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Jan 7 2021, 08:10 GMT
Entain
Announces acquisition of Enlabs; 2020 EBITDA ‘to beat’
DAVY VIEW
Entain has announced the proposed acquisition of Enlabs AB. For the group, it represents a mid-sized acquisition (EV c.£245m) and extends its reach into tangential growth geographies including the Baltics and Nordics (expected 2020-2022 EBITDA CAGR 10% before synergies). On first glance, it appears to be a good strategic fit. Furthermore, strong current trading will now result in a better-than-expected 2020 EBITDA performance, with upgraded guidance >5% above our current estimate.
