Feb 19 2020
Leisure
Recent Research
GAN, Trading update confirms strong 2019
Jan 31 2020
GVC Holdings, Solid end to year
Jan 17 2020
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Dalata Hotel Group
Free cashflow opportunity from Dublin RevPAR concerns
Market data for 2019 show that Dublin RevPAR declined 3.6% year-on-year (yoy) due to softer demand for rooms and increased supply. Investors have overreacted in assuming EPS...
Flutter Entertainment
Australian competition approval obtained
The receipt of competition approval in Australia is an important milestone with respect to Flutter Entertainment’s (Flutter) acquisition of The Stars Group (TSG). Alongside the UK,...
GAN
New CFO brings valuable experience
The appointment of Karen Flores as GAN’s new Chief Financial Officer (CFO) comes at an important time for the group. Not only is it currently recording significant growth as the US...
Gaming
Key Gaming take-aways from New York conference
Flutter Entertainment (Flutter) and GVC Holdings (GVC) presented at the Davy 18th Annual Equities Conference in New York on Tuesday (January 7th). As expected, the domestic audience...
Year-end Document
2020: Irish economy stocks primed for performance
The factors that impeded the performance of stocks exposed to the fast-growing Irish economy in 2019 are now largely factored into forecasts. With valuations remaining attractive in...
GAN
Reinstated forecasts reflect strong year-to-date progress
Following a period of being restricted on the stock, we reinstate our GAN forecasts in this report. Our expectations are now materially higher than earlier this year (2020F revenue...
GVC Holdings
Media partnership improves GVC positioning in the US
MGM/GVC’s partnership with Yahoo Sports addresses a key question regarding how the former will look to build its US customer base. It now has its own ‘media deal’ that will provide...
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...
