Edison Investment Research - Stride Gaming (STR) Winning market share

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Edison Investment Research

Winning market share

Stride’s AGM statement reports strong organic growth in real money gaming and we believe it is continuing to win market share. Our forecasts are unchanged although we have slightly adjusted the mix. We forecast 11% normalised EPS growth in FY17 and strong cash generation. The FY17 multiples look very low: the P/E is only 10.2x and EV/EBITDA is 7.3x (versus 8.0x for the peer group) despite Stride’s fully regulated status and above average growth.

02/02/2017 40 EN

Underlying

Stride Gaming

Stride Gaming is an online gaming operator in online bingo, slot gaming and social gaming mobile applications. Co. operates a multi-branded multi-platform strategy to complement its own proprietary and acquired software. Co. focuses on the U.K. market for online bingo market and with its social gaming market reaches internationally with a focus on the North American market. Co. owns 105 brands of games, including the online bingo brands Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot CafA(c) and Jackpot Liner, King Jackpot, together with the online casino brands Spin and Win, Magical Vegas and Big Top.

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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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Form 8.3 - Chelverton UK Dividend Trust plc: Stride Gaming Plc

Chelverton UK Dividend Trust plc (SDVP) Form 8.3 - Chelverton UK Dividend Trust plc: Stride Gaming Plc 24-Jun-2019 / 17:06 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 Â PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") Â 1.Â KEY INFORMATION Â (a)Â Identity of the person whose positions/dealings are being disclosed: MI Chelverton UK E...

June 24, 2019 June 24, 2019 EN

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Stride Gaming - Recommended cash offer from Rank

Rank Group has made a recommended Â£115.3m cash offer for Stride Gaming, which equates to an EV of Â£93.4m. Using the run-rate H119 EBITDA, the deal is valued at c 7.5x EV/EBITDA. The offer of 151p per share is a 29% premium to the previous dayâ€™s closing price. Irrevocable commitments have been received by 61.3% of Strideâ€™s shareholders and completion is anticipated in Q319.

June 3, 2019 June 3, 2019 2 EN

Edison Investment Research

Stride Gaming - Suspension of estimates

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Stride Gaming. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the Offer Pe...

May 31, 2019 May 31, 2019 2 EN

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Winning market share

Form 8.3 - Chelverton UK Dividend Trust plc: Stride Gaming Plc

Stride Gaming - Recommended cash offer from Rank

Stride Gaming - Suspension of estimates

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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