Evidence of higher underlying growth will be key

  • Aug 4 2023, 07:00 IST/BST
  • Paul Ruddy
  • Company Report
  • 8 page(s)
  • Sectors : Gaming
  • Companies : Entain

Ratings and price correct at time of issue.

  • Entain

    Closing Price: 1389p

  • RATING 13/12/17



Entain will report H1 results on August 10th. It has had a busy H1, with four deals and an 8% equity issuance. The key consideration will be rhetoric around prospective underlying growth rates. Entain has faced regulatory headwinds in several regions; however, at the Q1 update, management noted that it will lap a number of these impacts in H2. We believe stronger underlying growth is key to driving a higher sustained rating. We update forecasts to reflect the recent transactions; the equity issuance; some housekeeping changes; and the recent BetMGM update. We modestly adjust our price target to 1640p (previously 1650p).

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Aug 4 2023, 07:00 IST/BST