Intralot - international assets
All,
Please refer to our unchanged analysis here.
The timing is interesting. If your aim were to load as many 24s as possible into the US subsidiary’s equity, then why convince everyone that there is value in the international operation?
The near-term sale of a subsidiary had been in the rumour mill. Achieving $21m for its 20% stake in the Peruvian assets is a timely reminder that Intralot has further assets to sell, even if their value cannot be quantified from the outside.
As per previous notes, the international part of the business holds a widely cast net of minority participations that may not yield cash flow, but are worth cash to the majority partners.
We continue to hold our position in the 2024s.
Wolfgang
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E: wfelix@sarria.co.uk
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