Codere - Sarria Daily Comments

Codere held their Q3 call yesterday and as we suggested the return of operations to pre-covid levels is taking longer than guided. Restrictions are still in place in some jurisdictions but in those countries where restrictions have been lifted operations are achieving between 80-90% of 2019 levels. 

Separately, on the restructuring, the process is nearly complete, with delisting of the shares to happen in due course. We are in the process of updating our model and will revert.