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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Betfair Grp | BET | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 4,420.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 4,420.00 | 4,420.00 |
| Top Posts |
|---|
Posted at 15/4/2013 19:15 by richaims 15/04/2013 UK-AnalystCVC Capital announced over the weekend that it has held talks regarding a possible takeover offer for Betting exchange Betfair (BET). CVC Capital - the equity firm which also owns Formula One - did say that it was in discussions alongside investors such as Richard Koch, Antony Ball and others over a potential takeover approach. Betfair released a statement in response today advising shareholders to sit tight, stressing that there is no certainty that an offer will be made. The shares grew by 82.5p to 782p. |
Posted at 03/1/2013 20:54 by gotnorolex Investec Gives Sell Rating to Betfair Group (BET) When the ugly sister says Sell! It's a signal to BUY! January 3rd, 2013 - 0 comments - Filed Under - by Latisha Jones Group (LON: BET)'s stock had its "sell" rating reiterated by investment analysts at Investec in a note issued to investors on Thursday. They currently have a $9.44 (585 GBX) target price on the stock. Betfair Group opened at 688.00 on Thursday. Betfair Group has a 1-year low of GBX 656.425 and a 1-year high of GBX 905.00. The stock's 50-day moving average is currently GBX 733.0. Several other analysts have also recently commented on the stock. Analysts at Davy upgraded shares of Betfair Group to a "neutral" rating in a research note to investors on Thursday, December 13th. Separately, analysts at Barclays Capital reiterated an "overweight" rating on shares of Betfair Group in a research note to investors on Friday, December 7th. They now have a $16.53 price target on the stock. Finally, analysts at Jefferies Group reiterated a "buy" rating on shares of Betfair Group in a research note to investors on Tuesday, November 27th. They now have a $13.63 price target on the stock. Betfair Group plc is an online betting and gaming operator. The Company's segments include Sports, Games, Poker, Management of customer funds, Other investments, Betfair US, LMAX and High rollers. |
Posted at 15/7/2011 11:39 by bonio10000 Don't blame the board, blame the IPO purchasers.Would be gutting though to get your shares bought back at 50% of the listing price within 8 months. The issue though, as always, is moving forward where is there value for new investors? |
Posted at 15/7/2011 08:38 by ramas one of the best adverts NOT to participate in IPOs - frankly im disgusted it got away at £13 - YES £13 !!!!!!! outrageous and will probably have a lasting impact for LSE. If they are buying back shares at £6 level this also confirms the lunatics have taken over the asylum - buybacks only work when there is value - this looks like a pathetic attempt to boost EPS using OPM (thats you if you were an IPO investor). Dont get me wrong i love using Betfair but I think competition will slowly kill the pie in sky growth plans. I reckon this is heading to £3 but now is probably not a good time to open a short but im watching |
Posted at 28/6/2011 21:02 by ghjones1 Results out tomorrow, good 5%+ rise today suggests some people know more than the average investor! |
Posted at 24/6/2011 11:20 by masurenguy These shares have now fallen by 55% in just 8 months from their high of circa 1600p last October. Must be the most disasterous IPO for new investors over the past 12 months. Glad I steered well clear of them. |
Posted at 10/12/2010 19:04 by envirovision Nothing it seems that Betfair can say in its first ever results on Tuesday could end the controversy over its valuation. Weeks after a high-profile FT250 listing, the shares in the group are trading below their GBP13 offer price. Analysts value the business at anywhere between GBP4.45 and GBP16 a share. More over four out of five independent brokers rate the shares a SELL. Morgan Stanley, now warns that the price does not reflect risks and recommends that investors sell and wait for a better entry point.The success of the IPO was never in much doubt. Once Betfair had persuaded the U.K. Listing Authority to classify its 600 minority investors as part of the free float, it was able to get away with selling just 15% of the shares in the IPO, creating a supply squeeze, while also ensuring Betfair was eligible for FTSE 250 inclusion, guaranteeing healthy post-IPO demand from index funds. But now that the squeeze is over, a more realistic valuation debate is now underway. Investec, which set a GBP4.45 price target, reckons Betfair should be valued at around 12 times forecast 2012 earnings, in line with its gambling peers. At the other extreme, Numis Securities reckons it is worth closer to 26 times 2012 earnings. That would value it in line with a basket of Internet stocks such as Google, eBay and Amazon.com. However unlike most Internet stocks, Betfair faces huge regulatory challenges. Its core U.K. betting exchange business is maturing, with average revenue per user declining. Betfair's lofty valuation, therefore, relies on expectations of rapid growth in Europe. But key markets such as Germany, Spain and Greece are all currently reviewing their online gambling regulation. That should lead to new restrictions on online exchanges and the introduction of new taxes. Experience suggests these risks are real. Just look at all those burnt investors from the gold rush foray of the online poker and casino offerings from the last decade. Betfair's Australian joint venture is loss-making after four years, largely due to federal restrictions on online exchange and turnover taxes in New South Wales. France also recently introduced an 8.8% betting turnover tax. Even if other countries levied a less onerous tax of 20% of gross profits on Betfair's international operations--which are largely untaxed today--it would cut 2011 earnings by 25%, estimates Morgan Stanley. No wonder the broker advises waiting for a better entry point. |
Posted at 24/10/2010 17:03 by spob Betfair claims technological high groundBy Mary Watkins FT Published: October 22 2010 02:41 | Last updated: October 22 2010 02:41 Technology enables Betfair to offer 'in-running, inplay' betting as sporting events actually unfold As Betfair prepares for its shares to start trading in London on Friday, many in the technology sector will be hoping that the company has a smooth ride. The flotation of a stake in the world's largest betting exchange, which will value Betfair at more than £1.3bn ($2.04bn), is being seen as a key test for UK initial public offerings in a year when market volatility has sapped confidence and caused some listings to be shelved. EDITOR'S CHOICE Betfair eyes £225m listing size raised 50% - Oct-19.Betfair bankers say IPO is covered - Oct-08.Betfair sets wide price range for flotation - Oct-07.Betfair backers decide to cash in chips - Sep-21.Betfair targets £1bn flotation - Sep-21.Betfair eyes £1.5bn autumn IPO - Jul-16..Recent technology listings have performed poorly: technology bankers say they are looking for fair pricing and a solid debut from Betfair to help reopen the pipeline of IPOs. Often billed as a straight gambling business, Betfair highlights how the lines between what is a technology group and what is not are increasingly blurring. Traditional businesses are moving online while others see the internet as the opportunity to do something that would not have been possible previously. Founded 10 years ago by Andrew Black, a one-time professional gambler and former contract programmer at GCHQ, and ex-JPMorgan derivatives trader Edward Wray, Betfair has taken a different route from other gaming groups. Bankers confident IPO will be priced towards top end of range Bankers spent Thursday evening pricing Betfair's long-awaited initial public offering, one of the biggest companies to list in the UK since Ocado, write Anousha Sakouiand Roger Blitz. The UK market has been a difficult one for companies trying to list this year, as choppy conditions and investor scepticism forced some to pull their IPOs. The betting company had the advantage of only needing to list 10 per cent of its stock to meet listing rules. Betfair hoped that would build demand for its fundraising, which is set to collect up to £234m for selling shareholders. It will value the company at about £1.35bn. On Thursday, banks managing the sale indicated to investors that the new shares would be priced between £12.50 and £13 each, at the higher end of a pricing range of £11 to £14. They were even able to increase the share sale to more than 15 per cent of the company's stock. Betfair's group earnings before interest, tax, depreciation and amortisation is forecast to be £99.2m for the next financial year, when Betfair's Australian business and LMAX, its online financial trading platform, are expected to break even, according to research by Goldman Sachs. That would give Betfair an earnings multiple of 14 times if pricing comes at £13 a share. For the end of this financial year, Goldman is forecasting group ebitda of £62.9m. Based on its core betting exchange business alone, a pricing of £13 a share would imply an earnings multiple of about 11 times. Betfair's strong growth and leading technology, which creates barriers to entry, put it at a premium to other betting companies such as PartyGaming and Bwin. Bankers working on the deal said the group was being priced more in line with tech companies. Goldman Sachs and Morgan Stanley are joint bookrunners for Betfair, while Barclays Capital and Numis are co-lead managers. ..Rather than taking the role of a bookmaker, the site simply connects customers wanting to make a bet. The odds are dictated by the customers themselves. "Conceptually it's like a stock exchange," says Philip Carnelley, research director at TechMarketView. Betfair does not bear the risk of the bet. It connects punters to each other and then pays out winnings rather than offering odds that it stands to win or lose. It makes its money by taking a commission on any winnings of between 3 and 5 per cent. A small percentage of consistent winners pay a "premium rate". Although sales in the year to April 30 2010 improved 13 per cent to £341m, pre-tax profit dropped from £47.5m to £17.8m as Betfair spent more on marketing and invested heavily in technology. "You could not do what we do without the internet," says Tony McAlister, chief technology officer at Betfair. "We've created an electronic trading floor that is more similar to Nasdaq." He says the site, which has 3m users, makes 1,000 bets a second and completes 5m transactions a day. Because of the increasing complexity of online betting, gaming companies have been early adopters of new technology, often employing experienced teams to drive their technology forward. Of the 2,000 people working at Betfair, 600 are IT engineers. The company has spent £300m on its IT platform since it launched 10 years ago. It recently embarked on a major revamp of its technology, allowing it to improve speed and prevent downtime during the football World Cup. "What is clear is that volumes and trading activity within betting companies is starting to mirror what happens in the City. It's getting more and more complex from a technology point of view," says David Loveday, chief executive of OpenBet, a betting software supplier. As online gaming has grown, the types of bets have also become much more complex, moving from straight wagers on the outcome of a football match or a horserace to more exotic possibilities. Darren Hudson, chief technology officer at betting software provider Push Technology, says more companies are offering "in-running, in-play" betting, where punters can bet on the next penalty or corner while a game is playing. This makes website speed and latency critical issues. "Matching has to be lightning quick," says Mr Hudson. "As we move forward with the technology, gambling companies can't afford to have any down time." Betfair's success has earned it some critics, not least from traditional bookmakers and gaming bloggers. Some claim that the exchange system allows professional gamblers or even bookmakers to take advantage of smaller players a claim that Betfair rejects. "The only way to ensure a bet is matched on Betfair is by offering best price," Betfair says. "That applies equally to the big and small players. "On an exchange model, customers are offered prices in an open market which makes it all but impossible to build in a profit margin. Therefore, compared with betting with traditional bookmakers, Betfair customers generally get better odds." Others have questioned the role of a group of companies that use advanced software to create markets on Betfair where they see opportunities. For example, Betting Promotion, a Sweden-listed trading company that acts on the sports betting market, said in 2008 that it had signed an agreement with Betfair "to provide liquidity on a large number of markets". Betting Promotion says on its website that it always acts on its own book. It declined to comment. Betfair says it does not employ any of these companies but as an open market it attracts a range of customers, which helps add liquidity to the system. No single customer accounts for more than 1 per cent of revenue. In its IPO prospectus, Betfair says that much of the success of the product is dependent on Betfair maintaining high levels of liquidity, a significant proportion of which is generated by Betfair's sophisticated and high-spending "Heartland Customers". Others query the company's growth potential. UK-listed gaming groups have in the past fallen foul of changes in regulation, forcing a number to move their domicile overseas. The company is, however, preparing to open a data centre to house its servers in Dublin, a move that Betfair admits would give it the flexibility to move abroad should regulations turn against it. Betfair insists that it has no plans to leave the UK at the moment. In the meantime, those managing the float will be hoping that the Betfair brand, along with the limited supply of shares, will lift the stock on the first day of trading. No new shares are being issued as part of the float, with all of those being made available coming from existing investors. Strong demand for the shares has already allowed more shareholders to sell out than first expected. When the shares start trading, more than 15 per cent of the company's share capital will be sold, suggesting that investors are impressed enough by the group's "disruptive technology" to take a punt. Additional reporting by Roger Blitz, Anousha Sakoui and Neil Hume |
Posted at 24/10/2010 17:02 by spob Bankers confident IPO will be priced towards top end of rangeFT Bankers spent Thursday evening pricing Betfair's long-awaited initial public offering, one of the biggest companies to list in the UK since Ocado, write Anousha Sakouiand Roger Blitz. The UK market has been a difficult one for companies trying to list this year, as choppy conditions and investor scepticism forced some to pull their IPOs. The betting company had the advantage of only needing to list 10 per cent of its stock to meet listing rules. Betfair hoped that would build demand for its fundraising, which is set to collect up to £234m for selling shareholders. It will value the company at about £1.35bn. On Thursday, banks managing the sale indicated to investors that the new shares would be priced between £12.50 and £13 each, at the higher end of a pricing range of £11 to £14. They were even able to increase the share sale to more than 15 per cent of the company's stock. Betfair's group earnings before interest, tax, depreciation and amortisation is forecast to be £99.2m for the next financial year, when Betfair's Australian business and LMAX, its online financial trading platform, are expected to break even, according to research by Goldman Sachs. That would give Betfair an earnings multiple of 14 times if pricing comes at £13 a share. For the end of this financial year, Goldman is forecasting group ebitda of £62.9m. Based on its core betting exchange business alone, a pricing of £13 a share would imply an earnings multiple of about 11 times. Betfair's strong growth and leading technology, which creates barriers to entry, put it at a premium to other betting companies such as PartyGaming and Bwin. Bankers working on the deal said the group was being priced more in line with tech companies. Goldman Sachs and Morgan Stanley are joint bookrunners for Betfair, while Barclays Capital and Numis are co-lead managers |
Posted at 22/10/2010 12:53 by johnswan193 Betfair, the world's largest betting exchange, announced the pricing of its initial public offering on Friday, listing its offer price at £13 per share, towards the top of its planned range of between £11 and £14 per share.The pricing values the company at £1.39bn, and raises in excess of £200m for the company's shareholders. A total of 16m shares are being offered for sale, or roughly 15 per cent of the company's total equity. This is an increase on the 10 per cent that the group had originally planned to sell. The £1.39bn price tag comes in above the top valuation range calculated by independent analysts, who estimated the group's core business to be worth between £1bn and £1.3bn. The listing will not raise any new money to be used by the business and is thus a chance for the group's major shareholders to cash out about £208m in total of their stakes. The value of the shares sold by founders Edward Wray and Andrew Black amounts to £14m and £17m respectively. "Betfair and its management team are delighted that the company has successfully completed its IPO and has now become a listed company," said David Yu, chief executive of Betfair. "We believe we have many opportunities to grow our leading position in the online sports betting and gaming market and we are extremely pleased that new investors share our enthusiasm for the future of the business. We are grateful for the support of all our shareholders, old and new, and will work hard to generate further value for all our stakeholders." |
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