European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Aristocrat/Playtech: Deal Uncertainty but the Shares Are Inexpensive

Aristocrat/Playtech: Cashing in the Chips

DraftKings/Entain: Cash and Shares Approach

Event-Driven

<ul>
<li>Since <a href="https://www.smartkarma.com/entities/playtech-plc" target="_blank" data-smartkarma-citation="entities:22099:1" rel="noopener">Playtech Plc (PTEC LN)</a> started putting its house in order, it is receiving a lot of interest, in a sector that has attracted M&amp;A activity in 2020 and 2021.</li>
<li>Assuming the potential offer is at an EV of £3 billion, the potential offer price would be c. 830p. Shares offer an 8.9% 22e FCF yield.</li>
<li>I have revised my valuation following interest in the company. Median implied EV/Fwd EBITDA TP is 841p, c.24% higher than offer from Aristocrat, in line with that suggested by Gopher.</li>
</ul>


Since Playtech Plc (PTEC LN) started putting its house in order, it is receiving a lot of interest, in a sector that has attracted M&amp;A activity in 2020 and 2021.
Assuming the potential offer is at an EV of £3 billion, the potential offer price would be c. 830p. Shares offer an 8.9% 22e FCF yield.
I have revised my valuation following interest in the company. Median implied EV/Fwd EBITDA TP is 841p, c.24% higher than offer from Aristocrat, in line with that suggested by Gopher.


Playtech Plc

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