Intralot - updated model and analysis

All,

Please find the updated bottom-up model on Intralot here. 

The analysis has remained very much the same for the most part, as has our position on the situation. 

While liquidity is relatively comfortable (E20m better than we thought), Q1 stats should be worse than Q4, despite the IL contract coming online . Moreover, we believe that the chances of a major asset sale between now and then is remote enough to “risk” not being involved.

So we remain standing by the side of the field, watching for now.

Wolfgang