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Readded thanks for the dip.
Follow up 24/1/24
24-Jan-24 18:00:00 83.589 255,556 Unknown* 82.55 83.20 213.62k O
24-Jan-24 18:00:00 83.589 158,240 Unknown* 82.55 83.20 132.27k O
Seems the price increased, have to see what tomorrow brings if there is another 18.00 trade today.
Well, 83.40 prices showed a peak to 89.70 on opening 24/1/24
Are those buys then?
Today's trade deal from 23/1/24 listed from 23 January 2024
23-Jan-24 18:00:00 83.40 5,552,806 Unknown* 81.65 82.35 5m O
23-Jan-24 18:00:00 83.40 8,961,064 Unknown* 81.65 82.35 7m O
Over-the-counter (OTC) securities are traded without being listed on an exchange. Securities that are traded over-the-counter may be facilitated by a dealer or broker specializing in OTC markets.
We shall see if RNS hits later or tomorrow
I bought a few for myself today. Cannot make out the direction of travel; the volatility seems quite high, but not sure if this is usual for this share.
So, I just decided to take the plunge around 82p. That CEO purchase was the main driver, although I would naturally have liked to have seen some more inside buying since the recent update.
Will add more if we revisit low 70's on no company-specific news. Feels like a share for trading right now, but I can also see the credibility of another buy out offer scenario too, so undecided on this currently. GLA.
To understand why Playtech's bid and others mentioned or not so far were rejected. Back in 2017, the Shaked Family sold some of their Holdings at £2.43 reducing the holdings( It presently stands at 19% ).
The people on the board probably have a figure that the main shareholders would accept and not stand in the way(25% or more in interest parties would stop any takeover).
Playtech bid it seems fell well short of an acceptable price hence why it was rejected(Check Playtech Ownership or other Gambling companies).
The current situation with 888 Holdings, William Hill was purchased roughly for £1.95 billion which was funded through Debt. JPM and Morgan Stanley presently hold most of the debt up to £1.3 Billion fixed to 2027. The rest of the Debt is classed as Floating of £350 Million. In December 2023 some analysis suggested it stands at around £1.5 Billion in total.
888 Holdings has a new CEO and a team which looked into has a lot of experience in the field and produces results.
The trading update on 17 January 2024 indicated how Per Widerström will proceed. This will be announced in March 2024.
888 Holdings Plc moving forward will be in a position to Leverage the £1.3 Billion debt from Q2 2024 (this reduces the overall payments in the region of £150 million). Streamlining the business Synergies within the group should yield more savings of up to £45 Million with the Investment announced on 17/1/24. Operations will look to expand into better market allocation around the world. William Hill Asset Portfolio is being accessed to which Equity can be unlocked. These are just a few ideas being looked into.
Research Material complied through the company’s business operations/company leadership background / Debt allocation from 2022/ William Hill July Update / Talking to people within the Industry / Visiting sites online or Site to site of operations / News Outlets / Articles of the Group etc.
Source Material USA/ UK / EU / Wall Street Journal/ New York Times/ Trading updates / UK News Outlets etc
I could comment more but I try to keep to the basics.
Happy Investing.
888 Holdings price target lowered to 130 GBP from 160 GBP at Berenberg
January 24, 2024
888 Holdings price target lowered to 130 GBp from 160 GBp at Berenberg.
Just had an alert from the Broker
They turned down a bid of 156p per share, so the board obviously think there is a chance the price will eventually progress further than that.
The CEO bought £1m worth of shares at 84p.
Any time there is any bad news over the last 9 months the share crashes to a low of 69 p, however almost instantly recovers.
When it begins to surge forward, it is sustained......with an underlying feeling that this share is seriously undervalued.
The minimum this share price moves to is beyond the 100p mark.
However I do believe at some point 160p is achievable if the right suitors come sniffing.
Thats around 90% return if you get in around the 85p mark.
Think you might be right!
£1m sell at 79 - Then Instantly bounces back up to 87p...this tells you everything you need to know about where this share is going.
You would expect to be a sell, well below the bid
It is a large sell that the market has gobbled up
23-Jan-24 09:44:56 79.45 1,296,646 Unknown* 83.05 83.75 1m
Kindred is 121 SEK, about 9 quid. 888 do have double the shares in issue, 3-4 quid then. I remember MNZS, director buys happened there too, then takeover, i should have bought more there at 80p LOL. 888 CEO buys, a big buy at the end too.
The takeover of Kindred today shows just how much 888 is currently undervalued
FDJ paid about 2x Revenue for Kindred
If 888 was to be taken over at a similar valuation to Kindred, the takeover price for 888 would need to be about £8
It would not be very surprising to see a £4 bid for 888 some time this year
Looking back to 28 September the profit warning, 888 maintained its target of more than £2 billion of revenue in 2025 and earnings per share of 25p while reducing net debt to EBITDA to under 3.5 times.
Also, with reports of revenue of £1.71 billion and adjusted pre-tax profit of £26 million during 2023. The CEO has done cost savings across the group and invested in the company.
Also, the CEO has a new background staff who has knowledge and experience in the industry to develop and deliver the company's outlook for 2025.
In March CEO will bring forward his outlook for 888 Holdings to 2025. The CEO has invested in 888 Holdings and is working to deliver shareholder value.
The only thing is will he have the time?
Patrick - i think if this ever reached 375p a share I'd be an extremely happy man.
We have to remember when the bid was 156p, the share price was in around 120p I believe.
For me if long term holders could get an offer of 160 - 170p most of us would be happy enough?
At 10.9x EBITDA. That puts us at about 375p a share when you multiple up, minus the debt. Makes the rejection of 156p seem sensible...
It's due to the FDJ takeover of Kindred and the possibility of further consolidation/mergers in the gambling industry. Will probably drop back a little once the excitement is over.
Leak? Rumour? Takeover? Shorts closing? What is causing the big Monday rise?
I think this a no brainer....there is a good chance this share price will continue to rise again to the late 90s, and then there will probably be a takeover bid before the summer.
Look how quickly this has bounced back from the knee jerk reaction on FY results.
This is not the first time this share has bounced back like this and made it's way to the late 90s and 100+
Its a sit and wait for me, and hopefully the big boys come circling after Q1.
FDJ tables €2.45bn offer to acquire Kindred Group -
https://igamingbusiness.com/strategy/ma/fdj-to-bid-for-kindred-group/
I think the sector may see some more take overs soon.
Was in around 4.45pm
When was that ?
Prices do not finally settle at close until around 1650. Perhaps it was a backwardation. When did you notice that?