EFTA Document EFTA01385364

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are initiating coverage on the 7.5% Senior Unsecured Notes due 2025 ($99.3, 7.6% Y1W, 524bps STVV) with a Buy rating given our belief that these notes offer investors a strong total return opportunity versus the DB HY Gaming Index, currently trading at 4.6%. For 2017, we expect EVRI to report adjusted EBITDA of $213 million (+7.5% versus $198 million) on revenue of $963 million (+12.0% versus