Davy Research



Australian tax increases; reducing William Hill and Ladbrokes Coral 2019 earnings forecasts for POC

In line with our recent move to apply a federal 15% point of consumption (POC) tax to our Paddy Power Betfair (PPB) Australian forecasts, we now do the same for William Hill (WMH) and...

Sep 12 2017 | David Jennings , Joseph Quinn | Sector Report | 14 pages

Near term re-rating unlikely without capital return; focus needs to be inward-facing over next 12 months

Paddy Power Betfair has de-rated 20% year-to-date on the back of the surprise CEO announcement, ongoing sluggishness in Europe Online and rising tax risks. With the new CEO unlikely...

Aug 29 2017 | David Jennings , Joseph Quinn | Company Report | 28 pages

50% upside factoring in UK opportunities

We reinitiate coverage on Dalata with an ‘Outperform’ rating and a 12-month price target of €6.20 (23% upside). Beyond this, we see material upside for Dalata in regional UK. Our...

Aug 21 2017 | David Jennings , Joseph Quinn | Company Report | 51 pages

Updated assumptions following H1 trading update; 5% upgrade to 2018 forecasts

Last week’s announcement by Ladbrokes Coral that it has identified an additional £50m in merger-related synergies leads us to raise our EBIT/EPS forecasts for 2018. The magnitude of...

Jul 31 2017 | David Jennings , Joseph Quinn | Company Report | 12 pages

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