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

Debt Capital Markets

Eros International / Debt Capital Markets

Eros International PLC? is again looking to issue 5-year 144A/RegS USD Notes, with an issue size of USD 200-225 mn. The proceeds will be used to refinance existing debt (up to USD 150 mn), as well as for ongoing content acquisitions, film development and other general corporate purposes. We view Eros as “Very High Risk” on the LARA scale. This is primarily driven by the overhang of fraud allegations and short-interest, aggressive accounting treatment and the complex business structure. The movie business is challenging, given the unpredictability of box office success, which Eros mitigates by focusing more on mid to low budget movies. The business is very capital-intensive, with the cost of producing movies increasing as well. These are capitalised and are thus not included in the EBITDA calculation. While development costs are upfront, cash trickles in slowly, resulting in high receivables and negative FCF. ErosNow, an online platform akin to Netflix, is expected to be the new revenue driver, with impressive registered and paying subscriber growth. However, various sources have raised doubt about the actual success of the business.  We have a “Not Recommended” view on the proposed Notes from Eros.

   Eros International PLC? is again looking to issue 5-year 144A/RegS USD Notes, with an issue size of USD 200-225 mn. The proceeds will be used to refinance existing debt (up to USD 150 mn), as well as for ongoing content acquisitions, film development and other general corporate purposes.    We view Eros as “Very High Risk” on the LARA scale. This is primarily driven by the overhang of fraud allegations and short-interest, aggressive accounting treatment and the complex business structure. The movie business is challenging, given the unpredictability of box office success, which Eros mitigates by focusing more on mid to low budget movies. The business is very capital-intensive, with the cost of producing movies increasing as well. These are capitalised and are thus not included in the EBITDA calculation. While development costs are upfront, cash trickles in slowly, resulting in high receivables and negative FCF.    ErosNow, an online platform akin to Netflix, is expected to be the new revenue driver, with impressive registered and paying subscriber growth. However, various sources have raised doubt about the actual success of the business.     We have a “Not Recommended” view on the proposed Notes from Eros. 

Eros International - New Issue Assessment - Lucror Analytics