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Focused

Unilabs & Synlab: Year-To-Date Peer Comparison

Company Spotlight: 30 Oct 2018, 10:13 PM ET - In this report we provide a peer comparison for Unilabs and Synlab, analysing their recent operating performance, debt structure and credit metrics, cash flow generation, appetite for M&A and outlook.

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? 
Focused

Synlab 4Q17: The Song Remains The Same

Earnings Note: 06 Apr 2018, 6:24 AM ET - Synlab's market share in an attractive industry offsets concerns around leverage, the pace of M&A and modest organic growth. However, the likelihood of an upcoming call undermines attractiveness of SSNs, less so higher coupon SNs.

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

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.

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

Synlab & Unilabs: Roll-up Rationale Still Holds

Earnings Note: 31 Aug 2017, 5:08 AM ET - Both Synlab & Unilabs performance in 2Q17 were impacted by fewer numbers of working days. Overall, we view the results as decent, leaving us comfortable in the companies’ roll-up strategy. Both companies remain active in bolt-on M&A.

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

Synlab & Unilabs: Good Outlook - Favour Duration

Earnings Note: 17 May 2017, 10:30 PM ET - Synlab and Unilabs both reported a good set of results, validating our more positive view to the sector. Good results were largely due to strong volumes, while the pricing environment remains unchanged. 

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

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.

December 2016 Europe Company Recommendation Change

Euro Recommendation Changes: 01 Jan 2017, 10:37 PM ET - Our monthly report provides executive summaries for the eighteen company recommendation changes made on European companies during the month of December.
Focused

Synlab 3Q16: Promising Quarter, Upgrade to Buy

Earnings Note: 01 Dec 2016, 8:19 PM ET - Synlab reported good results due to strong volumes and modest price cuts. With success in realizing synergies, more favourable sector trends and greater clarity on tariffs in France, we upgrade our recommendation on Synlab to a Buy.

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.

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. 
Focused

Synlab: Roadshowing €940 mn of Secured Notes

HY Note: 03 Nov 2016, 3:43 PM ET - Synlab, a European diagnostic lab company, is roadshowing an anticipated €940 mn of secured notes (B2/B+). We expect pricing to come at broadly comparable spreads to the existing secured notes and if so we would pass on the new issue.

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