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Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

HY Construction: Update on ASTIM, CMCRAV, IPGIM

Sector Analysis: 11 Oct 2018, 10:30 PM ET - In a sector that has been beset with volatility and turmoil in the last five weeks, we are publishing this note to again update investors on our thinking on the Italian High Yield Construction space.

Euro HY Construction: Carnage Gives Way to Chaos

Sector Analysis: 19 Sep 2018, 11:52 PM ET - After a week of chaos, we publish this piece to briefly update investors of our thought process on the single B / triple C European High Yield Construction names. 

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 Conference 2018: European Construction

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on the Rise & Fall of European HY Construction. 
Focused

Loxam 1Q18: France Drives Further Growth

Earnings Note: 05 Jun 2018, 1:18 PM ET - Loxam achieved organic growth across the board, although there was some slowdown in International growth due to focus on integration. After heavy spending last year, capex is expected to come down, leading to improvement in free cash flow.

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
Focused

Loxam RV Reset: Switch Subs to Hold

Earnings Note: 05 Apr 2018, 8:48 PM ET - We review our Relative Value recommendations for Loxam senior and subordinated bonds. 

CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

EU HY Construction Outlook: Pt I - Fundamentals

Sector Outlook: 11 Jan 2018, 9:58 PM ET - In the first of two part article on the Outlook for our Euro High Yield Construction Coverage, we examine the economic backdrop for the Continent and underline our expectations for construction spending in 2018. 

2017 Euro Conference: High Yield RV Panel

Transcript: 14 Dec 2017, 5:59 PM ET - We provide the transcript from the high yield relative value panel at our 2017 European Conference, highlighting key credits across the Consumer, Banks, Construction, Building Materials, Services and TMT sectors.

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.
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. 

Atalian 3Q17: Guidance Downgrade

Earnings Note: 12 Dec 2017, 11:54 AM ET - Atalian's headline revenues and EBITDA were boosted by acquisitions, mostly in the international segment, however, underlying performance was impacted by loss of contracts in the US. 

2017 Euro Conference: High Yield Construction

Transcript: 11 Dec 2017, 8:46 PM ET - In this article, we transcribe our presentation to CreditSights 2017 Outlook Conference on the Construction sector.
Focused

Loxam 3Q17: Strong Growth Continues

Earnings Note: 22 Nov 2017, 11:08 PM ET - Third quarter results were very much in line with Loxam's solid traction previously this year, with a jump in headline numbers, driven by acquisitions, and continuing organic growth.
Focused

Loxam: M&A Continues, But More Add-On

Worth Watching: 26 Sep 2017, 12:18 PM ET - Loxam (BB-▼), the French credit that rents construction equipment, has announced the purchase of an Italian powered access equipment rental company called Nacanco. The company is comparatively new (founded in 2001) but is a notable player in th ..

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