INTRALOT, SENVION, ASTALDI, VALLOUREC

All,

- Intralot: Playtech to report today. UBS amongst other recommendations flagged a risk of tax issues, apparently from Italy. Through their 20% stake in Gamenet Intralot are also exposed to the market. So we are looking forward to learn more about it.

- Senvion: bonds dropped yesterday after the company lowered guidance on both revenue and Ebitda margin. 

- Astaldi: Finast and Finetupar committed to the Salini offer. No further news.

- Vallourec: reported that banking lines of E600m have been extended by a year, which means no short term maturity besides the bonds and liquidity is ample - so 2019 bonds will be repaid. 

Company battles continued price declines, albeit largely through a change in mix, but volumes improved and together with further cost savings from the ongoing program have raised EBITDA in line with Q3 guidance. 

Have reduced capacity in Europe and moved to China - Roughly 25% split each US, Brazil, China and Europe - a better mix than in 2014.

CF however is still negative. 

Net Debt is €2,058m versus EBITDA of €150m for FY18 - and easily within covenant.

Overall, Tomas thinks there may be something to do here “The business continues to need recovery in the Oil and Gas markets. Have seen improvement in these markets over the last 12 months.”