Edison Investment Research - Gamesys Group (GYS) JPJ Group plc - Farewell to Mandalay

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Edison Investment Research

Victoria Pease

JPJ Group plc - Farewell to Mandalay

JPJ has announced a definitive agreement to sell its Mandalay subsidiary to 888 Holdings for Â£18m cash. During FY18, Mandalay reported revenues of c Â£11m and PBT of c Â£3.7m, which represents a deal value of c 5.0x EV/EBITDA. This subsidiary has significantly underperformed the rest of JPJâ€™s business and was particularly affected by the additional bonus tax in 2017. We therefore believe this asset sale is a net positive and should enable the company to better focus on its market-leading brands. The stock continues to trade at the low end of the peer group, at only 8.7x EV/EBITDA, 7.2x P/E and 11.9% free cash flow yield for FY19e.

19/02/2019 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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JPJ Group plc - Farewell to Mandalay

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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