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.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

CAR Inc’s FY 2020 results were weak as expected, given that most of the negative development happened in H1 and was earlier disclosed. H2 experienced a rebound in activity. However, we are concerned by the large decline in fleet size, which for a car-rental company corresponds to capacity. It appears that CAR Inc has chosen to sell down its fleet to pay back debt substantially, slashing the debt balance by 55% during the year. This led to an apparent stabilisation in the financial risk profile, as the reduction in debt compensated for the fall in earnings. Liquidity is weak, with cash barely covering short-term debt, to say nothing of funding fleet capex. We revise our Credit Bias on CAR Inc to "Stable" from "Negative", given the take-private by MBK Partners, which we expect will close successfully.

  CAR Inc’s FY 2020 results were weak as expected, given that most of the negative development happened in H1 and was earlier disclosed. H2 experienced a rebound in activity. However, we are concerned by the large decline in fleet size, which for a car-rental company corresponds to capacity. It appears that CAR Inc has chosen to sell down its fleet to pay back debt substantially, slashing the debt balance by 55% during the year. This led to an apparent stabilisation in the financial risk profile, as the reduction in debt compensated for the fall in earnings. Liquidity is weak, with cash barely covering short-term debt, to say nothing of funding fleet capex.   We revise our Credit Bias on CAR Inc to "Stable" from "Negative", given the take-private by MBK Partners, which we expect will close successfully. 

CAR Inc - Earnings Flash - FY 2020 Results - Lucror Analytics

Car Inc

CAR Inc - Earnings Flash - FY 2020 Results - Lucror Analytics