Codere - bare knuckle

All,

Please find our updated analysis here.

Having done further work on the company’s CapEx history since 2009 as well as the anticipated license and rights renewal periods lying ahead we conclude that Codere is levered through the equity.

The company structurally achieves only a marginal net cash flow on the most bare knuckle of forecasts and yields of below 10% with an upside of three points to refi do not compensate us for the risk.

Wolfgang