GVC’s interims demonstrate the rapid progress it is making integrating bwin, with proforma EBITDA up 42%. In a confident statement management believes the group’s organic growth potential is greater than originally anticipated; it plans to increase marketing investment to take advantage of new opportunities. Our EPS estimates have increased, as has our 2016 EBITDA forecast (up 3%), but our 2017 EBITDA is unchanged to allow for regulatory and tax headwinds. Management is delivering on its ambitious targets yet the 2017e EV/EBITDA is below the peer group average at 10.1x.

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