GVC’s refinancing is a very positive surprise, coming just after its move to a premium listing. Nomura’s initial 2% interest rate compares with 12.5% being paid on the Cerberus loan, a big vote of confidence in GVC’s early progress integrating its transformational bwin acquisition and paving the way for a resumption of dividend payments in 2017. We have increased our 2017e EPS by 6% to reflect the lower financing charges and expect further positive newsflow with the interim results on 20 September.

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