Search Follow us

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
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(6.6)(16)3.0
Relative *(2.8)(9.1)9.5

* % Relative to local index

Other companies in sector Show

1Spatial 7digital Group
accesso Technology Group ADVA Optical Networking
Advanced Computer Software Group Advanced Micro Devices
AIXTRON Aladdin Blockchain Technologies
Algomizer All for One Steeb AG
Allocate Software Allot Communications
Alpha and Omega Semiconductor Alphapoint Technology Inc
Amazon Amino Technologies
ANADIGICS appScatter
Arria NLG artec technologies
AsiaCell AT&S Austria Technologie & Systemtechnik
Beta Systems Blancco Technology Group
blinkx Blue Prism
blur Group Boku
Brady Bulletproof Group
Carclo Catapult Group International
Celltick Technologies CENIT
CentralNic Cerillion
CityFibre Infrastructure Holdings Claranova
Cliq Digital CML Microsystems
CoAssets Comptel
Covata Craneware
CREALOGIX Group Cyan
Cypress Semiconductor DATAGROUP
DDD Group Dillistone Group
door2door dotDigital
DSP Group e2v technologies
Eagle Eye Eckoh
Elmos Semiconductor EMIS Group
Emulex Endace
EnWave Corporation Epipoli
eServGlobal Esker
Evolving Systems EVR Holdings PLC
Expert System Facebook
Featurespace FFastFill
FinTech Group First Derivatives
First Sensor Focus Solutions Group
Foresight Autonomous Holdings Forward Industries
FreeAgent Freelancer
Fusionex International Gamma Communications
GB Group GBST Holdings
GeoOp GetBusy
GFT Globo
GO internet Greek Organization of Football Prognostics
Himax Technologies Hrvatski Telekom
ifa systems ikeGPS Group
Infinera Inmarsat
Innovation Group InVision
IQE IS Solutions
ISRA VISION IXYS
Jenoptik K3 Business Technology
Kainos Kalibrate Technologies
Kape Technologies Keywords Studios
Learning Technologies Group LRAD Corporation
Magix Manpower Software
Manx Telecom Manz
Max 21 Maxima Holdings
Medicsight Mensch & Maschine Software
Mercia Technologies Mercia Technologies
Micro Focus International Micron Technology
Migme Mobile ecosystems
Monitise Montage Technology
Morse mVISE
My Net Fone Mynaric
Nano Dimension Nanoco Group
nearmap Nemetschek
Netcall NetCents
NetDimensions Netflix
Nexus Management O2Micro International
OMG OmniVision Technologies
Orion Health Group Osirium Technologies
Outsourcery Panorama Synergy
Pantaflix Patsystems
Paysafe Group Pebble Beach Systems Group
Pericom Semiconductor Phitek
Piteco PLX Technology
Pointer Telocation Pricer
Prodware PSI
Pure Wafer QSC
Quartix Holdings Real Estate Investar Group
REALTECH Redflex Holdings
Redstone Reed Elsevier
Reply SpA Results.com
Rex Bionics Rheinmetall
RM S&T
SCISYS Secunet
Seeing Machines Sepura
Serko Seven Principles
Siemens Sigma Designs
Silicom Silicon Image
SimiGon SinnerSchrader
SITO Mobile SLI Systems
Smartpay Holdings SNP Schneider-Neureither & Partner
Software AG Solera
Solutions 30 Spansion
Spirent Communications SQS Software Quality Systems AG
Stadium Group StatPro Group
STEMMER IMAGING Store Electronic Systems
Straker Translations SuperCom
Synchronica Taptica
Technology sector TerraNet
Texas Instruments The NAGA Group
Thin Film Electronics Thoughtonomy
Tikit Group Toumaz
Track Group TXT e-solutions
TZ Limited Ubisense Group
UMT United Mobility Technology United Power Technology
VASCO Data Security Vectron Systems
Virtual Piggy Vista Group International
Vitec Vizrt
VMob Group WANdisco
Webinar Wincor Nixdorf
WorkPlace Systems International XP Power
Xploite Xplore Technologies Corp
YuuZoo

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
Douglas
IM1 1JB
United Kingdom
+44 (0) 20 7398 7702
View website