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There's a very interesting line coming out of WEBIS today that a merger or takeover of WatchandWager is being persued by the BOD of WEBIS. See below:
"We are very aware that strategic interest in USA regulated gaming, including horseracing, is very strong at present and will continue to be for several years. The larger operators, and also new entrants to the market, are looking for stable operations to either merge with or to acquire outright. This is exactly what WatchandWager offers, and the key Executive has been instructed by the Board to pursue these opportunities, if they are of benefit to shareholders. We will keep shareholders fully informed of any developments in this area". - Denham Eke, Chair Webis Plc 26 February 2024.
This could, at last, get very interesting if a takeover or merger occurs. It's always been about our licences and what a major player would pay to gain entry in to this market. It looks as though the game is on.
Watch this space....
Good luck, Brighty
About time.
They’ve had more than long enough to grow a meaningful and profitable business. It’s time to create some share holder value by selling up.
Question is what would it be worth per share !! It is easy to sell up but harder to get true value. What are people’s expectations?
In demand I'd say 8-10p per share is true value.
But if key shareholders are now pressuring management to pursue an 'exit' then more likely 4-5p.
£75 Million would be the minimum fair value sale price based on the asset worth of the licences, all of which have been renewed. i.e. Webis has its ducks in a row. What good timing for M&A activity / discussions! I have been buying this over the last 3 months from 1.15p with a minimum x 10 in mind of 15p a share as my exit price / £75 Million approx. California debt / USA Presidential elections and a recognition that CA will follow other US states re betting (eventually) should see this re-rate in 2024/2025. £75 Million, by the way, is a cheap entry point for a major player.
Are you able to breakdown that fair value of £75m? If only.
Yes, a couple of points to factor in here re our value. Webis has renewed all of its licences, some with options to 2030 (California). A very smart move. There is significant value attached to the licences. e.g. as a snap shot, back in 2020 it was being proposed that new entrants in California would have to pay $10 million dollars as a fee for a licence where as existing operators (such as Webis) would have their fees halved. Why pay $10 million for a licence when you can buy a ready made business, such as Webis. The start up costs etc would make Webis attractive in the £75 million range re a takeover. i.e. The WEB share price & Mcap is tiny when compared to the value of all of our licences in North Dakota, California, Maryland, Colorado, Minnesota, New York, Washington and Kentucky. I don't think people understand the magnitude of these licences and how much it would cost a new entrant to start up a similar business. Hence why M&A activity for WEB by a big player will happen here at some stage. Also, as an aside when the WEB share price moves here it moves quickly and has gone from 1p to 8p in a few days before. The other point to flag up is that in this space share price movements can be quite stunning. In March 2021 B90's share price rose from 4.58p to 38p in a few days.
Thanks for the reply but there are no metrics to get to a £75 million valuation, 15 times current market cap. However, I am not trying to be obtuse. I can’t find a way to value the licences. I would of thought they would of been intangible assets on the balance sheet but they are not.
My feel is that’s wishful thinking. We currently have all the licenses and can’t make a profit. I am not sure that until the Californian legislation to legalise gambling is a bit closer that anyone would pay close to that amount. Very happy to be proved wrong.
Yes I agree, it is very hard to value a stock
Like this and to value the licences that Webis hold. However, with the intention seemingly of the BOD to look for M and A or a tie up or merger, any news would send the price soaring. I bought a few more yesterday, as this price is massively undervalued, you might have to wait a few weeks or months to see a substantial paper profit, but trust me it will come.
As Galloway own approx 65% of Web it’s going to take a substantial offer to tempt them to sell.
Exactly and your £75 Million figure is probably under valuing the licences, considerably. The most recent RNS confirmed a takeover deal would be considered if the price was right / would benefit the shareholders. Xophe13 correctly points out that the major shareholder (check out the individuals concerned) would need a "substantial offer" to make it worth their while.....
"We are very aware that strategic interest in USA regulated gaming, including horseracing, is very strong at present and will continue to be for several years. The larger operators, and also new entrants to the market, are looking for stable operations to either merge with or to acquire outright. This is exactly what WatchandWager offers, and the key Executive has been instructed by the Board to pursue these opportunities, if they are of benefit to shareholders. We will keep shareholders fully informed of any developments in this area".
Good luck, Brighty
Feb 2023 - We are aware that we are probably in the middle of the pack, and we remain open to all discussions with credible licensed operators throughout the world in relation to merger and acquisition opportunities at an operating business level, providing they operate in a licensed and regulated environment and pass due diligence.
Playing devil’s advocate it was the same message last year. However, like everyone else I live in hope but the reality is another 6 months of silence. Let’s see.