The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Thu, 13th Jun 2019 10:19
(Alliance News) - Gaming firm JPJ Group PLC is to rebrand once again as it announces the GBP490 million acquisition of Gamesys Holdings Ltd.
JPJ, which was called Jackpotjoy until a year ago, is to pay GBP250 million in cash for Gamesys as well as GBP240 million in new shares. Following the deal, which excludes Gamesys's sports brands and games, the enlarged company will be renamed Gamesys Group PLC.
The cash element will be funded by JPJ extending existing debt.
Gamesys is a developer of platform software and bingo games for real money online gaming websites and apps, and has operations in the UK, Gibraltar, Spain, and the US state of New Jersey.
This is not the first transaction between the two firms. In April 2015, before JPJ was listed on the London Stock Exchange, Gamesys sold the Jackpotjoy brand to what was then Intertain Group Ltd.
Gamesys shareholders will own 31% of the enlarged Gamesys group, which will be eligible to join the FTSE index.
Current Gamesys Chief Executive Lee Fenton will become the new enlarged group CEO, while Gamesys Chief Operating Officer will become COO of the enlarged company. JPJ's Executive Chair Neil Goulden and Chief Financial Officer Keith Laslop will remain in their roles.
Goulden commented: "This acquisition marks an important transformational step in JPJ's growth, providing significant benefits for shareholders, employees and customers. For shareholders, we expect the acquisition to deliver earnings accretion in the first full financial year of ownership, while our employees will benefit from the combination of two companies with a strong commitment to responsible gaming and where the greater scale will further enhance our product development and technology capabilities.
"Our customers will also now have an even greater choice of major brands and different games, all on one platform, creating a truly leading UK and international operator. The rationale for the acquisition of Gamesys is based on growth and both teams, at JPJ and our new colleagues joining us from Gamesys, are excited and motivated by the great opportunity which lies ahead."
JPJ shares were 5.1% higher on Thursday morning at a price of 808.00 pence each, giving it a market capitalisation of GBP601.8 million.
Good recent update for end of year trading and hopefully has ridden the wave of bad publicity surrounding the gambling industry. The fact that the company has interests in a wide range of countries should make make this a good BET for the future. Pun intended !
Edison covered JPJ today following the company results update
Despite the deluge of negative news across the UK gaming sector, JPJ Group plc (JPJ) has produced another strong quarter, with gaming revenue growth of 8% to £77.8m and an EBITDA margin of 37%. The strategy to expand beyond the UK is clearly paying off; Vera&John revenues increased 40% and international now represents 44% of total revenues. Net debt is reducing rapidly, helped by Q318 operating cash flow of £33m, as well as the £18m cash from the disposal of the social business, and we anticipate dividends from next year. JPJ shares have fallen by c 30% ytd June and now trade at only 5.2x P/E, 7.0x EV/EBITDA and 16.6% free cash flow yield for FY19e.
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AGM scheduled https://bit.ly/2KlgSgV
...likes these it seems. "Jackpot Joy (LON:JPJ), a UK listed company, but one with mostly continental operations, looks very cheap, at only 5 or 6 times earnings, and with stable projected growth in earnings, as well as strong cash generation of over £100m a year." https://masterinvestor.co.uk/economics/mellon-markets-times-changin
...likes these it seems. "Jackpot Joy (LON:JPJ), a UK listed company, but one with mostly continental operations, looks very cheap, at only 5 or 6 times earnings, and with stable projected growth in earnings, as well as strong cash generation of over £100m a year." https://masterinvestor.co.uk/economics/mellon-markets-times-changin
"Debuting on the London exchange as the ‘world’s largest online bingo operator’ Jackpotjoy Plc, formerly Toronto TSX-listed Intertain Group closed its first day of LSE trading securing a share price of 645p." http://www.sbcnews.co.uk/featurednews/2017/01/27/jackpotjoy-plc-debuts-london-stock-exchange/
Gambling company which traded under the name Intertain Group in Toronto /TSX. http://www.stockhouse.com/companies/quote?symbol=t.it Extremly cheap compared to competitors on LSE !