Excluding Euro 2016 revenues, underlying Q217 daily net gaming revenues (NGR) grew 15%, providing further evidence of GVC’s position as a leading online gaming operator. As showcased during a recent capital markets day, the integration of bwin.party has surpassed management’s initial expectations, with positive KPIs across all divisions. Growth has been achieved through leveraging the powerful proprietary platform and reinvigorating leading brands. Customer migrations should be complete by year end and €125m cost synergies are on track. We have nudged up our 2017 and 2018 forecasts, although we recognise that comparatives into H217 will become tougher. With a robust growth profile, the stock trades towards the top of its peers, at 9.9x EV/EBITDA and 12.5x P/E for 2018e.

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