Outlook: Strong start to 2015
GVC has reported a positive trading update with daily revenue to the end of April 17.5% higher than in 2014. This puts it well on track to meet our full year estimates, which are unchanged from those detailed in our outlook report dated 1 April and which allow for some industry cost headwinds in 2015. We continue to expect organic growth to be augmented by acquisitions at some stage, to further diversify the business and leverage its proprietary platform. The 2015e yield is 9.3% and the EV/EBITDA of 7.6x remains below the peer group average.
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