41 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of July.
Focused

IDH (MyDentist) FY18: Will This Pain Ever End?

Earnings Note: 08 Jul 2018, 9:25 PM ET - The past year was challenging for IDH to say the least, with lower NHS revenues and a decline in profitability. However, the new management has made progress in hiring new dentists, and is guiding for improvement in performance this year. 

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

IDH: Leverage is Rising & Dentists are Needed

Earnings Note: 08 Feb 2018, 12:38 PM ET - IDH again reported poor results. Leverage continues to rise to new highs and we expect this trend to continue in the interim. The company is in a precarious position, but it also has time address its structural issues.

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

IDH F2Q18: Long-term Plan, Near-term Issues

Earnings Note: 08 Nov 2017, 6:31 PM ET - IDH again reported very poor results. We expect headwinds to persist and for next quarter to again be poor. The company presented the results of its strategic review, which we believe carries substantial execution risk.

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

IDH (MyDentist) F1Q18: Setting Teeth on Edge

Earnings Note: 09 Aug 2017, 4:38 PM ET - IDH reported very poor set of results with 29% YoY adj. EBITDA decline, leaving leverage to rapidly rise to 8.4x (net) and 6.6x (1st lien). We expect headwinds to persist, which we believe will put continued pressure on the bonds.

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

IDH: (My Dentist) Challenges Remain, Maintain Sell

Worth Watching: 07 Feb 2017, 12:45 PM ET - IDH (IDHFIN, B2/B) reported another tough quarter in F3Q17, with margin decline accelerating. Gross margin fell 2.1 pp YoY to 43.7%, while EBITDA margin declined 3.9 pp to 11.3%.  As a result, LTM pro forma EBITDA declined to £75.5 mn (vs. £81. ..

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.

November 2016 Europe Company Recommendation Change

Euro Recommendation Changes: 30 Nov 2016, 9:06 PM ET - Our monthly report provides executive summaries for the seventeen company recommendation changes made on European companies during the month of November.

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

IDH: Weak UDAs & Sterling Bite Back for MyDentist

Earnings Note: 08 Nov 2016, 7:13 PM ET - IDH reported very disappointing results, largely due to weak UDAs. We are cautious on a UDA recovery, while weak UDAs is affecting both the top and bottom line as well as weakening the company’s business and financial risk profile. 

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