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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...

Dalata Hotel Group

Two new hotels for Bristol and Birmingham

Dalata has announced the signing of 35-year lease agreements for two new hotels, a Clayton in Bristol and a Maldron in Birmingham. Combined, these hotels will deliver an estimated 580...