Edison Investment Research - Gamesys Group (GYS) Jackpotjoy plc - 10% EPS upgrade on refinancing

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Edison Investment Research

Victoria Pease

Jackpotjoy plc - 10% EPS upgrade on refinancing

Jackpotjoy plc (JPJ) has made another significant step towards the improvement of its capital structure, by securing a c Â£388.5m senior secured term and revolving credit facility. The facility will replace its existing first and second lien term notes and, although 2017e gross debt increases by c Â£40m, cash interest costs should decline by c 33% pa. We estimate that pro forma adjusted net leverage of 3.4x (3.35x at Q317) will fall to 2.4x in 2018 and 1.6x in 2019. We have increased our 2018 and 2019 EPS by c 10%. JPJâ€™s shares have risen 39% since the January listing in London, but still trade at a meaningful discount to peers at 7.0x P/E, 8.0x EV/EBITDA and 13.3% free cash flow yield for 2018e.

27/11/2017 3 EN

Underlying

Gamesys Group

JPJ Group is an online gaming holding company. Through its subsidiaries, Co. is engaged in providing bingo, casino and other games to its customers. Co. operates in three segments: Vera&John, which consists of the online casino operations of various brands, including Vera&John and InterCasino; Jackpotjoy, which consists of the real money and social gaming operations of the Jackpotjoy, Starspins, and Botemania brands; and The Mandalay, which consists of the operations of various online bingo websites operated off the Dragonfish platform and the operations of affiliate portal websites.

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GB00BZ14BX56 London Stock Exchange United Kingdom

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.

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Analysts

Victoria Pease

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Jackpotjoy plc - 10% EPS upgrade on refinancing

Gamesys Group - Termination of coverage

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

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

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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