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Jan 20 2022, 07:45 GMT
Entain
Performance at end of 2021 as expected
DAVY VIEW
Both Entain’s Q4 performance (Online net revenue -9% versus Davy -12%) and its expected 2021 profitability are along expected lines. Its 2021 EBITDA guidance is narrowed to £875-885m (previously £850-900m), which is consistent with our forecast of £783m (consensus £871m). There is little forward-looking commentary but, at first glance, we see little reason to revisit our current 2022 EBITDA forecast of £1,004m (consensus £1,027m) for now.
