DAVY VIEW

For a company that is occasionally described as opaque, GVC’s capital markets event was rich in detail. The information provided across virtually all key regions and strategic pillars will take time to digest. However, the company clearly put forward a very positive outlook on its prospects in both established (UK, Germany, Australia in particular) and emerging (US, Georgia, LATAM) markets. It equates to longer-term commitment to deliver double-digit Online NGR growth and handsome profits from the US. We must now work through the implications for the broader investment thesis. However, in the meantime, we set out our initial take-aways below.