Gvc Share Discussion Threads

[loganair] 14/8/2016 12:34

City sources said the pair (Rank and 888) were preparing to raise the offer from 364p a share to 385p, putting an extra £183million on the table.

[coxsmn] 14/8/2016 09:37

"There is speculation private equity firm CVC, the owner of Sky Bet, could launch a rival bid for William Hill", from today's Telegraph.

[frankiethecabbie] 14/8/2016 06:43

I think we are in for an interesting week

[shayadfn] 12/8/2016 13:01

I'm looking to add once the price drops, already have a large holding

[mylands] 12/8/2016 09:51

Active

Took a look at LAM but not impressed. I think I'll stick with GVC. Good luck though and hope you are right in backing it and I live to regret my decision!

Will we break through 700p today, or will we have to wait until next week? IMO it will breach the barrier well in advance of admission to the 250.

[altom] 12/8/2016 07:20

Goesit. Thanks. This is such a sensible civilised thread, unlike some.

[srpactive] 11/8/2016 13:01

Mylands

Sorry off topic.

Keep your eye on lam, it is showing virtually the exact
chart pattern as gvc's back in 2006. And a new ceo.
I hold there and have been buying recently at around 69p.

dyor

regards

active

[garycook] 11/8/2016 10:16

Sounds about right.Knowing Kenny,and his team.GVC could beat these estimate,s !!!

[garycook] 11/8/2016 10:15

Sounds about right.Knowing Kenny,and his team.GVC could beat these estimate,s !!!

[gilotron] 11/8/2016 09:55

berenberg

GVC - Refinancing a real positive, more to come

GVC (Buy; PT GBp 760)

Click here for full report and disclosures

● GVC has obtained a new, much cheaper credit facility. Last week, GVC announced it has obtained a EUR250m credit facility at Euribor plus 2%. As of February 2017, this will replace the current Cerberus debt (Euribor plus 11.5%) secured in 2015 to finance the bwin.party acquisition. The new interest cost calculations entail significant savings versus our initial expectations (EUR18m P&L costs versus more than EUR50m previously estimated), which has prompted most of our 2017-2018E adjusted EPS upgrade. For 2016, we have reduced our adjusted EPS by c7% as a result of the likely higher-than-expected share option charges.

● H1 and July trading were strong, paving the way for revenue upgrades. In H1 2016, total pro forma net gaming revenues went up 8% yoy, and daily lfl revenues were up by 26% yoy in July, boosted by the Euro 2016 football tournament. While H2 will be affected by the first migration of platforms (some of this is already underway), which could have a slightly negative impact on churn, we think that a revenue growth of 4-5% yoy is more than achievable, and we have consequently upped our full-year revenue expectations. We conservatively expect mid-single-digit revenue growth in 2017-2019E, but a re-launch of the bwin brands could yield better results.

● Additional catalysts to come soon. GVC will report H1 numbers on 21 September. We expect a solid set of figures, and potentially some initial delivery of expected merger synergies (EUR125m from 2014 cost base). We expect management to reassure on the evolution of non-regulated earnings, with particular regard to Turkey (c11% of sales). The very recent appointment of a new head of bingo (Adele Lawton, 20 years’ experience with top B2B and B2C players in gaming), suggests that the company intends to increase focus on this division (Foxy Bingo is the main UK revenue generator for GVC). Further growth here would increase the group’s share of earnings coming from regulated markets.

● Our price target rises to GBp760. Based on DCF (10% WACC, 2% perpetual growth), and taking into account our new estimates, we derive a price target of GBp760/share (GBp730 previously). This would underpin c15x EV/EBITA for regulated countries in 2018E (c45% of total, on our estimates) and c11x for non-regulated areas (assuming 15x EBITA 2018E for regulated markets; the current market price entails a valuation of 6x EBITA for non-regulated activities). We reiterate our Buy rating on the stock.

[srpactive] 11/8/2016 08:40

Surely there will be some WMH assets the bidders do not
want or need going on the cheap for us to devour.

dyor

regards

active

[mylands] 11/8/2016 08:28

Another jump up this morning. Still trying to break through 700p. Large trades going though at these new highs, bodes well!

[bunlop] 10/8/2016 19:04

Many thanks for that Daikoku

[daikoku] 10/8/2016 18:09

Quarterly, about 4% on today's price keeping in line with suspension (No mention of reduction after suspension, just resumption.)

[bunlop] 10/8/2016 17:55

Looking to invest here. Can anyone tell me what to expect for an annual dividend going forward and the frequency of payments? Thanks

[sogoesit] 10/8/2016 17:19

Indeed, nice reversal.

alstom - google obviously doesn't know you're an investor ;-)
try a ticker search for G4S ... them who runs those prisons.

[altom] 10/8/2016 17:14

srpactive, what is GFS ? All I get is Global Forecast System.

[festario] 10/8/2016 16:12

GVC.... don't you just love a nice intraday reversal?

[woodhawk] 10/8/2016 15:10

I doubt I shall be remaining there long, Brownie. Its an illiquid nightmare with a poor communication from the management. I await the next results, and will then cut my losses I expect.

[woodhawk] 10/8/2016 15:10

I doubt I shall be remaining there long, Brownie. Its an illiquid nightmare with a poor communication from the management. I await the next results, and will then cut my losses I expect.

[brownie69] 10/8/2016 14:41

I was in ALY a fair time ago. Thankfully out now.

On GVC, my first buy was 93p. My average price of the first tranche of buying was around 113p. Those were the days!

[woodhawk] 10/8/2016 13:26

I've lost way more than several years divi's!

[chickcrumbs] 10/8/2016 13:18

Woodhawk..... ALY you and me both!!

[srpactive] 10/8/2016 13:15

Festario

Oh dear, I was filling my boots in the 30's.

Woodhawk

Ten percent yield, good heavens no pleasing some.

dyro

regards

active