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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Entain Plc | ENT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -28.00 | -3.31% | 818.80 | 16:35:23 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 848.00 | 817.60 | 853.40 | 818.80 | 846.80 |
| Industry Sector |
|---|
| TRAVEL & LEISURE |
| Top Posts |
|---|
Posted at 16/3/2024 09:43 by loganair Recovery at Ground Zero:In recovery mode, Entain stands at ground zero where change is not just an option but a necessity, as the PLC grapples with past failings to navigate an uncertain future, as the industry watches with bated breath the movements of gambling’s most speculated company. Ivor Jones concluded: “Entain does not need to fire on all cylinders all at once. Indeed, if it did, it would undermine management’s claim that it had been spreading resources too thinly. “But the UK and Australia need to show signs of responding to treatment so that investors can have some faith that the whole business can return to healthy growth one day.” Paul Richardson added: “The CEO appointment will be crucial, as Entain needs an experienced leader and industry champion who can lead the reshaping of the business and put what is fundamentally still a really strong business with technology at its heart on a path to a recovery.” |
Posted at 16/3/2024 09:41 by loganair BetMGM: Growth or Problem Child:Meanwhile, in North America, the growth of BetMGM is critical, not just for alleviating pressure but also as a bellwether for Entain’s overall health and appeal to investors. Yet the joint venture finds itself at a crossroads, as concerns linger over its relationship with JV partner MGM Resorts and whether BetMGM can recoup the heights of its valuation prior to the 2023 proceedings. Ivor Jones notes that the narrative remains that “BetMGM is still the jewel in the crown. Eventually, it should be owned by MGM in its entirety; only timing and, of course, price are uncertain.” Partis notes that the spotlight will be on BetMGM’s litmus test of expanding its tech and platform capabilities: “When and if MGM comes back to acquire the other half of the JV, it will want to acquire the technology with it. Migration in such a competitive market simply presents too great a risk. “There is strong corporate logic in paring back the current business to a more digestible business that MGM may want to own. Brazil, the UK and the US as key markets make a lot of sense.” |
Posted at 16/3/2024 09:36 by loganair Beyond its dire results, Entain was shocked by a year of negative headlines, revealing leadership conflicts and investor doubts, as noted by Paul Richardson, Partner of global gambling M&A Advisory Partis Solutions.“Unfortunately for Entain 2023 was characterised by what seemed to be a never ending sequence of bad luck and bad news.” Richardson said. “Coming on top of the HMRC settlement and the advent of activist investors onto the register, management’s credibility was further undermined by the devastating article which appeared in the Financial Times – ostensibly from well informed disgruntled insiders.” Recognized in the investor update, Entain faces a precarious situation in which its corporate recovery hinges on rejuvenating its investment strategy aimed at enhancing its core market performance and improving tech integrations. Noted as a steep challenge for a PLC that has grown to date via an aggressive M&A playbook, as Ivor Jones detailed: “Management has to convince shareholders that the refocusing of investment in product and marketing in core markets has not come too late to stop the rot.” Furthermore, City analysts opine that the underlying leadership conundrum and strategy must be addressed to execute a recovery, as Paul Richardson noted: “A real issue for Entain this year has been the brain drain of top talent. The under-performance of the core businesses such as Bwin has perhaps unfairly pushed the spotlight onto the success of the M&A strategy with more pressure for instant wins.” Consecutive M&As have obscured the reality that Entain has not successfully integrated its brands and platforms—a fact laid bare by the company’s admission of lagging performance in its UK apps and declining market presence in Brazil.” Shrinking an Unsustainable Portfolio: As 2024 unfolds, Entain’s corporate governance states a ‘laser focus on corporate recovery’ in which it has assigned a Capital Allocation Committee to begin its review of disposable assets of an unsustainable portfolio spanning 35 individual brands. However, the initiative of shrinking the portfolio will once more highlight the flaws of Entain’s growth strategy and its likely discounted impact on the valuation of individual brands. As noted by Richardson: “You might expect them to sunset brands, but it’s easier said than done. Historically, Entain has operated a strategy of localised brands across markets with little-to-no-integra Peel Hunt views the shrinkage as a blunt measure required to reorganise Entain: “The focus required in core markets implies less attention being paid to peripheral businesses, even large ones if they are not integrated onto the core technology platform. “There will be disposals, probably of businesses which require the most time and/or cash investment to realise their potential.” |
Posted at 04/1/2024 19:15 by pj84 Echo the above, that is very much worth listening to for all Entain investors (43 minutes).As Entain investors owning 50% of the JV, it is very encouraging listening to the progress of BetMGM. Adam Greenblat comes across as a very clear and focussed CEO and whilst it isn't clear what the next steps are for Entain, we could do a lot worse than having him as the CEO of a combined organisation. Subject of course to an appropriate evaluation of the value of Entain. |
Posted at 18/12/2023 00:22 by pj84 Entain is definitely in play and this time the activist investors are more likely to decide Entain's fate than Entain.This is the the link referenced by srpactive The Sunday Times: The Ladbrokes and Coral owner Entain is to appoint an activist investor to its board as it fights to quell a growing shareholder rebellion. A few snippets from the article ... "Sandler, founder of Eminence Capital, is expected to be unveiled as an Entain director by the end of the year, according to sources familiar with the situation. Eminence owns about 5 per cent of Entain and is one of four activist investors to have emerged on the company’s share register this year." ... "Entain’s other activist investors include Sachem Head Capital Management, Dendur Capital and Corvex, the latter of which disclosed a 4.4 per cent stake last week. Corvex is run by Keith Meister, a former deputy of the billionaire activist investor Carl Icahn. Corvex said that Nygaard-Andersen&rsq City sources said that Entain had ruled out appointing Meister to the company’s board because of a conflict of interest. He is on the board of both MGM Resorts and the joint venture BetMGM and would be conflicted should any corporate activity with the two entities arise, they explained. Entain declined to comment. Eminence Capital did not respond." |
Posted at 06/12/2023 07:43 by italianofacile Using the pe ratio alone to compare 888 a non acquisitive company with Entain an acquisitive company is misleading for obvious reasons .current pe ratio also effectively discounts the US market potential, which Entain's future would be Considered by most investors to hold more potential than 888.. But I'm sure most investors already worked that out.. |
Posted at 04/12/2023 15:54 by loganair Entain share price hits lowest point since August 2020:Entain's share price has tumbled, currently standing below £8.00 ($10.11), a stark contrast to its peak of £22.10 in September 2021. This substantial decline has attracted the attention of financial circles, raising questions about the factors contributing to the company’s downward spiral; it is the lowest share price since August 2020. Formerly known as GVC Holdings, Entain has faced several challenges of late, with a notable blow being the hefty £585m fine for its conduct in Turkey. Other factors that have caused investors to question the financial decision-making of the company and the capability of CEO Jette Nygaard-Andersen include Entain's acquisition of STS Holdings for £750m. Elsewhere, it also acquired 365Scores in April and Angstrom Sports in July. Analysts and investors are closely monitoring the seemingly ever-changing situation as the share price continues to plummet. The abrupt fall prompts concerns about the company’s stability and the potential consequences for shareholders. As investment firms scrutinise Entain's current situation, they are likely seeking clarity on how the company plans to address these challenges and whether there are strategies in place to mitigate potential risks. Moreover, speculation is surfacing about Entain’s future, particularly in light of reports suggesting MGM Resorts International may consider a bid for BetMGM. This bid would focus on acquiring the BetMGM joint venture, rather than the entirety of Entain. |
Posted at 29/11/2023 15:35 by loganair Salix Research:Ongoing Activism - Entain has attracted growing investor concerns as two other US-based activist investors (in addition to Ricky Sandler’s Eminence Capital): namely Sachem Head Capital Management (founded and led by Scott Ferguson, ex-Pershing Square) and Dendur Capital have accumulated shares and expressed their disapproval of the current CEO’s performance. According to persons familiar with the situation, it is likely that the CEO will be dismissed soon, and activist investors prefer Mr. Sandler to be appointed to one of the board seats and also help with scouting the new board members. While there is no public statement on this, we would certainly view this development positively. We believe a team of seasoned activist investors with a successful track record could certainly help turn things around and unlock value for shareholders at Entain. We are currently neutral on the CEO, but if Entain keeps disappointing any further, we believe a new CEO will be needed. More pressure from activists would be necessary if the board doesn’t act accordingly in that instance. Risks - Risks include but are not limited to a potential failure of the management team to turn the company around, continued operational underperformance, lower/no growth for longer, deteriorating macroeconomic conditions, slower adoption in the US, market share losses in the US, adverse regulatory changes, penalties on legacy operations in unregulated countries, suboptimal capital allocation, etc. |
Posted at 28/11/2023 12:10 by loganair Entain investors told that MGM has eyes only on BetMGM:US casino giant MGM Resorts will not be making a bid for the whole of Entain as the pressure from activist investors on the UK group’s CEO Jette Nygaard-Andersen shows few signs of easing following last week’s Financial Times reports of shareholders moving against her. According to sources close to the group, the US casino giant is “not interested” in bidding for the whole of the UK group and instead will swoop for the outstanding 50% of the BetMGM joint venture that Entain holds when the UK group is eventually sold. Bad blood: Nygaard-Andersen was appointed in January 2021 after Shay Segev’s surprise move to DAZN and while Entain was in the midst of negotiations over a potential sale to MGM. That a sale to MGM did not happen at the time does not mean the US group will not put another offer forward, but only for the 50% of the BetMGM joint venture that Entain holds. Since then, a number of issues have led to a souring of relations between the two parties: the failed MGM bid and ongoing BetMGM ownership issue, the recent launch of BetMGM in the UK, while before that the UK group launched bwin and Sports Interaction in Ontario in direct competition with BetMGM. Those relations are understood to be beyond repair. Whenever MGM does bid for the 50% of BetMGM it doesn’t own, its ongoing wish to own 100% of the JV’s revenues and tech stack will be the key. The brand was one of Entain’s few bright spots in Q3 and is expected to be EBITDA-positive in 2023. Pressing matters: Of more immediate concern are the three US hedge funds that have been increasing the pressure on Nygaard-Andersen. The FT said shareholders had “lost faith” in her and in recent months two UK hedge funds have shorted the group, with positions worth £25m. This summer’s €750m buyout of Poland’s leading bookmaker STS for which Entain raised €600m in shares was the moment hedge fund investor Ricky Sandler of Eminence Capital decided to go public with his discontent. That deal came at the end of a run of 11 bolt-on acquisitions by Entain over the past two years, including BetCity in the Netherlands for €550m and SuperSport in Croatia for €690m. The mood at Entain is also unhappy and recriminations are flying around, with its M&A teams understood to feel like they are being blamed for the many deals they concluded at the behest of senior management. Rumours of vast expenses from some senior executives could also surface in the next few days, piling even more pressure on the group. On Friday the group confirmed it had agreed a deferred prosecution agreement (DPA) with the UK Crown Prosecution Service (CPS) that should draw a line under the investigation into its “legacy” Turkish-facing business. Judicial approval of the DPA, which relates to alleged bribery “activities of former third-party suppliers and employees” in Turkey, is scheduled for 5 December. The group sold the division in 2017 and announced this summer that it had agreed to pay HMRC a £585m financial penalty (plus £30m in costs and donations) over the next four years. |
Posted at 22/11/2023 17:02 by speedsgh Activist investors pile pressure on Ladbrokes owner Entain - Hedge funds take aim at chief executive of UK gambling company Entain faces growing investor unrest after two more US activist hedge funds voiced concern over the gambling group’s languishing share price and the ability of chief executive Jette Nygaard-Andersen to revive the FTSE 100 company’s performance. New York-based funds Sachem Head Capital Management and Dendur Capital have built positions in the owner of Ladbrokes and Coral brands, according to five people familiar with the situation. They join Eminence Capital, a Wall Street activist that also owns a stake and went public with its grievances in June. The activists are concerned about flagging sales in Entain’s core markets, including the UK, where regulators have cracked down on the online betting industry, as well as a series of management mishaps and costly deals, the people said. The highest-profile of these was an equity raise this summer that helped fund the takeover of a Polish gaming company but hurt Entain’s share price. After 23 straight quarters of double-digit growth in online revenues, Entain in September warned it expected a “low single-digit per cent” fall in pro forma online gaming revenues this year. Its share price has tumbled this year by more than a third to a three-year low. By contrast, the share price of rival Flutter has climbed 11 per cent this year. The activist investors have met regularly with Entain’s top executives in recent months. Nygaard-Andersen has become a lightning rod for criticism. A former non-executive director at Entain, with little experience in the gambling sector, she was drafted into the top job in January 2021, after her predecessor suddenly quit during a takeover bid. One person familiar with the activists’ thinking said Entain had suffered from “a lot of self-inflicted wounds”. Shareholders had “lost faith” in Nygaard-Andersen and would seek her removal in the coming months, they added. Entain earlier this month pledged to install four new non-executive directors to its board to fill gaps following departures this year. The activists want Eminence’s founder, Ricky Sandler, appointed to the board and to have a role in filling the outstanding vacancies, according to people familiar with their thinking. In a statement to the Financial Times, Entain said it was “committed to constructively addressing any questions or concerns” of shareholders, adding that it recently laid out “a clear plan” to expand the business organically, improve margins and win market share in the booming US betting market. A person close to Entain pointed to the re-election of Nygaard-Andersen with more than 99 per cent of shareholder support at the group’s annual general meeting in April. Sachem Head, Dendur and Eminence all declined to comment. Under Nygaard-Andersen, Entain has made 11 bolt-on acquisitions of gaming companies, with varying degrees of success. In June, Eminence published a letter criticising Entain’s decision to raise £600mn of equity to help bankroll the £750mn takeover of Polish betting operator STS. The share price slump has pushed Entain’s market capitalisation to £5.2bn, well below the value of 2021 takeover offers the group received from Las Vegas-based casino group MGM International and Boston-based sports betting operator DraftKings. A person close to Entain said its response to the bids had been driven by shareholders’ feedback. Eminence first took a stake in Entain in late 2020 and now owns between 4 and 5 per cent of the stock, according to a person close to the firm. Sachem Head and Dendur bought stakes following the flurry of takeover approaches in 2021, betting that the FTSE 100 group would attract more suitors. The pair’s shareholdings are below the UK disclosure threshold of 3 per cent. Entain’s chair Barry Gibson has encouraged the investors to be patient with their demand for board seats to avoid derailing the group’s negotiations over an estimated £585mn settlement with UK authorities relating to historic bribery charges linked to a former Turkish subsidiary. The agreement could be reached as soon as next month. Adding to the pressure on Entain, two London-based hedge funds, Martin Stapleton’s Perbak Capital Partners and Ilex Capital Partners, have taken short positions against the company worth more than £25mn each in recent months, according to public filings. Perbak and Ilex declined to comment. One bright spot for Entain is its joint venture with MGM — BetMGM — which is the third most popular betting app in the online US market. While some shareholders still hope that MGM will return with a bid for Entain, MGM’s chief executive Bill Hornbuckle earlier this month downplayed the prospect of a second approach in the near future. |
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