26 Oct 2015 07:29
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Wed, 20th Apr 2016 14:30
(ShareCast News) - Credit Suisse initiated coverage of Paddy Power Betfair at 'underperform' with a 8,650p price target, saying the merger benefits were being overplayed, with the cost synergies and scale failing to justify the share price."We feel that cost synergies alone are a poor rationale for M&A in a growth industry such as online gaming. Furthermore, we believe that scale is not as important as many believe, and is no indication of potential market share gains."Given both companies already had strong brands, high quality management teams and good product/technology offerings, CS questioned the extent of the benefits of the merger.It attributed the 'underperform' rating to the post-merger share price reaction - the stock is up 66% versus the sector down 0.2% -integration risks and limited revenue synergies."Although we think there is clear earnings upside potential from the combination, we believe the share price reaction since the merger announcement has been overdone."Credit Suisse said the stock's valuation looks expensive compared to peers, with only 15% of current embedded value of Paddy Power Betfair being generated by cash flows in the next five years versus 29% at William Hill and 28% at Ladbrokes.The bank's forecasts for the merged entity include 2.4 percentage point of UK market share gain over the next five years and 3 ppt of underlying group EBIT margin enhancement, neither of which it sees as conservative.At 1437 BST, Paddy Power Betfair shares were down 3.6% to 8,990p.
More News
25 Oct 2015 21:05
Caledonia Investments to buy Gala Coral bingo chain - Sky News
Oct 25 (Reuters) - Britain's Caledonia Investments Plc is set to buy a chain of bingo halls from gaming group Gala Coral for 240 million pounds ($367.46 million), Sky News reported on Sunday. The deal, which would include more than 130 Gala bingo clubs and a 30 percent market share, is exp
Read more23 Oct 2015 10:14
UPDATE 2-William Hill under pressure to raise its game after profit warning
* British bookmaker says Q3 revenue down 9 pct * Sees full-year profit below analysts consensus range * Has fallen behind in sector consolidation * Shares down more than 6 pct (Recasts, adds CEO comment, detail, updates shares) By Aastha Agnihotri Oct 23 (Reuters)
Read more23 Oct 2015 07:24
BUZZ-William Hill: profit warning sends stock to >1-yr low
** Shares in British bookmaker William Hill Plc fall 5.8 pct to lowest levels since June 2014, as co warns on FY profit after disappointing Q3 results ** Betting company says its net rev fell 9 pct in 13 weeks to Sept. 29; oper profit slumped 39 pct ** Heavy taxation & stern regulatio
Read more22 Oct 2015 16:08
London close: Stocks close higher as ECB leaves door open to more QE
(ShareCast News) - London stocks closed higher after earlier declines as the European Central Bank's president fuelled hopes of further stimulus. Mario Draghi said the ECB will re-examine its quantitative easing programme in December and would consider extending €60bn monthly purchases past the plan
Read more22 Oct 2015 13:37
FTSE 250 movers: SIG's outlook drives market down
(ShareCast News) - The FTSE plunged shortly after opening and by mid-afternoon sat at 16,936.86 points, down 99.82 (0.59%). SIG led the market down, dropping over 20% after it revealed it is expecting a fall in underlying pre-tax profit for the year due to challenging market conditions in mainland E
Read more22 Oct 2015 07:58
Ladbrokes results encourage as Mullen's strategy takes shape
(ShareCast News) - Ladbrokes shares raced higher as Thursday's third-quarter results met forecasts but were somewhat mixed as new chief executive Jim Mullen's plans take effect, with underlying revenue growing but operating profit falling sharply. The bookmaker reported a strong start to the footbal
Read more22 Oct 2015 07:36
22 Oct 2015 07:21
22 Oct 2015 06:50
15 Oct 2015 15:09