14 Mar 2016 15:56
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Don't have an account? Click here to register.Berenberg upgrades Paddy Power to 'hold', sees US concerns as being 'premature'
Fri, 12th Oct 2018 11:38
(Sharecast News) - Analysts at Berenberg upgraded bookmaker Paddy Power to 'hold' on Friday, noting that it believes recent scepticism surrounding the newly opened-up US sports betting market had been "premature".Berenberg's current analysis valued the market opportunity at as much as $25bn per year, of which it believes Paddy Power could take 15% "over the long-term". The broker also praised Paddy Power Betfair's joint-venture with FanDuel for affording the group an attractive opportunity to align itself with an established brand and also highlighted further benefits provided to it via land-based partner Boyd Gaming's distribution capabilities.While the German broker did cut its price target on Paddy Power Betfair from 7,000p to 6,500p, its analysts said the recent slump in share price meant they now actually saw some upside, prompting them to revise their rating from 'sell' to 'hold'."Despite the few challenges still remaining, we think most of the negatives are priced in," they said.Berenberg now thinks that the US opportunity is "more interesting" than it had initially thought. However, the broker still highlighted risks as Paddy Power's underlying established business had "only just started improving".Indeed, stripping out the US sports betting opportunity, the broker noted that it still saw "significant downside potential", suggesting that taking a cautious approach may be the best.However, on the upside, Berenberg acknowledged that the group's digital gaming business, as well as the Paddy Power brand itself, had "shown signs of improvement" - if the outfit was capable of maintaining this improved performance, the broker said a "more positive stance on the shares would be justified".
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14 Mar 2016 14:49
Director dealing: Paddy Power co-founder cashes in some shares
(ShareCast News) - Directors in the newly merged Paddy Power Betfair (PPB) continue to take profits after the sealing of the deal. Following the sale by group chief executive Breon Corcoran last week, Paddy Power co-founder Stewart Kenny pocketed almost €2.6m after selling 27,000 shares at €120.38
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Director dealing: Prudential and BHP veterans snap up shares
(ShareCast News) - Following the life insurer Prudential's remarkably strong results on Wednesday, non-executive director Kai Nargolwala showed his belief in the value of the shares at the present level. Nargolwala, who has worked in Asia at director level since the 1990s at Bank of America, Standar
Read more8 Mar 2016 08:16
Paddy Power, Betfair post last separate results
(ShareCast News) - Paddy Power Betfair released the last of its results as two separate companies on Tuesday, with both bookmakers reporting admirable growth. The FTSE 250 company was formed by the merger of Paddy Power and Betfair, which was completed in February. As such, the results reflected Pad
Read more6 Mar 2016 14:53
Sunday share tips: Worldpay, Paddy Power Betfair, Healthcare Royalty Trust
(ShareCast News) - Worldpay shares were a 'buy' for the Sunday Times' Inside the City column. The UK-based payment processing company, which floated in October and joined the FTSE 100 two months later, exists in a world where card payment is used for everything from sub-£1 purchases from your corner
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Thursday newspaper round-up: National Grid, Rolls-Royce, bookmakers
(ShareCast News) - The energy regulator Ofgem is to be handed sweeping new powers to manage the country's electricity supplies, switch off factories and request emergency back-up generation, under energy market reforms being considered by Whitehall. Documents seen by The Times show ministers are con
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1 Mar 2016 15:19
Morrisons set for FTSE 100 return, Sports Direct in line for demotion
(ShareCast News) - Morrisons, which announced a new grocery supply deal with Amazon.com on Monday, may work its way back into the FTSE 100 this month. The supermarket retailer, which was booted out at the last quarterly review, could be joined by newly-merged Paddy Power Betfair and private hospital
Read more24 Feb 2016 12:37
Headwind from Brexit risks for Irish exporters likely to reverse, Investec says
(ShareCast News) - Sterling should recover once the risk of Brexit was exorcised, but in the meantime it would create a headwind for Irish exporters, Investec said. Further weakening in the pound due to worries that Britain might leave the European Union might drag on the share prices of Irish compa
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