Davy Research



Capital Markets Day reinforces the UK opportunity, targeting 8,000 rooms

Dalata’s Capital Markets Day in London on November 7th highlighted management’s UK growth strategy in addition to the depth of the UK team to execute on this strategy. Its first...

Nov 8 2017 | Joseph Quinn , David Jennings | Company Report | 12 pages

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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