Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
In our initiation report on UK Gambling on 11 December 2017, we referenced likely volatility in share prices as a result of the uncertainty surrounding B2 staking levels. UK media, citing the Chancellor is in favour of a £2 stake on B2 (FOBT) machines, and that the Treasury is close to a deal with the Department of Culture, Media and Sport (DCMS) and is seeking tax neutrality.
New enlarged GVC is a business with substantial depth and breadth by product, channel and geography, with its own proprietary technology to boot. We estimate the new business will generate c. £3.5bn of revenue and c. £900m of EBITDA in FY19E. Our forecasts include guidance from management on staged synergies (£7m, £33m, £56m and £100m year four). We think this is a case of under-promise and over-deliver as management has a track record of integrating businesses (Sportingbet & Bwin.Party), ...
Greek Audit Centre claiming €186.8m owed, relating to Sportingbet plc in respect of years 2010 and 2011. This was prior to the acquisition by GVC in 2013. GVC believes the amount owed is exaggerated and intends to appeal. However, GVC are providing for this in the accounts and have agreed a payment scheme with the Greek tax Authorities whereby funds are paid and held on account on a monthly basis at €7.8m over 24 months.
GVC produced a record 4Q17 on the back of particularly strong sports betting results. Net Gaming Revenue (NGR) for FY17 was over €1bn, +18% YoY and +2.5% ahead of WH NGR forecast of €985m (pre EU-VAT) for FY17E. Furthermore, management expects EBITDA for FY17E will be at the top end of their expectations, WH €276m.
Sportsbook margins in October and November were healthy for bookmakers with no run of results favouring punters. We expect that December 2017 would have been another healthy month for bookmakers, and as a result we should expect to see strong sports margin generation for Q4. Furthermore, the results will look particularly good, YoY, compared to a 4Q16 where results favoured punters and bookmaker sports margins were lower as a result.
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