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Our updated pro-forma GVC forecasts reflect the increased LCL synergy targets (from £100m to £130m), as well as the new £2 FOBT stake limit. Overall, the investment thesis remains unchanged: GVC’s enlarged business benefits from a highly scalable technology, strong brands and diversified revenue streams. We expect strong FCF to simultaneously drive down debt and return cash to shareholders. Additional upside should come from the opening of the US market, where we anticipate opportunistic expansion. The stock trades appropriately towards the top end of its peer group, at 10.8x EV/EBITDA and 14.2x P/E for FY18e.

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