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ENT Entain Plc

-7.00 (-0.82%)
23 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Entain Plc LSE:ENT London Ordinary Share IM00B5VQMV65 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -7.00 -0.82% 846.80 7,070,367 16:35:09
Bid Price Offer Price High Price Low Price Open Price
853.20 853.80 859.60 839.40 859.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Amusement & Rec Svcs, Nec 4.77B -928.6M -1.4537 -5.87 5.45B
Last Trade Time Trade Type Trade Size Trade Price Currency
18:08:19 O 1,654,828 859.60 GBX

Entain (ENT) Latest News

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Entain Forums and Chat

Date Time Title Posts
01/9/202122:49Enition (ENT)614
06/3/200613:54Enition - Featuring in an interesting reverse takeover deal - opportunities in t40
16/1/200611:00Enition PLC18
02/7/200413:17Interview: ENT's CEO Ray Dutton - Friday 2nd July, 11pm2

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Entain (ENT) Most Recent Trades

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Posted at 03/4/2024 15:00 by macarona
Ladbrokes owner ENT share price is #32

LeoVegas BetMGM owner MGM share price is #4
Posted at 26/3/2024 14:01 by pj84
"Berenberg advises being patient with Entain

Patience is needed to invest in Entain (ENT) but Berenberg says there is still value in the gambling group."


"‘That being said, at the current share price, we still forecast good upside to our new price target of 1,140p and we remain “buy”-rated,’ said Cummings."
Posted at 11/3/2024 18:16 by uncle bungay
I just had a read at Entains fininacial report from last week. I am only fair in accountancy matters but I noticed a couple of concening points. Reads like a conspiracy theory but Companies have been known to increase 'actual' asset and associated inventory costs to record a more positive financial result.

The Figures quoted below are from the section titled 'NZ Ent Limited (trading as Tab NZ)'.

Details of the purchase consideration, and the values of net assets acquired and goodwill are as follows (need to remember that the figures are quouted in £m.) A NZ dollar equates as $1.62 to a £1. Goodwill refers to the amount over book value that one company pays when acquiring another.

The NZ Government had to bail the NZ TAB out for around $60,000,000 about three years ago as they were on paper insolvent. So how did Entain come up with an asset cost of goodwill of £250 million ? They are 50/50 partners so they are saying its worth double that . Entain are not purchasing the NZ TAB (it's a Government controlled monopoly) they haved signed a strategic partnership agreement with a 50/50 profit split. Goodwill should not be in the equation as an asset. The bottom line is it's not an asset that they should list as such as they didn't purchase the NZ TAB.

From Entains Financial accounts for end of 2023.
Intangible assets (excluding goodwill) £894,000,000 millionn . They have listed goodwill as a £250 million net asset aquired. Intangible assets in the 2022 NZ TAB Annual report were listed as $54,000,00 , how does that balloon out to £894,000,000m in Entains accounts?

Property, plant and equipment purchased 17.4 m ($30,816,283 NZ $)
In the 2022 NZ TAB Annual report Property, plant and equipment was valued at $51,209,000 NZ ( equates to £28,896, 407)


In relation to the financial profile of the partnership itself, the agreements’ commercial structure is a 50/50 gross profit share. Gross profit being revenue less variable expenses such as product fees and applicable taxes. But that differs from the following quote:
Quote from Dean Shannon Entains main man down-under. We’re up for lot of things, which includes rebuilding the industry with greater investment,” Shannon said. “Our 50 per cent share of the profits comes with our responsibility to pay all the expenses, that’s how committed we are to this venture.

I fail to see why Entain has the cost of intangible assets relating to the NZ TAB listed in their accounts . They are paying around $200,000,000 a year for the rights to be in the partnership. £894,000,000m for intangible assets of a Company you have become a 50/50 partner in? something just doesn't add up.
Quote below from Entain media release following NZ Government approval for them to become 50/50 strategic partners.

The estimates set out in this announcement have been prepared based on numerous assumptions and forecasts, some of which are outside of Entain's influence and/or control, and is therefore inherently uncertain and there can be no guarantee or assurance that it will be correct. The estimates have not been audited, reviewed, verified or subject to any procedures by Entain's auditors. Undue reliance should not be placed on them and there can be no guarantee or assurance that they will be correct.

Once again quote from Dean Shannon Entains main man down-under. We’re up for lot of things, which includes rebuilding the industry with greater investment,” Shannon said. “Our 50 per cent share of the profits comes with our responsibility to pay all the expenses, that’s how committed we are to this venture.

A Company on behalf of it's shareholders puts in a bid for a 25 year deal for close to one billion dollars to be paid over the first five years and they say they will pay 'all' the expenses. This is a deal done on a Company that was without Government injected funding going to go into liquidation. How a Government run wagering monopoly ever got iself into that state is beyond me and surely thats concern enough to have estimates reviewed and verified by your Company Auditors. Its called due deligence and in the best interest of your shareholders you owe them that procedure to be carried out.

Frankly it's an unbelievable situation and one would imagine it's not the first time Entain have become partners or purchased a Company without first reviewing actual and forecast figures.

Note (2) For the purposes of UK LR 10.4.1 R, as at 31 January 2023, the assets of the entity subject to the strategic partnering arrangement had a gross asset value of approximately NZ$138m (approximately £70m1) and generated operating profits of NZ$16m (approximately £8m1) in the year ending 31 July 2022

Gross asset value of ther NZ TAB reported to the London Stock Exchange as $138 million as at 31 Jan 2023 and then recorded in Entains last 12 months financial accounts total assets acquired as a 50/50 partner recorderd as 1,208 £m.

The above qoute 'The estimates have not been audited, reviewed, verified or subject to any procedures by Entain's auditors.? Maybe its a little bit clearer now why they didn't get them involved.

Entain keep referring in the accounts as 'acquired ' when referring to the NZ TAB. Purchase 'Acquisition accounting is a method of recording a company's purchase of another company' - they didn't puchase the NZ TAB it's a strategic 25 year partnership.
Posted at 04/3/2024 13:21 by loganair
Bookie Entain PLC (LSE:ENT) is reporting its 2023 annual results on Thursday 7 March with analysts still not sure that the mix of super growth in the US and dull as ditchwater UK betting shops works.

UBS expects group revenue of £4.6 billion, group underlying profit [EBITDA] of £956 million and a share of joint venture income [BetMGM] of minus £42 million.

BetMGM reported in early February that 2023 net revenue came in at $1.96bn with an EBITDA loss of minus US$67 million.

A few weeks earlier, Entain received a downgrade from analysts at Barclays, who said that to justify the current share price the online arm needs to be doing better.

"The Ladbrokes, Coral and BetMGM partner needs online to return to market growth rates or better and US share to stabilise (and grow)," says the broker, but neither is a given, it added.

Meanwhile, there is little free cash flow and high debt ratios restrict M&A.
Posted at 06/12/2023 18:36 by gambler911
Entain, the owner of Ladbrokes and Coral, as well as other gambling companies have experienced steep share price falls in the last few months but analysts at Exane believe the “negative moves are mostly overdone.”

Shares in Entain have slipped close to 33% since August, while Flutter, owner of Paddy Power and Sky Bet, has dropped around 15% in the same period.

Over the summer, investors saw several profit warnings from the UK’s leading gambling firms, with “unfavourable betting results”, regulatory headwinds and weakened demand leading to a dampening of sales and profits.

However, analysts at the brokerage firm reckon luck is turning for these industry leaders, with Entain PLC (LSE:ENT) returning to trading at similar multiples to rival 888, albeit with less debt and better exposure geographically, while Flutter Entertainment PLC (LSE:FLTR) is performing well in Europe and has not lost its crown in the US to Draftkings Inc (NASDAQ:DKNG).

“We have seen many recent headlines claiming DraftKings is now the leader in US online sports betting. The headlines are based on gross revenues, and don't take the material impact of free bets into account,” analysts at the London group said.

DraftKings is expected to meet its fourth quarter earnings guidance but there remain questions about whether it will be also able to maintain market share and a gross margin of 50% at the same time.

Only adjusting target prices to consider interest rate rises, the experts at Exane don’t see regulatory headwinds playing a negative role going forward.

Exane analysts added: “The recent warnings from Entain and 888 have raised concerns over further potential regulatory headwinds. We think the worst is probably over, and that Flutter has continued to gain share, especially in online sports betting.

“Concerns over the potential impact of a single customer view across operators' brands also look overdone for the more prudent operators.”

Flutter remains Exane’s top pick, but the group also notes that “Entain offers value after recent share price woes.”

Shares in Entain are flat at around 933p on Monday, while Flutter jumped by over 3% after opening at 12,475p.
Posted at 05/12/2023 21:58 by loganair
Where does this leave Entain?

At the time of writing, Entain’s share price was down 0.13% on market opening at 795.80p per share.

Over the the last 30 days however, the company’s share price has decreased by 137.80p. In percentage terms, this totals a decrease of 14.75 %. This leaves Entain’s prospects unclear.

Last week, investment bank and financial services giant Goldman Sachs downgraded Entain to sell from buy. This was amid concerns over business growth, particularly within its online division.

The downgrade saw Entain’s price target has slashed from 1,450p to 820p. Following recent market movements, this is already more optimistic than Entain’s current share price of 795.80p per share (5 December).

While quoting “regulatory headwinds” in its report, the wider focus is on Entain’s present issues of growth.

In highlighting “increased competition and market dynamics”, Goldman Sachs forecasts Entain’s pro-forma online growth to be negative in Q4 of 2023 and H1 of 2024.

The Group, it added, is not expected to return to growth until the second half of next year.

Prospects uncertain:

Such is this level of concern that Goldman Sachs is also cutting earnings per share estimates for 2024 and 2025. The bank says this will be approximately 30% lower than previous stated, adding that free cash flow has also deteriorated.

There is also mixed news from the US front, with BetMGM, a joint venture between Entain and MGM Resorts. While BetMGM’s CEO, Adam Greenblatt, was upbeat on this week’s investor’s presentation, Goldman Sachs picks out the ongoing issue of stagnation.

In its Q3 update, Entain said BetMGM held an 18% market share in US states. This was level with Q2 and only slightly ahead of 17% during the first quarter.

In this week’s call, BetMGM has highlighted its aim to reach 25% market share in the US by 2026, as well as delivering $500.0m (£396.1m/€462.2m) in positive EBITDA.

The business sees next year as an investment period, having already proved profitability in 2023. While it expects to achieve a profitable H2 2023, BetMGM expects negative EBITDA for 2024 in what it bills as an “investment year”.

Losing confidence:

Back in August, it was also revealed that MGM was launching BetMGM in the UK without Entain. Instead, MGM is working with LeoVegas, with the international platform utilising LeoVegas’ technology and platform. LeoVegas was acquired by MGM Resorts last year for $604m.

While Entain reported a record H1 2023, its Q3 update showed online net gaming revenue growth had slowed to single figures.

Not long after this, Entain chairman Barry Gibson and CEO Nygaard-Andersen significantly increased their shareholdings. The chair’s spouse, Brenda Gibson, also increased her holding in Entain from 41,902 shares to 57,434.

In addition, senior independent non-executive director Stella David secured a further 95,025 shares and non-executive director Rahul Welde purchased 21,644 more shares.

Also in its Q3 trading update, Entain unveiled Project Romer. This set out a goal of reaching an online EBITDA margin of 28% by 2026 and 30% by 2028.

To achieve this, Entain plans to simplify the group to improve operational leverage and drive cost efficiencies. This will include making cross cost savings of £100.0m by 2025.
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 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.
Posted at 20/11/2023 09:30 by pj84
Entain one of 5 shares in the Expert view article today

"Value remains at Entain, says Berenberg

Stabilisation is needed at Entain (ENT) but value still remains at the gambling group, says Berenberg.

Analyst Jack Cummings retained his ‘buy’ recommendation but reduced the target price from £16.50 to £15.10 on the Citywire Elite Companies AA-rated stock, which was trading at £8.70 on Friday.

The shares are down more than 30% year-to-date and are ‘clearly underperforming the wider sector’, said Cummings.

‘While some of this underperformance is clearly justified owing to the persistent downgrades and weaker performance from BetMGM, at the current share price we feel the medium-term growth opportunities are being ignored,’ he said.

Cummings acknowledged that ‘stabilisation of performance and earnings is certainly needed’ to revive confidence in the company.

‘We think our rebased estimates are well underpinned. Entain remains a leading operator in the industry with podium positions in a number of key markets and a growing US business,’ he said."
Posted at 14/11/2023 11:03 by speedsgh
FWIW (which is probably not a lot)...

MGM Could Wait Awhile Before Bidding Anew for Entain -

If MGM Resorts International (NYSE: MGM) is mulling another acquisition bid for Entain Plc (OTC: GMVHY), it could take awhile for that offer to come to light.

That’s the take of Jefferies analyst James Wheatcroft who, in a new note to clients, downgraded the Ladbrokes owner to “hold” from “buy” while trimming his price target on the gaming stock to GBP915 from GBP1,335. He also pared earnings forecasts on Entain through 2026 to better reflect the company’s investments in BetMGM and higher interest costs.

Currently, MGM has a lot on its plate, indicating a near-term offer for Entain may not materialize, noted Wheatcroft. Additionally, shares of the Coral owner have slumped as of late, perhaps signaling that any prospective buyer doesn’t need to rush to pitch an acquisition.

In January 2021, the Las Vegas-based gaming company offered $11.06 billion for its BetMGM partner, but Entain dismissed the bid as inadequate. At that time, there was speculation that the Bellagio operator would increase its offer, but that never materialized.

MGM’s Full Plate Could Delay Another Entain Bid

MGM management has been open about its desire to acquire the 50% of BetMGM it currently doesn’t own. Likewise, executives of that company have clearly indicated another run at Entain isn’t in the offing.

Additionally, at the Global Gaming Expo (G2E) in Las Vegas last month, Entain CEO Jette Nygaard-Andersen told attendees that joint ventures don’t last forever, perhaps signaling that a day will come in which BetMGM’s ownership will look markedly different from current form.

As Jefferies’ Wheatcroft observed, MGM has a lot on its plate at the moment, including moving past a September ransomware attack and the Las Vegas Gran Prix later this week. If the Formula One race is a legitimate distraction from evaluating acquisitions, the same would almost certainly be true of the Super Bowl in February, indicating that it could be some time before MGM considers another run at Entain.

MGM Deploying Capital in Other Ways

Though not a distraction in the traditional sense of the word, as noted by Wheatcroft, MGM recently unveiled a new $2 billion share repurchase program. That doesn’t necessarily deter the gaming company from making another pass at Entain because companies are not legally obligated to follow through on the entirety of announced stock buyback schemes.

That said, MGM has been a dedicated buyer of its own shares, repurchasing $6.2 billion of its stock from the start of 2021 through the end of the third quarter.

Whether or not that remains an obstacle to making a new offer for Entain remains to be seen, but with interest rates high, MGM may not want to tap debt markets to fund a deal for Entain and it clearly has ways for deploying capital without spending big on its BetMGM partner.
Entain share price data is direct from the London Stock Exchange

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