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GVC Holdings (GVC)

Business description

GVC Holdings is a leading e-gaming operator in both the B2C and B2B markets. Following the acquisition of Ladbrokes Coral in 2018, it now has a market-leading position in UK retail betting. About 90% of revenues are derived from regulated and/or taxed markets.

Stock data

Market cap.£5406.4m
Last close929.50p
High / Low (52 weeks)1170.0p / 860.0p
Stock market listingLN
Forecast net debt (£m)1887.2
Forecast gearing ratio (%)48

Price performance

Relative *(2.8)(9.1)9.5

* % Relative to local index

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Company news

City analysts at odds over GVC Holdings in wake of Ladbrokes Coral acquisition

Mon, 09 Apr 2018 07:15:30 GMT

Investors bet big on GVC as Barclays backs £4bn takeover of Ladbrokes Coral

Tue, 02 Jan 2018 08:58:14 GMT

GVC Holdings reports strong third quarter

Thu, 12 Oct 2017 08:03:40 GMT

GVC made fresh £3.6bn approach for Ladbrokes Coral

Tue, 22 Aug 2017 15:04:32 GMT

Why the GVC Holdings plc/Ladbrokes Coral Group plc merger makes sense

Thu, 07 Dec 2017 10:22:43 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 2998.8 523.4 257.7 N/A N/A N/A
2017A 3291.5 666.5 462.8 N/A N/A N/A
2018E 3472.7 734.9 511.0 72.95 12.7 N/A
2019E 3558.5 794.5 560.6 79.76 11.7 N/A

Last updated on 25/09/2018

Investment summary

By acquiring Ladbrokes Coral, GVC has become a FTSE 100 global gaming business, with pro forma FY18e revenues of £3.4bn. With strong brands, diversified revenues and a superior technology, GVC is well positioned to benefit from increased scale and we anticipate the deal to be highly accretive, due to the £130m+ cost synergies and £30m capex synergies. A recent $200m JV with MGM should propel expansion into the US, providing access to 15 states.

Last updated on 28/09/2018

Industry outlook

In the UK, the DCMS's consultation on the Triennial Review has now concluded, with the decision to limit FOBT stakes to £2. GVC believes this will have an ultimate £120m impact on EBITDA. The proposal to increase remote gaming duty at the next budget would also have a negative effect on all online gaming operators. For GVC this would impact EBITDA by c £20-25m.

Last updated on 28/09/2018

Key management

Kenny Alexander, CEO
Jennifer Spencer, IR

Company address

32 Athol Street
United Kingdom
+44 (0) 20 7398 7702
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