Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - September 2020 - Lucror Analytics

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Patrick Drahi, through Next Private has launched an agreed takeover offer for the 22.42% shares of <a href="https://www.smartkarma.com/entities/altice-europe-nv" target="_blank" data-smartkarma-citation="entities:1060:1" rel="noopener">Altice Nv A (ATC NA)</a> he does not already own, with the aim of taking it private and delisting the company. The minimum acceptance level to achieve this is 95%.</li>
<li>The bid price represents 2.8x EV/NTM Revenue, 7.2x EV/NTM EBITDA and 23.8x EV/NTM EBIT (Capital IQ consensus). </li>
<li>Altice is one of Europe's biggest HY issuers, rated B by S&amp;P.</li>
<li>The offer price takes advantage of the dismal performance of European telcos on the stock market following the onset of the Covid crisis. It is difficult to believe that shareholders will accept an offer below recent highs in February, and there are chances of an improved offer. Performance is improving at SFR (France), the company's biggest subsidiary.</li>
<li>The shares are trading between EUR 4.15 and 4.12, with a close on Tuesday 15 of EUR 4.14, with a volume traded of c. EUR 24 mn.</li>
<li>
I recommend using this price levels of EUR 4.12-4.15 as an entry point and holding out for an improved offer.</li>
</ul>


Patrick Drahi, through Next Private has launched an agreed takeover offer for the 22.42% shares of Altice Nv A (ATC NA) he does not already own, with the aim of taking it private and delisting the company. The minimum acceptance level to achieve this is 95%.
The bid price represents 2.8x EV/NTM Revenue, 7.2x EV/NTM EBITDA and 23.8x EV/NTM EBIT (Capital IQ consensus). 
Altice is one of Europe's biggest HY issuers, rated B by S&amp;P.
The offer price takes advantage of the dismal performance of European telcos on the stock market following the onset of the Covid crisis. It is difficult to believe that shareholders will accept an offer below recent highs in February, and there are chances of an improved offer. Performance is improving at SFR (France), the company's biggest subsidiary.
The shares are trading between EUR 4.15 and 4.12, with a close on Tuesday 15 of EUR 4.14, with a volume traded of c. EUR 24 mn.

I recommend using this price levels of EUR 4.12-4.15 as an entry point and holding out for an improved offer.


Altice - Next Private Takeover Announcement

The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - August 2020 - Lucror Analytics

In our third report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we analyse issuers in the building materials & construction sector. While the pandemic could bring construction works to a halt and producers may be affected by supply chain disruptions, the lower oil prices may benefit some companies.

  In our third report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we analyse issuers in the building materials & construction sector.   While the pandemic could bring construction works to a halt and producers may be affected by supply chain disruptions, the lower oil prices may benefit some companies. 

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 3 (Building Materials & Construction) - Lucror Analytics

In our second report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we analyse issuers in the speciality finance sector. We believe this sector will be affected by the current crisis with a lag, due to two adverse trends: i) mounting concerns about unsecured consumer credit; and ii) knock-on effects from significantly reduced economic activity (e.g. lower real-wage growth and higher unemployment).

  In our second report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we analyse issuers in the speciality finance sector.   We believe this sector will be affected by the current crisis with a lag, due to two adverse trends: i) mounting concerns about unsecured consumer credit; and ii) knock-on effects from significantly reduced economic activity (e.g. lower real-wage growth and higher unemployment). 

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 2 (Speciality Finance) - Lucror Analytics

Netherlands

Altice Europe N.V. operates as a cable, telecommunications, and media company. The Company offers television, broadband Internet, content, broadcasting, digital advertising, telephony, and entertainment services. Altice Europe serves customers worldwide.

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Altice NV A (ATC NA)

Europe HY Trade Book - September 2020 - Lucror Analytics

The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Altice - Next Private Takeover Announcement

Patrick Drahi, through v It is difficult to believe that shareholders will accept an offer below recent highs in February, and there are chances...

Jesus Rodriguez Aguilar

Europe HY Trade Book - August 2020 - Lucror Analytics

The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along...

Lucror Analytics

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 3 (Building Materials & Construction) - Lucror Analytics

In our third report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we...

Lucror Analytics

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 2 (Speciality Finance) - Lucror Analytics

In our second report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we...

Lucror Analytics

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