Jan 12 2021
Gaming
Recent Research
Gamesys Group
Strong momentum drives upgrade to forecasts
Gamesys’ (GYS) better-than-expected 2020 performance results in a c.3-5% upgrade to our 2021-2022 EBITDA forecasts. It also provides strong support for our growth-led investment...
Entain
Surprise CEO departure comes at unfortunate time
There are two likely options available to Entain shareholders — accept an imminent MGM bid or ‘go it alone’. Shareholders must therefore decide whether any MGM bid offers superior...
Entain
Announces acquisition of Enlabs; 2020 EBITDA ‘to beat’
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...
Flutter Entertainment
‘White smoke’ in New York?
Quotes attributed to the New York (NY) Governor suggest NY will include online sports betting in its upcoming budget as a direct response to COVID-19. Such a move would significantly...
Entain
MGM proposal undervalues business and opportunity set
Given the scale of the emerging US opportunity, MGM’s interest in Entain is hardly surprising. It is the latest example of industry consolidation as major operators jostle to increase...
Flutter Entertainment
Original Kentucky ruling reinstated by State Supreme Court
Some five years on from the initial The Stars Group (TSG) Kentucky legal proceedings, the State Supreme Court has reinstated an award of damages, which would equate to c.$1.5bn...
Flutter Entertainment
An even more compelling opportunity
The accelerated buy-out of the FanDuel minority is the latest in an impressive series of value-creating transactions by Flutter. This time, it has significantly enhanced its exposure to...
Gamesys Group
Continued evolution to create meaningful shareholder value
Gamesys Group (GYS) has a short history but a bright future. In just six years, it has assembled valuable positions in key markets and delivered attractive growth. If it repeats this...
Flutter Entertainment
Estimate changes reflect momentum
Flutter’s momentum has been building for some time. Q3 suggests that key revenue trends, including customer active growth (+41% globally) and market share gains in major markets (US,...
GVC Holdings
Key observations from capital markets event
GVC’s sustainability and growth roadmap is more ‘important line in sand’ than ‘full strategic reboot’. It highlights the promising sector growth outlook (the preserve of a select few)...
