DAVY VIEW

It is of little surprise that a stronger-than-anticipated (friendly results-supported) final quarter has resulted in a better-than- expected FY19 out-turn at GVC (pre-IFRS EBITDA to be at top end of £670-680m range, suggesting a c.1% beat versus consensus and our expectations). Online trading momentum remains strong (NGR grew by +9% in Q4). Looking forward, its ability to maintain current earnings momentum (we are unlikely to make changes to our 2020 forecasts, c.+15% year-on-year pre-IFRS 16 EBITDA growth, at this stage) and to make progress in the US (it reiterated its positive narrative in this regard) will be the key drivers of the equity thesis through 2020.