Intralot - favourite trade right now

All,

Someone wake up the Artful Dodger! He’d gleefully approve. Updated analysis here.

Intralot is not your usual distressed name. When playing around with the model, it becomes clear that the company would be able to refinance its bonds if it could credibly claim E100m EBITDA by year-end 2020. That figure is above our forecasts, but not out of reach. Certainly not when taking into account some imaginative pro forma adjustments and the unquenchable thirst for yield in this market.

We are thinking about adding to our position in the 24s.

Wolfgang