Davy Morning Equity Briefing
Apr 15, 2026
Entain
BetMGM Q1 – guidance will provide some nerves
BetMGM has updated on Q1 trading, delivering 6% revenue growth in the quarter. Management flagged customer-friendly sports results and a heightened competitive environment in Q1. It has also updated its FY26 guidance, now anticipating 7% revenue growth at the mid-point, and has guided aEBITDA expectations to the lower end of the range ($300-350m). Although this does not represent a significant downgrade to Entain group forecasts, reducing revenue guidance will not be well received – particularly in the context of the heightened nerves relating to the perceived prediction markets threat.
hVIVO
FY2025 results
hVIVO has reported FY2025 results that are in line with the figures given in its January trading statement as well as our forecasts. Revenues declined due to order cancellations. However, the company was EBITDA positive and has a healthy balance sheet, and there is now cautious optimism regarding the outlook.
Barratt Redrow plc
Build cost inflation a key concern for FY 2027
Barratt Redrow expects to deliver completions growth in line with previous guidance and adjusted profit before tax consistent with current consensus estimates. We note the rise in build cost inflation and the possibility of this accelerating further given the conflict in the Middle East.
