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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...

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...