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RNK Rank Group Plc

69.20
1.20 (1.76%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Rank Group Plc LSE:RNK London Ordinary Share GB00B1L5QH97 ORD 13 8/9P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.20 1.76% 69.20 69.00 70.80 70.90 68.00 68.00 241,695 16:35:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Amusement & Rec Svcs, Nec 681.9M -95.3M -0.2034 -3.49 332.12M

Rank Group PLC Edison issues update on Rank Group (RNK)

25/08/2016 9:24am

RNS Non-Regulatory


TIDMRNK

Rank Group PLC

25 August 2016

London, UK, 25 August 2016

Edison issues update on Rank Group (RNK)

A weak Q416 left final results a tad below our forecasts despite good results in Mecca venues and Grosvenor digital. However, cash generation was strong and the dividend was lifted by 16%. The organic growth strategy (focusing on multi-channel development) remains intact and while the failure to progress what would have been a transformational acquisition of William Hill (with 888) was a disappointment, it demonstrates the scale of management's ambitions. We suspect that future accretive opportunities will arise within the consolidating online gambling space.

Rank's shares have fallen from a 2016 peak of 295.5p (on 8 January) weighed by concerns over UK consumer spending, disappointment over Mecca's digital migration issues and uncertainty around the William Hill situation. However, the rating now looks too low, with annualised 2016e EV/EBITDA only 6.9x versus 11.9x for the peer group, suggesting good upside potential. We are hopeful of a positive Q117 IMS in mid October, which would be a positive catalyst

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com.

About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:

   Jane Anscombe                  Edison Investment Research                  +44 (0)20 3077 5740 
   Katherine Thompson           Edison Investment Research                 +44 (0)20 3077 5730 gaming@edisongroup.com 

Contact details: Learn more at www.edisongroup.com and connect with Edison on:

 
 LinkedIn   www.linkedin.com/company/edison-investment-research 
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This information is provided by RNS

The company news service from the London Stock Exchange

END

NRALIFFTTLIEFIR

(END) Dow Jones Newswires

August 25, 2016 04:24 ET (08:24 GMT)

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