Flash note: A strong end to 2014
GVC’s trading update has confirmed a strong end to 2014 (Q414 revenue 22% higher than in Q413) and a third interim dividend of 12.5 cents, in line with our expectations. 2014 revenue of €224.6m was slightly ahead of our €220m estimate but our forecasts are unchanged despite GVC’s commitment to investing in its products. 2015 does not have a football World Cup, and there are some cost headwinds, but the strong sporting calendar should make 2016 another good year. GVC remains strongly cash generative, supporting the very attractive dividend yield of over 8%, and the 2014e EV/EBITDA is a very undemanding 7.8 times.
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