GVC’s positive momentum a year on from the bwin deal is demonstrated by encouraging KPIs and the early resumption of dividends. Attainment of the target €125m of cost synergies is well on track, assuming successful platform migrations during H117. Strong cash generation underpins a generous dividend policy (50% payout). The 2017e EV/EBITDA of only 8.8x looks very good value for an ambitious group that is capitalising on industry growth and consolidation opportunities.

Continue reading

This version is programmatically created by Responsive Labs and qualified in its entirety to the original PDF.

Powered by Responsive Labs