Intralot - Thesis confirmed

All,

Please find our updated analysis on Intralot here.

The recent bond buy-backs confirm our thesis that the company is going to use the cash to reduce its 24s, while using the secured financing basket to refinance the 21s. More cash will be arriving from the sale of Gamenet by the end of the month and we expect to find liabilities significantly reduced over H1 of next year.

We are looking for returns of around 40% in the 24s, made up of interest and some 15 points on a price of 50c/E.

Wolfgang