Davy Morning Equity Briefing
Oct 14, 2026
Entain
BetMGM Q3 reassures
BetMGM released a Q3 update. Importantly, it has reiterated its guidance for revenue and aEBITDA for the full year and has again stated that it can achieve $500m of aEBITDA in the coming years. At aEBITDA, this guide implies a beat to our FY26 forecasts. We had observed significant investor concerns around BetMGM’s profitability build given the heightened levels of investment from both regulated peers and Prediction Markets operators. As a result, we believe this update should be well received.
Mincon Group
Increasing price target to 112c on materially higher growth expectations
With Mincon’s recent Q3 results showing exceptionally strong growth on the back of good H1 momentum, we have increased FY26 revenue forecasts by c.13%. Good operating leverage drives a 27% increase in operating profit and a 30% increase in EPS. Despite a strong run in the share price (+85% year-to-date), the stock is still trading at a c.20% discount to peers. We retain our ‘Outperform’ rating and raise our price target to 112c (10% upside).
