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

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations.

  Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations. 

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - July 2023 - Lucror Analytics

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>Although lesser-known, this Swedish company dominates one of the most lucrative segments of the global casino industry.</li>
<li>In our view, it is probably the only investable casino company, and despite its size, still has a massive growth runway ahead.</li>
<li>Our DCF model implies a 15%-20% total return for the company's long-term shareholders.</li>
</ul>


Although lesser-known, this Swedish company dominates one of the most lucrative segments of the global casino industry.
In our view, it is probably the only investable casino company, and despite its size, still has a massive growth runway ahead.
Our DCF model implies a 15%-20% total return for the company's long-term shareholders.


Evolution Gaming: The World's Largest Casino, Which You Probably Never Heard Of

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>PUSU deadline for TTB (Gopher) has been extended until 15 July. Playtech states that this time will allow progress in additional negotiations. Talks are credible, but progress is at snail's pace.</li>
<li>Taking comparables' median 9x EV/Fwd EBITDA, fair value for Playtech would be 772p. TTB should offer close to 800p to entice the Honk Kong based shareholders who derailed Aristocrat's offer.</li>
<li>I see the current valuation of Playtech as an attractive entry point, with the upside of a likely bid. Long PTEC LN.</li>
</ul>


PUSU deadline for TTB (Gopher) has been extended until 15 July. Playtech states that this time will allow progress in additional negotiations. Talks are credible, but progress is at snail's pace.
Taking comparables' median 9x EV/Fwd EBITDA, fair value for Playtech would be 772p. TTB should offer close to 800p to entice the Honk Kong based shareholders who derailed Aristocrat's offer.
I see the current valuation of Playtech as an attractive entry point, with the upside of a likely bid. Long PTEC LN.


United Kingdom

Playtech plc develops unified software platforms and content for the online, mobile and land-based gaming industry.  The Company's gaming applications include casino, poker, bingo, sports betting, live gaming, casual and fixed odds games.

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Playtech Plc (PTEC LN)

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief...

Lucror Analytics

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - July 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Evolution Gaming: The World's Largest Casino, Which You Probably Never Heard Of

Who is the world's largest casino? Those who try to look for the answer in Las Vegas or Macau should check out this Swedish company that dominates...

Steven Chen

TTB/Playtech: PUSU Deadline Looming

TTB is in talks with Playtech. It should offer close to 800p to entice a group of Hong Kong based shareholders with in aggregate have a blocking...

Jesus Rodriguez Aguilar

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