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Focused

Voyage Care F1Q19: Be Careful of Rising Leverage

Earnings Note: 10 Sep 2018, 8:50 PM ET - This was another quarter of strong revenue growth for Voyage Care, but EBITDA margins continued to decline, largely due to higher labour costs, and leverage was up.

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.
Focused

Voyage Care FY18: Staff Costs Weigh on Margins

Earnings Note: 02 Aug 2018, 9:55 PM ET - Voyage Care reported strong top line growth in the last fiscal year to 31 March 2018, however, its margins have deteriorated substantially, due to higher staff costs. 

IDH (MyDentist) FY18: Will This Pain Ever End?

Earnings Note: 08 Jul 2018, 9:25 PM ET - The past year was challenging for IDH to say the least, with lower NHS revenues and a decline in profitability. However, the new management has made progress in hiring new dentists, and is guiding for improvement in performance this year. 

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

Voyage Care F3Q18: Sleep-in to Higher Leverage

Worth Watching: 28 Feb 2018, 2:23 PM ET - Voyage Care F3Q18 (1st lien: B2/B+, 2nd lien Caa1/CCC+) reported poor results, although it did report good top-line results, which were aided by M&A. Despite the boost from M&A, the company unsurprisingly reported declining adj. EBITDA as it conti ..

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

VOYCAR: 3Q17 – Tough Outlook Ahead - Sell

Worth Watching: 30 Nov 2017, 11:44 AM ET - VOYCAR  (1st lien: B2/B+, 2nd lien: Caa1/CCC+) delivered good top-line results, but the concerning signs are from the cost side. For the quarter, EBITDA margins were down 3.1 ppts YoY and we expect the company to face further cost pressures in ..

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

VOYCAR: The Squeeze Continues But Outlook Improves

Worth Watching: 06 Sep 2017, 11:23 AM ET - VOYCAR  (1st lien: B2/B+, 2nd Lien: Caa1/CCC+) F1Q8 results were in-line as fee growth and new tender wins were unable to offset wage inflation pressures from national living wage increases, while  cost pressures from agency usage due to the nu ..

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

Voyage Care: £250 mn Dual Tranche Refi

HY Note: 18 Apr 2017, 11:46 PM ET - Voyage Care is in the market with 1st and 2nd lien notes to refinance its capital structure. It also comes with a sizeable equity contribution from the sponsor. In the note we discuss our views on the credit and pricing.
Focused

VOYCAR F3Q17: Lack of Fees Leads to Margin Squeeze

Earnings Note: 01 Mar 2017, 8:31 AM ET - Voyage Care results were poor and lack of sufficient fee growth is worrying. Unfortunately high leverage levels, which we expect to increase, and sector pressures come at a time when the company needs to address its maturity profile.

January 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jan 2017, 10:49 PM ET - Our monthly report provides executive summaries for the nineteen company recommendation changes made on European companies during the month of January.

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.

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.
Focused

VOYCAR: Margin Pressures Offset by Refi Upside

Earnings Note: 29 Nov 2016, 8:53 PM ET - As expected Voyage Care reported soft results as fee growth was unable to offset larger payroll costs. However, the notes are a refi candidate, which is a potential upside catalyst and partially offsets concerns from more margin pressure.

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. 

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