Edison Investment Research - Gamesys Group (GYS) JPJ Group plc - Pro forma figures; 10.5% EPS accretion in FY20

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Edison Investment Research

Kate Heseltine

JPJ Group plc - Pro forma figures; 10.5% EPS accretion in FY20

We are updating our forecasts to reflect JPJâ€™s Â£490m proposed acquisition of Gamesys. For FY20, our pro forma adjusted EBITDA is 77% higher than for standalone JPJ and we forecast EPS accretion of 10.5%. The Â£490m consideration will be split between Â£250m cash (including Â£175m of add-on facilities) and Â£240m in 33.7m new JPJ shares. We forecast net debt/EBITDA of 3.1x at YE19, falling rapidly to 2.0x at YE20. On this basis, we believe the company could start to pay dividends in H220, and would be in a position to consider share buybacks. Assuming the deal completes on these terms, JPJ trades at 7.6x EV/EBITDA and 6.4x P/E for FY20.

19/06/2019 6 EN

Underlying

Gamesys Group

JPJ Group is an online gaming holding company. Through its subsidiaries, Co. is engaged in providing bingo, casino and other games to its customers. Co. operates in three segments: Vera&John, which consists of the online casino operations of various brands, including Vera&John and InterCasino; Jackpotjoy, which consists of the real money and social gaming operations of the Jackpotjoy, Starspins, and Botemania brands; and The Mandalay, which consists of the operations of various online bingo websites operated off the Dragonfish platform and the operations of affiliate portal websites.

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GB00BZ14BX56 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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JPJ Group plc - Pro forma figures; 10.5% EPS accretion in FY20

Gamesys Group - Termination of coverage

Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc

Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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