Edison Investment Research - Entain PLC (ENT) GVC Holdings - Bigger and bolder

Report

Edison Investment Research

Victoria Pease

GVC Holdings - Bigger and bolder

Our updated pro-forma GVC forecasts reflect the increased LCL synergy targets (from Â£100m to Â£130m), as well as the new Â£2 FOBT stake limit. Overall, the investment thesis remains unchanged: GVCâ€™s enlarged business benefits from a highly scalable technology, strong brands and diversified revenue streams. We expect strong FCF to simultaneously drive down debt and return cash to shareholders. Additional upside should come from the opening of the US market, where we anticipate opportunistic expansion. The stock trades appropriately towards the top end of its peer group, at 10.8x EV/EBITDA and 14.2x P/E for FY18e.

08/06/2018 7 EN

Underlying

Entain PLC

GVC Holdings is a holding company. Through its subsidiaries, Co. is an online gaming company, provides business to consumer and business to business services to the online gaming and sports betting markets in Europe and Latin America. Co. operates in two segments, Sports and Gaming. Co. offers sports betting, casinos, games, and poker through online and mobile under the Sportingbet brand; and online bingo, sportsbook, casino, and poker access under the Betboo brand, as well as operates an online casino Website for German-speaking markets under the CasinoClub brand. Co. also various online poker games, including No Limit Texas Hold'em, Fixed Limit Texas Hold'em, and Pot Limit Texas Hold'em.

See profile

IM00B5VQMV65 London Stock Exchange Isle of Man

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.

See profile

Analysts

Victoria Pease

Other Reports on these Companies

TheScreener

ENTAIN sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ENTAIN (GB), a company active in the Gambling industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 5, 2022, the closing price was GBp 1,677.50 and its potential was estimated at GBp 1,902.72.

Free Trial

April 6, 2022 April 6, 2022 1 EN

EQS Group AG

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

The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Entain plc 26-Oct-2021 / 13:48 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short p...

October 26, 2021 October 26, 2021 1 EN

EQS Group AG

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

The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Entain plc 25-Oct-2021 / 13:39 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short p...

October 25, 2021 October 25, 2021 1 EN

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-term average EV/sales multiple for FY24.

10h / 45m 10h / 45m 1 EN

Alison Turner

Alison Turner

Lithium Power International - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

11h / 22m 11h / 22m 1 EN

Pedro Fonseca

Pedro Fonseca

Triple Point Energy Transition - Termination of coverage

11h / 22m 11h / 22m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

GVC Holdings - Bigger and bolder

ENTAIN sees an upgrade to Slightly Positive due to a better fundamental star rating

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

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

Headlam Group - Strategy for growth in tougher market

Lithium Power International - Termination of coverage

Triple Point Energy Transition - Termination of coverage

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe