6 Oct 2015 05:53
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Don't have an account? Click here to register.Numis upgrades Betfair and Paddy Power ahead of 'Betty' merger
Fri, 06th Nov 2015 13:37
(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 the merger case as documentation is published.Lifting its target price to to 4,000p for Betfair and €135 for Paddy Power, Numis also foresees a relatively low-risk integration and "rich mix of revenue synergy opportunities" and the new Paddy Power Betfair, nicknamed 'Betty', ascends to the FTSE 100 index."We acknowledge that there are uncertainties, but we would invest ahead of this newsflow," the broker said, reversing its 'reduce' recommendation on Betfair and 'hold' on its Irish peer.Betty will, analysts forecast, gain economies of scale from total revenues of £1.2bn and online revenues of over £1bn, investing in innovation and harvesting the rewards across the enlarged customer base.Other benefits will come from geographical diversity, being online leader or thereabout in the UK, Australia and US, while the two complementary brands have limited overlap of only around 3% in terms of regular UK bettors."With the brands combined Betty management will be able to optimise a larger budget to acquire players and then cross-sell different products."Consensus estimates puts Betfair shares on a punchy 2017 p/e ratio of 23.7 times, however, "if the revenue opportunities discussed above result in 15% revenue growth the P/E would fall to 20.9x; at 20% revenue growth it would fall to 19.0x".
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1 Oct 2015 16:31
Glencore director backs company to the tune of nearly half a million pounds
(ShareCast News) - Glencore nearly bounced to pre-slump levels on Thursday, and director John Mack showed investors he's still backing the mining company. Shares in the FTSE 100-listed company dropped dramatically on Monday after Investec warned the stock holds little value for shareholders. But Jo
Read more8 Sep 2015 09:13
Betfair and Paddy Power agree on merger
(ShareCast News) - Betting companies Paddy Power and Betfair have reached an agreement on a £5bn all-share merger. The merged entity will be called Paddy Power Betfair and Paddy Power shareholders will own 52% of the group, while Betfair shareholders will own the rest, if both sets of shareholders a
Read more1 Sep 2015 14:30
Broker tips: Paddy Power, ASOS, Ocado
(ShareCast News) - HSBC upgraded Paddy Power to 'hold' from 'reduce' and lifted its price target to €96.5 from €71.5 following strong first-half results and the company's deal with Betfair. The bank said operating profit was 9% ahead of its estimate, driven by the online operations in Europe and Aus
Read more1 Sep 2015 13:09
HSBC lifts Paddy Power to 'hold' on strong interims
(ShareCast News) - HSBC upgraded Paddy Power to 'hold' from 'reduce' and lifted its price target to €96.5 from €71.5 following strong first-half results and the company's deal with Betfair. The bank said operating profit was 9% ahead of its estimate, driven by the online operations in Europe and Au
Read more27 Aug 2015 12:14
27 Aug 2015 11:58
Exane BNP bumps Betfair up to 'neutral' on merger news
(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. Bas
Read more26 Aug 2015 08:48
BUZZ-British online betting co's: Dealt a bad hand on Betfair-Paddy Power deal
** Possible Betfair-Paddy Power 5 bln stg merger a bad bet for rivals ** Merger could create one of the world's largest online betting and gaming groups with estimated revenue of over 1.1 bln stg ** William Hill and Ladbrokes both down more than 5 pct; worst performers on the FTSE 250
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