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Next Generation Clubs Australia Update

by Francis Odong | Jun 14, 2019
We reiterate our recommendation on Next Gen's 7.90% notes due 2023, with a Stable credit outlook. The Group reported 1Q19 revenue of AUD9.6m and EBITDA of AUD2.5m, which were softer than 1Q18. Membership income from Perth South has led to lower forecasted EBITDA for FY2019, and leverage is forecasted to remain temporarily elevated. The Doncaster project is expected to be completed within the next 12 – 14 months, within management’s guidance