Oct 18 2019
Leisure
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GVC Holdings, Continuation of (strong) trend
Oct 9 2019
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Dalata Hotel Group
Focus on the cash
Investor attention over the past year has focused on slowing RevPAR growth. However, this overlooks the continued growth in free cashflow. Dalata now has one of the highest...
Flutter Entertainment
Positioning for growth in a changing gaming sector
Flutter Entertainment’s (Flutter) acquisition of The Stars Group (TSG) reflects the now much-changed opportunity and risk set for the global gaming sector. It should materially improve...
Irish economy
Brexit extension should benefit Irish government bonds and equities
The strong performance of Ireland’s economy and Irish asset prices (banks, homebuilders, government bonds) have diverged in 2019, reflecting Brexit fears. This provides an opportunity...
Flutter Entertainment
To acquire The Stars Group
Flutter Entertainment’s proposed acquisition of The Stars Group (TSG) represents a truly transformational deal for both the company and the industry. We see strong strategic merit...
Dalata Hotel Group
Strong H1 2019 operating performance
Dalata’s H1 2019 results are above our forecasts. Slightly softer RevPAR data in Dublin have been offset by a strong revenue performance at new hotels and extensions as well as...
Hotels
July RevPAR remains slow in Dublin
Dublin’s RevPAR slowed further in July as VAT headwinds (4.5%) and growing supply combined with a softer demand environment. Regional Ireland remains positive – growing rate again during...
Flutter Entertainment
Reflections on a challenging but productive first half
In many ways, Flutter Entertainment’s (Flutter) H1 performance followed an expected pattern. On the one hand, its Australian and US positioning continue to drive value (our estimated...
William Hill plc
Green shoots appearing?
William Hill has reiterated 2019 guidance despite a difficult first half. The challenging nature of 2019 will come as no surprise and the group appears to have entered H2 with renewed...
Hotels
H1 RevPAR finishes better in June
Dublin’s positive performance in June should help to offset concerns raised from a weaker May (driven in part by an exceptionally strong yearly comp that month). As the supply/demand...
Paddy Power Betfair
Improving Australia performance a core group catalyst; upgrading stock to ‘Outperform’
Post the significant regulatory changes in 2018, we believe that Paddy Power Betfair’s (PPB) addressable Australian market can grow at double-digit pace over the coming years. The...
