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 Q2/20 results were worse than expected, with no sign of recovery even as COVID-19 restrictions are eased. Travel in general, and car rental in particular, is the industry that has been most severely impacted by COVID-19. Revenue and profitability have dropped significantly. Positively, the company has paid down almost half of its debt and cut capex to almost zero. Leverage and coverage ratios are not reflective of the credit profile, as EBITDA has trended down sharply. Liquidity is inadequate, with little cash and very large short-term debt. The large writedown of investments in UCAR, FDG Electric Vehicles and receivables to UCAR highlight CAR Inc’s poor corporate governance and capital-allocation practices. The cash could have been spent to support the core short-term rental business instead. In addition, the company's capacity is deteriorating significantly, as vehicles are sold and the fleet is not renewed. When demand recovers, CAR Inc’s capacity would have been reduced substantially from pre-COVID 19 levels.

  CAR Inc’s Q2/20 results were worse than expected, with no sign of recovery even as COVID-19 restrictions are eased. Travel in general, and car rental in particular, is the industry that has been most severely impacted by COVID-19. Revenue and profitability have dropped significantly. Positively, the company has paid down almost half of its debt and cut capex to almost zero. Leverage and coverage ratios are not reflective of the credit profile, as EBITDA has trended down sharply. Liquidity is inadequate, with little cash and very large short-term debt.   The large writedown of investments in UCAR, FDG Electric Vehicles and receivables to UCAR highlight CAR Inc’s poor corporate governance and capital-allocation practices. The cash could have been spent to support the core short-term rental business instead. In addition, the company's capacity is deteriorating significantly, as vehicles are sold and the fleet is not renewed. When demand recovers, CAR Inc’s capacity would have been reduced substantially from pre-COVID 19 levels. 

CAR Inc - Earnings Flash - H1 FY 2020 Results - Lucror Analytics

Car Inc

CAR Inc - Earnings Flash - H1 FY 2020 Results - Lucror Analytics