Outlook: Let the Party begin
GVC has now completed its game-changing acquisition of bwin.party, a deal designed to propel the company into the upper reaches of the online gambling industry in terms of size and profitability. The focus now turns to delivering the €125m of projected cost synergies and re-energising bwin’s sizable asset base to drive sustainable growth. We reintroduce our forecasts and expect GVC’s EBITDA to rise from €51m in 2015 to €236.5m in 2017, with strong underlying cash flows driving rapid debt reduction and underpinning a resumption of dividends in 2017. Based on our forecasts the enlarged group trades on a 2017e EV/EBITDA of only 8.8x, a 17% discount to the sector average of 10.6x.
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