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Don't have an account? Click here to register.Exane BNP bumps Betfair up to 'neutral' on merger news
Thu, 27th Aug 2015 11:58
(ShareCast News) - Exane BNP Paribas upgraded Betfair to 'neutral' from 'underperform' following the announcement on Wednesday that it has agreed in principle to the terms of a merger with Paddy Power.Exane said the new discounted cash flow-based valuation for Paddy Power points to €95 a share. Based on that, and taking into account the 52%/48% proposed merger ratio, it calculates its new target price for Betfair at 3,000p, from 2,100pThe bank said that from a strategic standpoint, the deal is logical and would create a lean entity with strong cash generation, leaving room for sizeable dividend payments. In addition, it said geographical exposure is largely complementary, with Paddy in Australia and both companies in Italy.Still, Exane said they will continue to operate separate brands and are already very cost-lean companies, meaning the potential for synergies seems low."The deal needs a great deal more analysis, but at first sight it looks like the market has already priced in the merger of the two companies," it added.Exane noted the deal should be finalised by end 2015 or beginning of 2016, and said it does not expect any headwinds from the Competition and Markets Authority.At 1209 BST, Betfair shares were up 3.5% at 3,245p.
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27 Jan 2016 11:31
Paddy Power sees 2015 operating profit up at €180m
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Paddy Power merger with Betfair gets Irish clearance
(ShareCast News) - Paddy Power's recommended merger with Betfair has received clearance from Ireland's Competition and Consumer Protection Commission. The company said it expects the merger, which was cleared by the UK Competition and Markets Authority in December, to complete on 2 February. The co
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Paddy Power says momentum continuing despite adverse sports results
(ShareCast News) - Dublin-based bookmaker Paddy Power, which is set to merge with Betfair to create one of the world's largest betting and gaming companies, said trading in the period from 1 July to 15 November has been in line with its expectations following a very strong first half performance. "T
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Numis upgrades Betfair and Paddy Power ahead of 'Betty' merger
(ShareCast News) - Broker Numis has upgraded Betfair and Paddy Power to a 'buy' rating as the two bookmakers close in on a merger. Despite their high valuation, the pair have a history of outperforming market expectations and the broker believes their share prices will rise as investors to revisit t
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Barclays upgrades William Hill, initiates coverage of Paddy Power
(ShareCast News) - Barclays upgraded William Hill to 'overweight' from 'equalweight' and lifted the price target to 415p from 385p as it took a look at the European gaming sector. "In an industry with duplicated cost bases and where scale matters, it is no surprise consolidation is kicking-off; it i
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