GVC Holdings

GVC Holdings is a holding company. Through its subsidiaries, Co. is an online gaming company, provides business to consumer and business to business services to the online gaming and sports betting markets in Europe and Latin America. Co. operates in two segments, Sports and Gaming. Co. offers sports betting, casinos, games, and poker through online and mobile under the Sportingbet brand; and online bingo, sportsbook, casino, and poker access under the Betboo brand, as well as operates an online casino Website for German-speaking markets under the CasinoClub brand. Co. also various online poker games, including No Limit Texas Hold'em, Fixed Limit Texas Hold'em, and Pot Limit Texas Hold'em.
  • TickerGVC
  • ISINIM00B5VQMV65
  • ExchangeLondon Stock Exchange
  • SectorTravel & Leisure
  • CountryIsle of Man

Analysts

Expert Corporate Governance Service (ECGS)

GVC Holdings - AGM 05 June 2019

Acquisition of Ladbrokes Coral Group plc  On 28 March 2018, the Company completed the acquisition of the entire share capital of Ladbrokes Coral Group plc, effected by means of a Court-sanctioned scheme of arrangement. The total consideration was £3,344.7m.  Item 2: Approve the Remuneration Report  In comparion with the previous year, disclosure has improved, which is welcomed.  However, the remuneration structure is still unsatisfactory. The maximum bonus exceeds guidelines, the severance agreements are not disclosed, and benefits are excessive.  The LTI is overly-reliant on EPS, which is ...

With a more favourable environment, GVC HOLDINGS PLC. improves to Slightly Positive

GVC HOLDINGS PLC. (GB), a company active in the Gambling industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date April 16, 2019, the closing price was GBp 642.00 and its potential was estimated at GBp 721.18.

1 director maiden bought

A director at GVC Holdings maiden bought 18,000 shares at 549p and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boa...

GVC Holdings Plc: Update following 2018 annual results

Our credit view of GVC Holdings PLC, reflecting its high leverage, exposure to greater regulation and taxes, and the risk of integrating Ladbrokes Coral Group plc.

MarketLine Department

Playtech PLC - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Playtech PLC Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Playtech PLC since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlight...

GVC Holdings Plc: Update following 2018 annual results

Our credit view of GVC Holdings PLC, reflecting its high leverage, exposure to greater regulation and taxes, and the risk of integrating Ladbrokes Coral Group plc.

GVC Holdings PLC: Decision to reduce gaming machine maximum stake to GBP2 is credit negative for GVC; ratings are unaffected

Impact from new GBP2 maximum stake limit on B2 machines is expected to be largely mitigated by synergies and the CVR, although uncertainty remains on the implementation.

GVC Holdings Plc

LGD Model April 2018

GVC Holdings PLC: Scenario analysis: UK regulatory review will weaken cash flow but not enough to change the rating

We have analysed the impact on GVC's credit quality of three potential outcomes from the government's review of gaming machines.

GVC Holdings PLC: Discussion of key credit factors following the assignment of a public rating

Our credit view of GVC Holdings PLC, reflecting its high leverage, exposure to greater regulation and taxes and the risk of integrating Ladbrokes Coral Group plc.

GVC Holdings - Parliamentary U-turn

Following the resignation of Sports Minister Tracey Crouch, the UK government has bowed to pressure to bring forward the reduction in FOBT stake limits, from October 2019 to April 2019. The planned increase in remote gaming duty (from 15% to 21%) will also commence in April. We reduce our FY19 EBITDA by a further £95m and net debt/EBITDA now peaks at 3.0x in FY19. Our FY20 estimates are broadly unchanged.

GVC Holdings - Budget not as bad as feared

The Budget has provided long-awaited clarity on a number of gaming-related issues. The implementation of the £2 FOBT stake reduction will begin in October 2019, at the same time as a 600bp increase in remote gaming duty (RGD), from 15% to 21%. This is 1% higher than market expectations, but lower than recent rumours of 25%. We now include a £30m annual EBITDA impact in our forecasts. Also adjusting for an earlier implementation of the FOBT stake limit, we have lowered our FY19e EBITDA by 7%. Our FY20e EBITDA declines by 4%. The stock has fallen c 22% since August and trades at 9.8x EV/EBITDA a...

GVC Holdings - Q3 trading update shows continued progress

In a continuation of previous trends, GVC’s Q318 trading update has demonstrated strong growth and market share gains across all territories. Total net gaming revenues (NGR) were up 14%, driven by a 28% growth in online NGR. UK retail was only down 2%, helped by a strong FIFA World Cup. The integration of Ladbrokes is progressing well, although GVC has announced that Paul Bowtell (former Ladbrokes CFO) will resign in March 2019. Our estimates remain unchanged, but there is a £20-25m risk to our EBITDA forecasts, following an anticipated increase in remote gaming duty (RGD) at the government’s ...

GVC Holdings - Q3 trading update shows continued progress

In a continuation of previous trends, GVC’s Q318 trading update has demonstrated strong growth and market share gains across all territories. Total net gaming revenues (NGR) were up 14%, driven by a 28% growth in online NGR. UK retail was only down 2%, helped by a strong FIFA World Cup. The integration of Ladbrokes is progressing well, although GVC has announced that Paul Bowtell (former Ladbrokes CFO) will resign in March 2019. Our estimates remain unchanged, but there is a £20-25m risk to our EBITDA forecasts, following an anticipated increase in remote gaming duty (RGD) at the government’s ...

GVC Holdings - Strong growth amid integration

GVC has announced a strong set of H118 results, with pro-forma net gaming revenues (NGR) increasing 8% to £1,717m, driven by an impressive 18% growth in Online. The integration of Ladbrokes Coral is on track, with an additional £30m capex synergies identified. GVC is now a leading player in the global gaming market and is well placed to continue gaining share across all its key territories. M&A are likely to remain a feature and there is significant potential upside from the US, which is not in our estimates. The stock trades appropriately towards the top of its peer group, at 10.3x EV/EBITDA ...

1 director maiden bought

A director at GVC Holdings maiden bought 18,000 shares at 549p and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boa...

With a more favourable environment, GVC HOLDINGS PLC. improves to Slightly Positive

GVC HOLDINGS PLC. (GB), a company active in the Gambling industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date April 16, 2019, the closing price was GBp 642.00 and its potential was estimated at GBp 721.18.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Playtech PLC - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Playtech PLC Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Playtech PLC since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlight...

MarketLine Department

kindred group - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's kindred group Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by kindred group since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlig...

Expert Corporate Governance Service (ECGS)

GVC Holdings - AGM 05 June 2019

Acquisition of Ladbrokes Coral Group plc  On 28 March 2018, the Company completed the acquisition of the entire share capital of Ladbrokes Coral Group plc, effected by means of a Court-sanctioned scheme of arrangement. The total consideration was £3,344.7m.  Item 2: Approve the Remuneration Report  In comparion with the previous year, disclosure has improved, which is welcomed.  However, the remuneration structure is still unsatisfactory. The maximum bonus exceeds guidelines, the severance agreements are not disclosed, and benefits are excessive.  The LTI is overly-reliant on EPS, which is ...

Jérôme VINERIER

Short term view - GVC HOLDINGS PLC : Overbought stochastics

The trend is bearish. The recovery is a consolidation. Stochastics are at the overbought level. The fall can soon resume toward 834.00 p. The background trend would be questioned should prices rise above 1,165.00 p.

Jérôme VINERIER

Analyse court terme - GVC HOLDINGS PLC : Stochastiques en zone de surachat.

La tendance est baissière. La reprise est une consolidation. Les Stochastiques sont en zone de surachat. La baisse peut bientôt reprendre vers 834,00 p. La tendance de fond serait remise en cause en cas de franchissement de 1 165,00 p.

Jérôme VINERIER

Analyse court terme - GVC HOLDINGS PLC : La tendance est baissière.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 834,00 p. La tendance de fond serait remise en cause en cas de franchissement de 1 165,00 p.

Jérôme VINERIER

Short term view - GVC HOLDINGS PLC : The trend is bearish.

The trend is bearish. The recovery is a consolidation. The fall might resume toward 834.00 p. The background trend would be questioned should prices rise above 1,165.00 p.

Jérôme VINERIER

Medium term view - GVC HOLDINGS PLC : The recent fall is getting more vigorous.

The trend is bullish. The recent fall is getting more vigorous. The next support is at 827.68 p. A break below 827.68 p would challenge the trend.

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