Intralot - comment

The quarterly calls have become shorter and sweeter. The equity cash in, the Inc. is refinanced, the EM business is running, new contracts are coming and even Argentina and Turkey have been improving. Management said that it would soon communicate a new contract in the US and that the company was planning to look into the refinancing of its bonds in Q2 of next year - voicing their expectation that the market improves in Q. But whatever the timing of recovery, we are sure it comes well before the 09/24 maturity. Bonds are at 91 for over 10% YTM, sailing is unusually plain and the sector is booming. We’ll revisit with a view to a buy.