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Focused

Travelex 3Q18: Is There Anybody Out There?

Earnings Note: 03 Dec 2018, 9:02 PM ET - 'Unloved' does not quite capture the negative sentiment towards Travelex despite a solid run of numbers and proactive management of margins. Complexity and an idiosyncratic structure render it a niche option, but it is of interest. 

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

Travelex: 1Q18 - Mundane

Worth Watching: 16 May 2018, 1:06 PM ET - Travelex (B3/B-): a somewhat mixed set of results in a seasonally small quarter with growth in the top line (@constant Fx) balanced against declining margins in Retail and Outsourcing due to increased staff and rental costs in the case of the f ..
Focused

Travelex FY17: Cash Calf

Earnings Note: 25 Mar 2018, 7:51 PM ET - TRVLEX turned a corner in FY17 & the credit story is now entering uncharted territory as the company addresses outstanding key issues like FCF generation. With Nigeria stabilised and FY18 guidance on the positive side, we reiterate our Buy.

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.

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.
Focused

Travelex: 3Q17 - In The Money

Worth Watching: 23 Nov 2017, 7:31 PM ET - Travelex (B3/B-) reported a good set of results with Core Group EBITDA on schedule to meet the full year guidance of £68~£73 mn (reiterated during the call), margins trending upwards and net leverage at the senior secured level at a two-year low ..

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

Travelex 2Q17: On the Right Road

Earnings Note: 24 Aug 2017, 11:35 PM ET - Travelex reported a good set of results underpinned by a return to growth in EBITDA following the recovery in its key markets of Nigeria and Brazil. Further, management's one-off guidance suggests we are gearing up for a full year recovery.

June 2017 Company Coverage Initiated

Company Coverage Initiated: 02 Jul 2017, 9:30 PM ET - Our monthly report provides executive summaries for the nine companies on which we launched coverage in the US and Europe during the month of June.

Global Insurance Rendez-Vous: P&C Combined Ratio

Global Insurance Rendez-Vous: 27 Jun 2017, 11:24 PM ET - In this note, we discuss underwriting trends amongst Non-Life insurers and highlight select names with an interesting story like AIG, Allstate, Talanx, and RSA.

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

Travelex: Buy, but Only for Brave Travelers

Earnings Note: 31 May 2017, 10:27 PM ET - Travelex reported 1Q17 results broadly in line with guidance while the appreciable turnaround in Wholesale has resulted in improved outlook . TRVLEX bonds may look attractive for investors that are less risk averse and willing to take vol.
Focused

Travelex vs The Cashless Society: €360 mn SSNs

HY Note: 26 Apr 2017, 10:52 PM ET - Travelex is coming to market with a new issue of €360 mn of Senior Secured Notes. We discuss the fundamental drivers of the business and take a look at pricing using the best available comps.

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.

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.

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.

Taking a Back Seat on UK Retailers

Sector Analysis: 11 Jul 2016, 10:20 PM ET - Following the plunge in UK consumer confidence amidst Brexit-related economic and political uncertainty, we take a more defensive position on UK high yield retailers. We shift to Hold from Buy on NEWLOK (1L and subs) and Iceland (1L)

US Retail: 4Q15 Roundup

Sector Analysis: 01 Apr 2016, 3:00 AM ET - We provide an update on operating metrics and earnings trends in the US Retail universe in the wake of a rocky-for-some fourth quarter.

2016 Consumer Analyst Group of NY: Day 3 Notes

Company Analysis: 19 Feb 2016, 5:44 AM ET - In this report we discuss the highlights from the presentations given by PG, PEP, and CCE on Day 3 of the Consumer Analyst Group of NY 2016 Conference.

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