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Jeff
"When is the ruling on ent"
https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4431180&lang=en-GB&companycode=lu-gvc&v=newdesign
When is the ruling on ent
According to a person familiar with Playtech’s thinking, the idea would be to combine 888’s brands with Snaitech and divest the business-to-business unit.
In addition, Playtech is thought to have identified up to £170 million of cost savings.
Jefferies, which has a buy rating on 888, estimates the potential cost savings would add more than 20% to the combined companies’ EBITDA (earnings before interest, tax, depreciation, and amortisation).
Using Jefferies current EBITDA estimates implies a combined circa £780m for fiscal 2024 estimates comprised of £392 million for 888 and around £391 million for Playtech.
‘Note our estimates show net debt to EBITDA falling from 5.6x at the end of FY23E to 3.5x by the end of FY25E, mainly due to the growth of EBITDA associated with the benefits of the William Hill acquisition and integration,’ Jefferies added.
Following the profit warning on 28 September, 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.
As someone buying in the glory days upto the dizzy heights of nearly £5 and the majority of my holding in the £3 and £4 range I will be gutted, but also realise it will never hit those heights again after the suicidal purchase of Will Hill
@Scarfell, if nothing else supports my decision not to sell in Summertime but would like to get over 150 ASAP please…
Good Evening fellow Investors, been reading some of the titles and comments. Let us talk about facts and not hearsay. Tomorrow 5 December 2023 will be Entain court case with the HMRC fine being agreed. Then the Gambling Commission Review after this date should come swiftly. The outcome of the case should throw some light on FS Gaming if any charges are to be brought.
In June and July, DraftKings and PlayTech were interested in 888 Holdings at this time which we know of so far. Both parties can see the value of 888 Holdings with an Asset Portfolio more than its debt and Market cap presently. The board of 888 Holdings has given Guidance towards 2025 with Debt and Revenue projections which may or not be met in that time.
The Industry undergoing some changes with the White paper and Tax changes being considered for the industry as well. 888 Holdings is positioned to benefit and future bidders can see that with some research. 888 Holdings mobile may increase its position and Revenue by reports-
Internet Sports Betting Services Market to Witness Massive Growth by 2030
hxxps://salisburyandstonehenge.net/events/esports-and-traditional-sports-betting-market-global-report-bodog88-22bet-intertops-betonline/327050/
Autumn Statement Proposes Changes to Gambling Taxes
hxxps://igaming.news/news/2023-11-23/autumn-statement-proposes-changes-to-gambling-taxes
The consultation appears to be limited to remote gambling, which appears to be excellent news for betting shops and, of course, bookies.
The Licence as stated by the Board 2 months ago the GC Review will not impact the Licence. The Review is waiting on the Entain outcome and both HMRC and GC have been in contact through the process.
With the current issues with Gc, FS Gaming, DraftKings, and PlayTech it is safe to say 888 Holdings is interesting as a share holder.
But isn't leaking they're unhappy about not having a friendly takeover basically announcing they are making a move to takeover 888 (whichever way that might happen) and as such isn't the share price going to rocket on such news and defeating the object of trying to obtain enough shares on the cheap?
Alternatively, they have already obtained the cheap shares...and are waiting...
I and I suspect the majority of shareholders would be happy to take 156p. I appreciate the recent share price (around 80p) undervalues the company but if this is rejected (and no other bidders appear) it will be a very long time before it hits 156.
OK but when....?
Could we get back in the late 90s before Christmas? I think that would be a great result
When this share starts moving up, it gains traction quickly and moves up at a rapid pace.
Only have to look at the last time it dipped to the 70s how quickly it went back up over 100p.
So it is possible that the new CEO was privy to the T/O price of 156p. No wonder then, he has no hesitation in splashing £2mn. Then again Draft kings walked away after knowing the Gambling Commission review. This will be cleared soon, before the year end. We are in for some times ahead. GLA
It is highlighting the value others are seeing in the company and it would not surprise me if the FT has been tipped off that the companies are dusting down the plans for a swoop over Christmas before the debt gets under control.
Either way, undervalued and plenty of upside. Easy to see 130 from here and higher.
DYOR
Maybe this news being put out there now even though it happened back in July is a smart way of stabilising the share price and highlighting to new investors that this is a share that has potential for a takeover
The bid was rejected before the new CEO was appointed.
It's unbelievable that new CEO came in, and they turned this bid down....and after that he spent near £2m of his own money buying shares.
You'd have to imagine he feels that this business is worth more than the bid, and he is hoping to double his money.
I am a LTH and am struggling to understand how 5 month old news is generating so much interest.
I'm a bit confused by all of this, and how the news on Saturday moved the Share price while the markets were closed?
Can anyone explain how that happens?
On Friday did it close around 78/79p?
How does it then drop over the weekend? Genuine question.
Also the bid of 156p was probably when it was around 110/115p........so it wasn't much of a premium on the share price at that time.
Any bid now would obviously be considerably low....so maybe us LTHs just need to hold on until the share price rises again and hope for a bid from DraftKings.
I think authorities need to make it more clear which type of offers and approaches must be RNS, management in a lot of instances make decisions about bids based on their own interest it seems
Interesting to hear how the BoD justify the turning down. Can only assume they saw it undervalued at 156p and once the debt is managed and under control the BoD see a £2 £3 £4 handle.
HOLD4GOLD
Maybe it has moved the needle... Nice...
(Sharecast News) - William Hill owner 888 Holdings has reportedly rejected a £700m takeover approach by Playtech.
The Sunday Times cited City sources as saying that Playtech made a written indicative approach to acquire 888 at 156p a share in July, only for it to be rejected as undervaluing the company.
It is an outrage imo. I no longer hold 888 but do own PTEC and imo the offer was a good one. Almost tempted to buy a few 888 as another bid possible but not for more money.
The WMH deal was an act of madness which lumbered a great online gaming company with $ billions of debt and a string of betting shops.
Claims (BS) that the deal, the brand would be good in the long term are not reflected in today's sp.
Sickening, disappointing, upsetting, to hear there was a bid for 888, albeit not a great one, and then for the share price to drop to where it is now. It would have been a very healthy 5 figure profit for me, whereas now I have 5 figure loss in my portfolio.
Let's hope this reverses the downward trend and maybe a more sensible offer will be laid on the table.
An offer of just over £1.50 or £700 million was a bit insulting for William Hill which is perhaps the most famous name in gambling
Any bidder for 888 and William Hill will have to offer a minimum of 1x Revenue or £4 per share