Intralot - Perhaps as soon as in two weeks

All,

Please refer to our unchanged analysis here.

Yesterday’s call was relatively uneventful, which in the context of Intralot’s recent past is a decidedly positive development.

Negative surprises were reduced to only a single digit tax payment and other minor outflows, while the overall performance of the US business continues strong in the face of Coronavirus and the Greek cost centre remains expensive, but stable. 

EBITDA was substantially on target, with the US doing a little better and Morocco a little worse than model. Overall cash ended up E10m lower than model, in part for said tax expense, but more generally on a slightly weaker development across all CF positions - no single trend identifiable.

Ultimately the next driver of value will be what any first plan might look like when handed to bondholders - perhaps as soon as 2 weeks from now. 

We remain long the 24s on the argument that a consensual solution will have to include their consent.

Wolfgang