Codere - Sarria Daily Comments

Codere has completed its restructuring, but unfortunately, the business still faces significant headwinds in relation to its operations. This is the third restructuring Codere has undertaken and, with lockdowns and restrictions starting across Europe (and remaining in place in some South American operations), Codere has uncertain times ahead. Leverage remains above 3.0x pre-Covid EBITDA (2019) - not applicable to use LTM EBITDA - but given 3/4th wave of Covid across Europe a return to normality keeps getting further away.