GVC is returning to the dividend payers list sooner than expected, with a 10c/share special dividend for 2016. This further demonstrates management’s excellent progress integrating bwin and growing the enlarged business. Thereafter, a 50% payout policy implies a yield of over 3% for 2017e. With considerable momentum building in terms of cost-cutting, product enhancements and more focused marketing, we are confident in our growth forecasts (2017e EPS up 80%), on which basis the 2017e EV/EBITDA of 9.5x represents excellent value.

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