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William Hill: Lays out the US Strategy

Worth Watching: 08 Nov 2018, 9:24 PM ET - William Hill (Ba1/BB+) presented its interim 2H18 trading update and its capital market day.  WMH is in a state of flux, as they navigate the new market opportunities in the US and the onslaught of regulatory pressures in Europe, particularly i ..

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? 

UK Gaming: The Wait is Finally Over

Worth Watching: 17 May 2018, 12:04 PM ET - UK Gaming: The 18-month trauma is over, and while painful, the new regulations sought by the government fall short of the worst expectations. The new regulations take a butcher's knife to 25-30% of company earnings, but the companies should see ..

William Hill: 2H2017 - Regulatory Give & Take

Worth Watching: 25 Feb 2018, 11:51 PM ET - William Hill (Ba1/BB+) reported a solid 2H17, with total revenue up 11% to £874mn, and adjusted EBITDA up 20% to £198mn. The company reported better operating profits in both the core Retail and Online segments, and the emerging US and America ..

UK Betting: Regulator Reportedly Leans to £2 Limit

Worth Watching: 22 Jan 2018, 11:08 PM ET - UK Betting: A report in the Sunday Times suggested that culture secretary, Matt Hancock, would pursue a £2 limit on wagers as part of the ongoing triennial review. This would be the most severe limit under consideration by the regulator and woul ..

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.

William Hill: In M&A Talks for Australian Ops

Worth Watching: 26 Nov 2017, 10:59 PM ET - William Hill (Ba1/BB+) confirmed that it is in preliminary talks with Crown Resorts over the potential combination of the two company's online operations in Australian (William Hill Australia and CrownBet, respectively). The confirmation follow ..

UK Betting: Regulator Holds Off Decision on FOBTs

Worth Watching: 01 Nov 2017, 12:43 AM ET - UK Betting: The Department for Digital, Culture, Media, and Sport published a statement that it will continue to study the issue of problem gambling and fixed odds betting terminals (FOBT).   The government is now giving itself 12 weeks for fur ..

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.   

William Hill: 1H17-Cost Discipline Expands Margins

Worth Watching: 02 Aug 2017, 8:52 PM ET - William Hill (Ba1/BB+) reported 1H17 revenue of £837mn, up 2.8% YoY, and adjusted EBITDA of £167mn, flat YoY. The company benefitted from stronger revenue trends online, which offset modest declines in retail. Most importantly, the company's tr ..

Euro HY Conference 2017 – Gaming Transcript

Transcript: 20 Jun 2017, 5:20 AM ET - This is a transcript of the talk we gave at the CreditSights Euro High Yield Conference in London on June 13th. 

William Hill: S&P Affirms BB+ Rating

Worth Watching: 25 May 2017, 9:54 PM ET - William Hill: S&P affirmed its BB+ rating with a stable outlook and removed its negative financial policy modifier. The rating agency remains comfortable with the leverage profile, and believes that even if the Triennial Review produces an adver ..

William Hill 2H16: Regulatory Review Looms

Earnings Note: 27 Feb 2017, 11:48 PM ET - Competition is forcing the company to spend heavily on digital investments, but we see WMH as well positioned in the sector.  The risk related to the regulatory review is primary credit risk, followed by potential M&A. 

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.

William Hill: Hits Bottom of Profit Guidance

Worth Watching: 09 Jan 2017, 9:37 PM ET - William Hill (Sr Uns: Ba1/BB+) generated £260mn in operating profit for the full-year 2016, per a brief trading statement. While operating profit came within guidance, it fell at the low-end of the £260-280mn range, declining 11% YoY compared t ..

UK Betmakers: MPs Seek Restrictions on Sector

Worth Watching: 08 Dec 2016, 11:45 PM ET - UK Betmakers: A group of five MPs published recommendations for the government in regards to Fixed Odds Betting Terminals (FOBTs). They recommend that the government reduce wager size limits from £100 to £2, the speed of wagering, and the number ..

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.

William Hill: 3Q16 - Online Improves; Retail Lags

Worth Watching: 15 Nov 2016, 10:20 PM ET - William Hill (Sr Uns: Ba1/BB+) provided a trading update for the period of June 29 to October 25, reporting a 6% YoY increase in group net revenue driven by strength in the Online, US, and Australia segments. Management does not provide much cla ..

HY Note: Ladbrokes Markets Bonds for Coral Merger

HY Note: 01 Nov 2016, 4:57 AM ET - Ladbrokes Coral is seeking to place 7 year securities that will rank senior unsecured. We like the Ladbrokes integration and deleveraging story. 

October 2016 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2016, 8:21 PM ET - Our monthly report provides executive summaries for the sixteen company recommendation changes made on European companies during the month of October.

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