Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations.

  Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations. 

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - July 2023 - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Derichebourg's ESG as "Adequate", in line with the scores for the Environmental, Social and Governance pillars. Controversies are "Immaterial" and Disclosure is "Adequate".  Given the highly regulated nature of the industry, we have assigned the highest weightage to the Governance pillar. The Social pillar's weightage is pushed up by the largely labour-intensive nature of Derichebourg's operations. We note that the company is active in the recycling industry, which is generally a positive driver.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Derichebourg's ESG as "Adequate", in line with the scores for the Environmental, Social and Governance pillars. Controversies are "Immaterial" and Disclosure is "Adequate".    Given the highly regulated nature of the industry, we have assigned the highest weightage to the Governance pillar. The Social pillar's weightage is pushed up by the largely labour-intensive nature of Derichebourg's operations. We note that the company is active in the recycling industry, which is generally a positive driver. 

Derichebourg - ESG Report - Lucror Analytics

France

Derichebourg SA offers environmental, corporate, and airport services. Environmental services include recycling, waste management and industrial waste disposal. Corporate services offer cleaning, security, green space maintenance and climatic and electrical engineering services. Airport services offer airport and aircraft cleaning, maintenance, baggage control, catering and security.

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Derichebourg SA (DBG FP)

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief...

Lucror Analytics

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - July 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Derichebourg - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Derichebourg's ESG as...

Lucror Analytics

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