GVC Holdings — Update 4 August 2016

GVC Holdings — Update 4 August 2016

GVC Holdings

Katherine Thompson

Written by

Katherine Thompson

Director

GVC Holdings

Successful refinancing

Refinancing

Travel & leisure

4 August 2016

Price

673.5p

Market cap

£1,965m

£0.84/$1.12/TRY3.35/€

Net debt (€m) at 24 July 2016

154

Shares in issue

291.8m

Free float

95%

Code

GVC

Primary exchange

LSE (Premium segment)

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

11.32

23.58

60.74

Rel (local)

9.82

16.38

62.75

52-week high/low

673.50p

372.00p

Business description

GVC Holdings is a leading e-gaming operator in both B2C and B2B markets. It has four main product verticals (sports, casino, poker, bingo) with a number of brands. It acquired bwin.party digital entertainment (bwin) on 1 February 2016 for €1.51bn.

Next events

Interim results

20 September 2016

Analysts

Jane Anscombe

+44 (0)20 3077 5740

Katherine Thompson

+44 (0)20 3077 5730

GVC Holdings is a research client of Edison Investment Research Limited

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.

Year end

Revenue (€m)

EBITDA

(€m)

PBT*
(€m)

EPS*
(c)

DPS
(c)

P/E
(x)

Yield
(%)

12/14

224.8

49.2

41.3

61.4

55.5

11.0

8.2

12/15

247.7

54.1

50.0

76.4

56.0

8.8

8.3

12/16p**

850.0

196.5

81.2

25.2

0.0

26.7

N/A

12/17e

878.5

250.0

177.6

53.0

25.0

12.7

3.7

12/18e

930.0

285.0

228.0

67.3

32.5

10.0

4.8

Note: *PBT and diluted EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Pro forma includes 12 months of bwin.

Cerberus loan refinanced

GVC’s €400m Cerberus loan was put in place at relatively short notice to part-fund the €1.5bn acquisition of bwin in February 2015 and, as such, it bears a 12.5% interest rate plus material fees. We had assumed it would be replaced by a new facility at 7.5% from end Q117, but in fact the €250m Nomura loan bears an initial rate of only 2% and is expected to be drawn down on 1 February 2017. We have increased our 2017e normalised PBT by €9.8m to €177.6m to reflect the lower interest cost and finance fees.

Excellent July trading with Euro 2016

GVC had already reported strong H116 trading (13 July Update note) and now reports that July proforma revenues (including bwin) were 26% up on July 2015 (31% at constant currency), boosted by favourable results in the FIFA Euro 2016 tournament. We have left our 2016 estimates unchanged for now, ahead of the interims, but see some scope for upward revision. Much of the heavy lifting that underpins the total €125m of forecast synergies will take place in H216, including the important platform migration, but GVC has put in place an extremely experienced management team. We continue to expect very strong cash generation from 2017 once the bwin restructuring is complete.

Valuation: More to go for

GVC’s shares have risen by 45% since the start of the year, reflecting the encouraging early progress with the bwin, and helped by the move up from AIM to the Full list (premium segment from 1 August), with likely entry to the FTSE 250 in September. The 2017e EV/EBITDA of 9.9x is broadly in line with the peer group (on c 9.5x) despite GVC’s above average growth prospects for its diversified business, which could potentially be augmented by further M&A activity in due course.

Lower financing costs post debt refinancing

The Cerberus loan

GVC drew down €20m of its Cerberus loan facility in September 2015 (to pay for upfront deal costs) and the remaining €380m on 1 February (when the bwin acquisition completed). The simple interest is 11.5% above a 1% EURIBOR floor (ie 12.5%) and would have totalled €81.6m over the period to the anticipated maturity on 4 September 2017. Moreover there are material additional fees and charges (including a 1% anniversary fee, 2.5% 18-month fee and 3% exit fee), which were anticipated to total €42.7m over the same period. Both the cash and accounting allocations were detailed in GVC’s 2015 Annual Report, page 21. As at 1 August €386.5m remained outstanding.

The new Nomura loan

GVC has now agreed a new €250m unsecured loan with Nomura, with formal documentation expected to be signed by 31 October and draw-down on or around 1 February 2017 (thus avoiding both the Cerberus 1% anniversary and 2.5% 18-month fees). The proceeds, together with GVC’s other cash resources, will be used to pay down the Cerberus loan. The initial interest rate is 2.0% above a 0.0% EURIBOR floor (ie 2.0%) and we assume the fees could be c 3%. The Nomura loan’s initial maturity date is a year after the signing of the agreement (ie October 2017), but it may be extended for six or 12 months. Compared to running the Cerberus loan to full maturity, the Nomura loan saves GVC €43m of annual cash interest, as well as giving it greater flexibility especially with respect to the resumption of dividends.

Changes to estimates

We have not made any changes to our revenue or clean EBITDA/ EBIT estimates at this stage. The changes to our estimates summarised in Exhibit 1 are the result of changes to our financing charges (previously discussed in our 3 May 2016 Update note). It is worth noting that the calculation of the accounting allocation of fees is complicated and we expect more accurate guidance at the time of the interims.

Exhibit 1: Changes to estimates

EPS

PBT

EBITDA

Old

New

% chg.

Old

New

% chg.

Old

New

% chg.

2016p*

25.2

25.2

-

81.2

81.2

-

196.5

196.5

-

2017e

50.0

53.0

+6.0

167.8

177.6

+5.8

250.0

250.0

-

2018e

66.0

67.3

+2.0

223.8

228.0

+1.9

285.0

285.0

-

Source: Edison Investment Research. Note: Estimates are normalised. 2016p is pro forma.

We have not changed our 2016 estimated financing charge of €64.2m, as we assume that the accounting allocation of fees for the Nomura loan will broadly offset the saving from the anniversary fee. Hence our 2016 forecasts are unchanged.

We had previously assumed that the Cerberus loan would be refinanced on 1 March 2017 at 7.5% (thus incurring the anniversary fee but not the 18-month fee). For 2017 we thus calculated €20.8m of interest to which we added €12.6m of fees (from GVC’s Annual Report Table 12, excluding the extension and 18-month fees) making a total of €33.4m. Our new estimate (Exhibit 2) allows for 2% interest from 1 February, excludes the anniversary fee but allows for some Nomura fees, producing total estimated financing charges of €23.6m, €9.8m lower than our previous estimate.

By H217 GVC will be very strongly cash generative and we continue to expect it will have net cash by the end of 2018, in the absence of any material acquisitions. Our previous 2018e estimates were based on average debt of €150m at 7.5%, plus c €3m of fees/capitalisations; we now assume a rate of 4.5% and c €3m of fees/capitalisations, producing an overall 2018e PBT increase of c €4.2m.

Exhibit 2 shows our estimated split of finance charges between interest and fees, as well as the relative contributions from GVC and bwin, while our overall forecasts are summarised in Exhibit 3.

Exhibit 2: Edison forecasts for the enlarged group

2016p*

2017e

2018e

€m

GVC

bwin*

Group

GVC

bwin

New

Group

Sports NGR

124.9

233.3

358.2

133.0

240.3

373.2

401.0

Sports margin

9.5%

9.0%

9.2%

9.5%

9.0%

9.2%

9.0%

Gaming

138.6

353.2

491.8

141.7

363.0

505.3

529.0

Total revenue

263.5

586.5

850.0

274.7

603.3

878.5

930.0

EBITDA

56.0

120.5

176.5

61.8

138.2

200.0

255.0

Synergies

 

20.0

 

50.0

30.0

Clean EBITDA

 

 

196.5

 

 

250.0

285.0

Clean EBITDA margin

21.2%

20.5%

23.1%

22.5%

22.9%

28.5%

30.6%

Dep'n/amort own work

(4.6)

(46.5)

(51.1)

(4.6)

(44.2)

(48.8)

(47.0)

Clean EBIT

145.4

201.2

238.0

Interest

 

 

(46.7)

 

 

(8.8)

(6.8)

Fees (accounting allocation)

 

 

(17.5)

 

 

(14.8)

(3.2)

Net finance charges

(64.2)

 

 

(23.6)

(10.0)

Normalised PBT

81.2

 

 

177.6

228.0

Source: GVC, Edison Investment Research. Note: * 2016p includes 12-month pro-forma contribution from bwin (reported will be 11 months). 2016p normalised PBT is before estimated restructuring and deal-related costs of €90m (Exhibit 3).

Exhibit 3: Financial summary

€m

2014

2015

2016p*

2017e

2018e

Year end 31 December

(IFRS)

(IFRS)

(IFRS)

(IFRS)

(IFRS)

PROFIT & LOSS

Revenue

 

 

224.8

247.7

850.0

878.5

930.0

Cost of Sales

(101.5)

(112.4)

(399.5)

(412.9)

(437.1)

Gross Profit (contribution)

123.3

135.4

450.5

465.6

492.9

EBITDA

 

 

49.2

54.1

196.5

250.0

285.0

Depreciation and amortisation

 

 

(5.5)

(1.4)

(51.1)

(48.8)

(47.0)

Operating Profit (norm)

 

 

43.7

52.7

145.4

201.2

238.0

Amortisation of acquired intangibles

0.0

0.0

0.0

0.0

0.0

Exceptional/ one-off items

0.0

(24.5)

(90.0)

(5.0)

0.0

Share based payments

(0.7)

(0.4)

0.0

0.0

0.0

Operating Profit

42.9

27.7

55.4

196.2

238.0

Net interest

(0.1)

(2.2)

(64.2)

(23.6)

(10.0)

Other financial expense

(1.6)

0.0

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

41.3

50.0

81.2

177.6

228.0

Profit Before Tax (FRS 3)

 

 

41.3

25.5

(8.8)

172.6

228.0

Tax

(0.7)

(0.8)

(2.4)

(7.0)

(11.4)

Profit After Tax (norm)

40.6

49.2

78.7

170.6

216.6

Profit After Tax (FRS 3)

40.6

24.7

(11.3)

165.6

216.6

Average Number of Shares Outstanding (m)

61.1

61.3

292.0

292.0

303.0

EPS - normalised fully diluted (c)

 

 

61.4

76.4

25.2

53.0

67.3

EPS - (IFRS) (c)

 

 

66.4

40.2

(3.9)

56.7

71.5

Dividend per share (c)

55.5

56.0

0.0

25.0

32.5

Gross Margin (%)

54.8

54.6

53.0

53.0

53.0

EBITDA Margin (%)

21.9

21.8

23.1

28.5

30.6

Operating Margin (before GW and except.) (%)

19.4

21.3

17.1

22.9

25.6

BALANCE SHEET

Fixed Assets

 

 

159.2

159.2

1,484.0

1,482.0

1,482.0

Intangible Assets

154.3

155.2

1,400.0

1,400.0

1,400.0

Tangible Assets

1.1

1.4

80.0

78.0

78.0

Deferred tax asset

3.8

2.6

4.0

4.0

4.0

Current Assets

 

 

49.5

72.6

450.0

405.0

398.0

Stocks

0.0

3.8

0.0

0.0

0.0

Debtors

31.7

40.6

110.0

115.0

120.0

Cash

4.8

13.4

215.0

160.0

143.0

Customer balances

13.0

14.8

125.0

130.0

135.0

Current Liabilities

 

 

(50.4)

(81.0)

(490.0)

(445.0)

(370.0)

Creditors

(46.4)

(77.3)

(290.0)

(295.0)

(295.0)

Short term borrowings

(4.1)

(3.7)

(200.0)

(150.0)

(75.0)

Long Term Liabilities

 

 

(8.8)

(22.6)

(215.0)

(114.0)

(64.0)

Long term borrowings

(3.1)

(19.8)

(200.0)

(100.0)

(50.0)

Other long term liabilities

(5.7)

(2.8)

(15.0)

(14.0)

(14.0)

Net Assets

 

 

149.5

128.1

1,229.0

1,328.0

1,446.0

CASH FLOW

Operating Cash Flow

 

 

48.5

62.5

20.2

215.0

265.0

Tax

(0.5)

(0.7)

(5.0)

(10.0)

(12.0)

Net Interest

(0.1)

0.0

(47.0)

(24.2)

(7.0)

Capex

(5.3)

(6.2)

(35.0)

(35.0)

(35.0)

Acquisitions/disposals

(8.0)

(2.4)

(1,553.0)

0.0

0.0

Financing

0.9

(24.5)

1,439.7

0.0

0.0

Dividends

(33.6)

(34.3)

0.0

(44.0)

(98.5)

Net Cash Flow

1.9

(5.6)

(180.1)

101.9

112.5

Opening net debt/(cash)

 

 

4.3

2.4

10.2

185.0

90.0

HP finance leases initiated

(0.6)

(1.5)

0.0

0.0

0.0

FX/ Other

0.7

(0.7)

5.2

(6.8)

(4.6)

Closing net debt/(cash)

 

 

2.4

10.2

185.0

90.0

(18.0)

Source: GVC Holdings, Edison Investment Research. Note: 2016P is pro forma including bwin for 12 months (reported will be for 11 months).

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by GVC Holdings and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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London +44 (0)20 3077 5700

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London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by GVC Holdings and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Research: TMT

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