Edison Investment Research - Rank Group PLC (RNK) A leading multi-channel operator

Report

Edison Investment Research

Victoria Pease

A leading multi-channel operator

Rank Group aims to be the UK’s leading omni-channel gaming operator and, as outlined at its capital markets day, the strategies for its Venues and Digital verticals are clearly interlinked. With an open architecture platform, Digital is well positioned to leverage the existing retail customer base and a single wallet (piloting in autumn 2017) could be a game changer for Grosvenor digital. Meanwhile, the core Venues businesses are being reinvigorated and remain highly cash generative. With its progressive dividend policy and potential online upside, Rank’s calendar 6.9x 2017e EV/EBITDA appears low.

14/06/2017 9 EN

Underlying

Rank Group PLC

Rank Group is a gaming operator. Co. has four segments: Grosvenor Casinos, which is a casino operator that provides a range of casino table games, including roulette, blackjack, baccarat and poker as well as electric casino and slot machine games; Mecca, which is a bingo operator that provides a selection of games from bingo to a range of slot games, and the venues also have food and drinks, and live entertainment; Luda, which is a community-based gaming brand; and Enracha, which is Co.'s community-based gaming business for the Spanish market that provides community games like bingo as well as electronic casino and slot machine games, sports betting, food and drink and live entertainment.

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GB00B1L5QH97 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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A leading multi-channel operator

Rank Group: 1 director

Rank Group - Recovery potential and operational gearing

RANK GROUP sees an upgrade to Slightly Positive due to a better fundamental star rating

Regional REIT - Q124 DPS unchanged ahead of refinancing

4imprint Group - Solid start to the year

Dowlais Group - Margin expansion despite mixed auto markets

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