Update: World Cup pays dividends
GVC has released another positive update and declared a higher than expected quarterly dividend of 12.5c. H114 revenues were 10% up on the previous six months and the World Cup has brought in a significant number of new customers. Our full year EBITDA estimates are unchanged, but we have increased our full year dividend estimate to 50c (from 47c). Despite a strong share price performance, the rating remains well below the peer group and the 2014e yield of 8.8% is a key attraction.
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