Edison Investment Research - Rank Group PLC (RNK) Play your cards right

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Edison Investment Research

Play your cards right

Rank has a unique opportunity to leverage leading UK high street casino and bingo brands online. With platform issues resolved, its digital casino is growing strongly and the introduction of a single wallet later this year could be a game changer. Economic pressures are weighing on venues’ results, but they are highly cash generative. An expected move into net cash by end FY18 underpins a progressive dividend policy and gives Rank plenty of firepower to participate in industry M&A as opportunities become available. The calendar 2017e EV/EBITDA of 6.6x looks very low.

16/02/2017 16 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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Play your cards right

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

AFT Pharmaceuticals - Growth underpinned by international momentum

PVA TePla - Underpinning the FY28 revenue target

OSE Immunotherapeutics - Another partnership win – Boehringer Ingelheim

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