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Kindred Group plc to Make a GBP 175.6m Recommended Cash Offer for 32Red plc
looks like a done deal
lets hope we get there - good potential this share
...and I see Numis reiterated their buy rating with a 200p target. On the way...
Peel Hunt initiate coverage this morning with a buy rating and a price target of 250p
Will be interesting to see what their y/e cash position was. Started 2016 with £10m and dished out £5m in dividends plus £1m final payment for the purchase of Roxy. Historically they have been generating roughly £3m "surplus" cash each year so £7m cash at y/e would be expected. More than that and would likely see another special dividend. AIMO DYOR.
Following the excellent trading update, the upward momentum looks like completing a very nice and strong chart pattern which would indicate a major price move in the right direction! Fill yer boots!
I wonder why the delay ? Virtually all transactions are electronic so can think of no obvious reason why no update has been given by now.
Trading update due around 21st January.
Really need this to motor ahead abit.
32Red's brand punches above its weight in the UK online casino market. Management has adopted a more aggressive stance since mid-2015, both in terms of marketing and with the highly accretive £8.4m Roxy Palace acquisition. Interims show H116 EBITDA rising to £4.5m (H115: £1.2m) and we initiate with forecast EPS more than doubling in 2016 and growing by over 65% between 2016 and 2018. Yet the 2016e P/E is only 13.5x and our peer group comparison and DCF suggest a value of 193-247p per share, 46-86% above the current share price.
Numis now 200p target
Positive cover from ST today after analysing results. He suggests it should get back to the March high of 186p. Hope he is right!
Strong results out today. Trading update to 30/6 shows revenue 63% ahead of same period 2015, albeit with help from acquisition. Ex acquisition still up 23%. and update for 1st 23 days this month shows good growth. Onwards and upwards...
http://www.investegate.co.uk/ 29 July 2016 Another record revenue performance 32Red Plc, the award-winning online gaming operator, today provides an update on trading for the six months ended 30 June 2016 (the "Period"). First Half 2016 Summary The Company has delivered another record net gaming revenue performance in the first half of the year, up 63% to £30.4m (2015: £18.6m). This excellent performance was driven by a combination of strong organic growth in our core business (+32% on 2015), reflecting our highly effective and growing marketing investment, and an increasing contribution from the Roxy Palace business, acquired on 14 July 2015.
Probably due 21/22 July. Feb results so strong they paid special div. Directors own about 50% and J P Morgan have been recent buyers. So I am taking the plunge. looks like a good opportunity in a tricky market, offers more upside than down in my view. DYOR
Yeah I noticed that buy from JP Morgan. Thats an interesting buy for them and shows confidence in the business. I wonder why the price dropped suddenly in the afternoon?
Small company share watch says buy.
Interesting to see JP Morgan taking a 3%+ stake in 32Red...late Friday...
I was just going to buy but then saw the spread above. 2.26% Jeez. is there a reason for that or just MM greed?? Reasonable t/o today so no excuse for that profiteering surely?
What caused that spike????! Might there be a leak of news just before the close? Are we going to get an RNS in the morning? Nice little surprise.
That was some tick up in the last half hour.
Spread has closed nicely lets keep hoping for a tick up
Thanks you for that metis. I concur, the share price should rise now that a weekend of fantastic news has been digested.