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

Europe has already been suffering anaemic growth in recent years, and the region will likely be severely affected by the COVID-19 pandemic. With the virus having spread like wildfire through the continent and various countries under lockdown, we are re-assessing the liquidity positions of companies in our European HY coverage universe amid the crisis. In our first report for this series, we analyse issuers in the gaming and oil & gas / refining sectors.

  Europe has already been suffering anaemic growth in recent years, and the region will likely be severely affected by the COVID-19 pandemic. With the virus having spread like wildfire through the continent and various countries under lockdown, we are re-assessing the liquidity positions of companies in our European HY coverage universe amid the crisis.   In our first report for this series, we analyse issuers in the gaming and oil & gas / refining sectors. 

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 1 (Gaming, Oil & Gas) - Lucror Analytics

Global Bank Equity Specialist, Creative Portfolios

Paul Hollingworth

Global Bank Equity Specialist

Creative Portfolios

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/piraeus-bank-sa" target="_blank" data-smartkarma-citation="entities:22603:1">Piraeus Bank SA (TPEIR GA)</a> bank continues to take steps to remedy its Balance Sheet. Asset Quality is improving (in terms of NPL and NPE reductions) with Liquidity as Deposit inflows in Greece are benign. For the first time since the crisis, the performing credit book actually grew quarter-on-quarter at Q119. Regarding the P&amp;L, modest underlying Income growth (a plus given deleveraging) combines with drastic OPEX reduction to make room for still hefty asset write downs. The bank reported a Profit at Q119 versus a loss at Q118.The latest strategic loan service deal with <a href="https://www.smartkarma.com/entities/intrum-justitia-ab" target="_blank" data-smartkarma-citation="entities:22392:1">Intrum Justitia Ab (IJ SS)</a> is mutually beneficial. Greek banks have morphed into debt collection outfits in recent years and this arrangement will concentrate Piraeus management minds on evaluating and disbursing credit amid improving macro and financial conditions. This will free up time and resources and enable the bank to hit its "Agenda 2023" targets based on growth and efficiency. There is some way to go.The election of New Democracy will act as a tailwind for Greece and its banks, generating a pick-up in "animal spirits" and an enhanced focus on enterprise culture. <a href="https://www.smartkarma.com/insights/2019-elections-part-5-greece-new-democracy-promises-magic-makeover" target="_blank" data-smartkarma-citation="insights:27788">2019 Elections - Part 5. Greece: New Democracy Promises Magic Makeover</a>Despite being the riskiest of Greece's main traded banks, as proven in the last stress tests, shares look too cheap on a Franchise Valuation of 3% and a P/Book of 0.24x.

Piraeus Bank SA (TPEIR GA) bank continues to take steps to remedy its Balance Sheet. Asset Quality is improving (in terms of NPL and NPE reductions) with Liquidity as Deposit inflows in Greece are benign. For the first time since the crisis, the performing credit book actually grew quarter-on-quarter at Q119. Regarding the P&amp;L, modest underlying Income growth (a plus given deleveraging) combines with drastic OPEX reduction to make room for still hefty asset write downs. The bank reported a Profit at Q119 versus a loss at Q118.The latest strategic loan service deal with Intrum Justitia Ab (IJ SS) is mutually beneficial. Greek banks have morphed into debt collection outfits in recent years and this arrangement will concentrate Piraeus management minds on evaluating and disbursing credit amid improving macro and financial conditions. This will free up time and resources and enable the bank to hit its "Agenda 2023" targets based on growth and efficiency. There is some way to go.The election of New Democracy will act as a tailwind for Greece and its banks, generating a pick-up in "animal spirits" and an enhanced focus on enterprise culture. 2019 Elections - Part 5. Greece: New Democracy Promises Magic MakeoverDespite being the riskiest of Greece's main traded banks, as proven in the last stress tests, shares look too cheap on a Franchise Valuation of 3% and a P/Book of 0.24x.

Sweden

Intrum AB provides credit management services and solutions. The Company offers commercial and consumer debt collection, debt surveillance, international debt collection, purchased debt services, sales ledger administration, and optimization services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Intrum AB (INTRUM SS)

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 1 (Gaming, Oil & Gas) - Lucror Analytics

Europe has already been suffering anaemic growth in recent years, and the region will likely be severely affected by the COVID-19 pandemic. With...

Lucror Analytics

Piraeus Bank: Risky but Too Cheap

Piraeus Bank SA (TPEIR GA) bank continues to take steps to remedy its Balance Sheet. Asset Quality is improving (in terms of NPL and NPE...

Paul Hollingworth

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)