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October 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2018, 10:02 PM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of October.
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? 

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.
Focused

Unilabs: €130 mn tap on 2025 SNs – Buy

Worth Watching: 04 Oct 2017, 5:48 AM ET - Unilabs (Unsecured: Caa1/CCC+), on which we have a Buy recommendation, is in the market to tap its 5.75% 05/25 senior notes in the amount of €130 mn. Combined with a €140 mn TLB add-on and €10 mn shareholder contribution, UoP is to fund a bolt- ..

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.

May 2017 Company Coverage Initiated

Company Coverage Initiated: 31 May 2017, 10:21 PM ET - Our monthly report provides executive summaries for the eight companies on which we launched coverage in the US, Europe, and Asia during the month of May.
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. 
Focused

Unilabs: New Issue Diagnosis – Buy If Above 6%

HY Note: 20 Apr 2017, 7:39 AM ET - Unilabs is back in the bond market with a €250 mn senior unsecured tranche. In this note we discuss our views on the company and pricing.

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.

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.

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.
Focused

Unilabs: Issuing TLB to Refi Sec. Notes and PIKs

Worth Watching: 14 Sep 2016, 7:57 AM ET - Unilabs (Secured: B3/B, PIKs: Caa2/CCC+), where we have a Hold recommendation, plan to come to market with a €685 mn five year term-loan B new issuance, with JP Morgan leading the transaction. The proceeds will be used to refinance its secured ..
Focused

Euro HY Labs: Key Takeaways After Solid 2Q16

Sector Analysis: 13 Sep 2016, 8:23 PM ET - In this piece we discuss key takeaways for the €HY diagnostic lab sector following 2Q16 results. Overall, the results were positive, while 2017 could see the sponsors of Cerba and Unilabs exit their respective investments.

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