Dec 6 2018
Leisure
Recent Research
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Dalata Hotel Group
Pricing in an unrealistic 2019 RevPAR outcome
Dalata’s share price has fallen by 20% since early October. Concerns about oncoming Dublin supply and VAT changes are overdone. We estimate the stock is now pricing in a circa 4.5%...
Davy Conviction List
Removing Kingfisher and HeidelbergCement on earnings concerns
We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...
Paddy Power Betfair
H1 shows solid revenue progress but FY 2018 guidance is reduced
Paddy Power Betfair’s (PPB) H1 results point to solid progress on the revenue front, with a particularly strong improvement in gaming revenue (Q2 +14% versus -4% in Q1). However,...
William Hill plc
H1 core business mixed; US expansion building momentum
H1 results from William Hill (WMH), while mixed, also point to continued progress on long-term goals around online growth (both in and outside the UK), the retail position/cost base and...
GVC Holdings
Announces 50/50 JV with MGM
GVC has announced the establishment of a 50/50 joint venture (JV) with MGM Resorts International to create a sports betting and online gaming platform in the United States. The...
GAN
Launches online casino for Ocean Resort Casino in New Jersey; second licensee in the state
GAN has announced the launch of an online casino for Ocean Resort Casino in New Jersey. It is the group’s second B2B win in the state (it already provides services to Paddy Power...
Whitbread
Three Cs of added value: Costa Coffee China
With Costa Coffee’s spin-off now set in motion, the key question for many investors is how much it is worth. While Costa’s UK business is better understood, partly due to greater...
William Hill plc
Publishing forecasts out to 2021 post Triennial announcement; a lot required to recover lost earnings
The decision by the UK government to reduce the maximum stake on fixed odds betting terminals (FOBTs) to £2 was widely anticipated by the time it came but, nonetheless, it has serious...
Paddy Power Betfair
Updating forecasts for regulatory and tax changes in Australia and UK; US assumed to broadly break-even over next 3 years
We update our forecasts for the regulatory and tax developments announced in the UK and Australia over the last month. Our revised figures reflect the Q1 trading update in early May...
Gaming
UK government reduces maximum FOBT stake to £2; signals tax increase on online gaming revenues
While some in the industry will be disappointed by the UK government’s decision this morning to reduce the maximum stake on fixed odds betting terminals (FOBTs) to £2, the reality is...
