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June 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Jul 2018, 9:54 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of June.

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

Euro HY Conference 2018: Support-Services

Transcript: 19 Jun 2018, 10:53 PM ET - We discussed our views on the riskier part of the support-services sector, five services bonds that yield over five per cent, at our European High Yield Conference. 
Focused

Selecta F2Q18: Run Fast Just to Stay in Place

Earnings Note: 04 Jun 2018, 10:19 AM ET - Selecta managed to achieve low single-digit organic growth in revenues and EBITDA this quarter. Turnaround of Pelican Rouge's UK and French operations as well as integration of Pelican Rouge and Argenta are on top of the agenda for 2018.  

January 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jan 2018, 10:26 PM ET - Our monthly report provides executive summaries for the twelve companies recommendation changes made on European companies during the month of January.
Focused

Selecta REFI: Do we Put Our Coin in the Slot?

HY Note: 19 Jan 2018, 5:56 AM ET - We comment on Selecta's large-scale REFI, including a EUR fixed rate tranche. 

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

Selecta FY17: P. Rouge Completed, Argenta Pending

Earnings Note: 02 Jan 2018, 10:45 AM ET - Selecta reported decent performance for fiscal year 2017 (30 September year-end) at the end of December, which was the first set of results after the completion of the Pelican Rouge acquisition. 
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. 

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

Selecta: F3Q17 Mixed, Pelican Rouge Delayed

Earnings Note: 30 Aug 2017, 8:38 PM ET - Selecta reported a low single-digit decline in sales on a reported basis in F3Q17, but an uplift on an organic basis and improvement in profitability. The completion of the Pelican Rouge acquisition has been delayed to September.

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

Selecta: Hold, Pending the Pelican Rouge Deal

Earnings Note: 23 May 2017, 10:00 PM ET - We analyse Selecta's performance in F2Q17. The company reported some organic growth in revenues and improvement in EBITDA, however, there are concerns over Pelican Rouge's performance ahead of the completion of the acquisition. 
Focused

Selecta: Pelican Rouge Acquisition, Hold For Now

HY Note: 16 Mar 2017, 8:39 PM ET - Selecta announced that it has reached an agreement to buy 100% of Pelican Rouge, a European coffee services provider, for €499 mn.

February 2017 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2017, 9:00 PM ET - Our monthly report provides executive summaries for the twelve company recommendation changes made on European companies during the month of February.
Focused

Selecta: Eventually to Be Merged with Argenta?

Worth Watching: 23 Feb 2017, 6:51 PM ET - Selecta: According to press reports this morning, the shareholders of Argenta, the second largest Italian vending machine company, are moving forward with a previously mooted sale process of the company. Industrial buyers were first contacted i ..
Focused

Selecta 1Q17: Switch to Hold

Earnings Note: 21 Feb 2017, 5:27 PM ET - Selecta posted continuing growth in sales on an organic basis, but its margins remain under pressure. As the immediate concerns over the company's liquidity lessened, it is time to change our Relative Value recommendation to Hold.

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

Selecta: Decent F4Q16 Does Not Dissipate Concerns

Earnings Note: 13 Dec 2016, 7:48 PM ET - Selecta's F4Q16 results represent an improvement from what the company had us used to most recently. However, this set of results does not dissipate our fundamental concerns and does not justify a shift in our recommendation.

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