DAVY VIEW

Revenue for FY was up year-on-year (yoy) as COVID-19 impacts unwound and the regulatory landscape evolved in a number of markets. The group increased its guidance range and we expect to upgrade our FY22 EBITDA by c.5%. There is limited additional guidance on FY23 in the statement, but the CEO notes that 2023 has started with good momentum across the business and it remains confident in its ability to continue to deliver on its growth strategy. The speculation around a potential approach from MGM tends to dominate discussions around the share price at present, but it feels like the timing will be dependent on further regulatory certainty in key markets.