Outlook: A platform for growth
GVC has been transformed since its highly earnings-enhancing acquisition of Sportingbet two years ago. Having turned the business around, management has strengthened the product offering and used the 2014 FIFA World Cup as a springboard to step up in scale. 2015 sees some tax headwinds along with the rest of the industry, but Q115 revenue should be up c 18% and cash conversion is high. Further M&A is on the cards to continue to diversify the business and leverage its proprietary platform. The 2015e yield is 8.6% and the EV/EBITDA of 8.2x still stands at a material discount to the peer group.
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