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

Leonard Law, CFA

Senior Credit Analyst

Credit

While Pan Brothers' (PBRX) FY 2018 results were acceptable, the Q1/19 numbers were weak, with the company missing its guidance especially in terms of margins. Cash flows have improved but remain poor, due to the elevated working capital needs. Leverage was persistently high, with a volatile operating performance owing to the lack of long-term contracts and the order-by-order nature of sales. While EBITDA was growing slowly, this was also the case for debt (to support the increasing working capital needs). Consequently, leverage deteriorated slightly. Positively, liquidity is sound, with a large cash position and revolving credit facilities bearing low interest rates. For the rest of FY 2019, we expect slower revenue growth of only 8% (vs. company guidance of 15%). We also foresee similar margins compared to FY 2018, rather than an improvement as guided by PBRX. We expect the financial risk profile to be broadly stable, except for a slight deterioration in leverage.

   While Pan Brothers' (PBRX) FY 2018 results were acceptable, the Q1/19 numbers were weak, with the company missing its guidance especially in terms of margins. Cash flows have improved but remain poor, due to the elevated working capital needs. Leverage was persistently high, with a volatile operating performance owing to the lack of long-term contracts and the order-by-order nature of sales. While EBITDA was growing slowly, this was also the case for debt (to support the increasing working capital needs). Consequently, leverage deteriorated slightly. Positively, liquidity is sound, with a large cash position and revolving credit facilities bearing low interest rates.    For the rest of FY 2019, we expect slower revenue growth of only 8% (vs. company guidance of 15%). We also foresee similar margins compared to FY 2018, rather than an improvement as guided by PBRX. We expect the financial risk profile to be broadly stable, except for a slight deterioration in leverage. 

Pan Brothers - Earnings Flash - FY 2018 And Q1/19 Results - Lucror Analytics