Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>GVC has announced the sale of its payments business Kalixa for &euro;29m, as expected. In addition, and hard on the heels of the increased special dividend for shareholders (announced 15 December), GVC has reported that directors are to receive cash alternative payments in respect of options that have vested. The combined impact is a small (2%) upgrade to our 2017e normalised EPS. GVC goes into 2017 with very strong positive momentum that is still not reflected its EV/EBITDA of 9.6x.</p>

GVC has announced the sale of its payments business Kalixa for &euro;29m, as expected. In addition, and hard on the heels of the increased special dividend for shareholders (announced 15 December), GVC has reported that directors are to receive cash alternative payments in respect of options that have vested. The combined impact is a small (2%) upgrade to our 2017e normalised EPS. GVC goes into 2017 with very strong positive momentum that is still not reflected its EV/EBITDA of 9.6x.

<p>GVC has released a positive pre-close update, indicating that results will be at the upper end of market expectations, and has upped the planned 2016 special dividend by 49%, from 10c to 14.9c/share. This confirms excellent momentum in the business, with revenue synergies beginning to augment the bwin cost synergies. We have increased our FY16 EBITDA estimate by &#163;2.4m to &#163;204.5m. Management is delivering on its ambitious targets, yet the 2017e EV/EBITDA is now only 9.2x.</p>

GVC has released a positive pre-close update, indicating that results will be at the upper end of market expectations, and has upped the planned 2016 special dividend by 49%, from 10c to 14.9c/share. This confirms excellent momentum in the business, with revenue synergies beginning to augment the bwin cost synergies. We have increased our FY16 EBITDA estimate by &#163;2.4m to &#163;204.5m. Management is delivering on its ambitious targets, yet the 2017e EV/EBITDA is now only 9.2x.

United Kingdom

Entain plc is a sports betting and gambling company operating in the online and retail sector. The Company owns brands such as Bwin, Coral, Ladbrokes, PartyPoker, and Sportingbet. Entain serves customers worldwide.

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Entain (ENT LN)

Success rewarded

GVC has announced the sale of its payments business Kalixa for €29m, as expected. In addition, and hard on the heels of the increased special...

Edison Investment Research

Increased special dividend

GVC has released a positive pre-close update, indicating that results will be at the upper end of market expectations, and has upped the planned...

Edison Investment Research

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