Member Info for ryanf

Thanks Tiger for selling out at the start of the next bull run. Pillock.

(L)ame(S)ad(E)mbarrassing2000

Testaccount, bit strange posting this morning.

Lets say you're right and they paid worst case £600m more than they should for WH. Now lets say they sell for worst case, thats £1.35bn with maybe £50m in transaction fees. That would leave net debt at £500m. You still have core 888 operations, we've been told the Italian arm is worth £500m to £600m alone.

Leverage is too high yes, but they have some very valuable assets.

Interesting price action. Double bottom confirmed?

Yea think max 100p but probably more like 75p. The tax rises make a material impact on earnings and therefore UK business now should have a lower multiple on historic earnings to reflect that.

However, there could be a scenario where a different government gets into power and reverses all the tax rises on the gambling sector. Maybe big players will be willing and have the balance sheet to take that risk by buying Evoke. They could take Evoke for pennies on the pound because Evoke leveraged themselves up to sh*t creek and had only a potential temporary earnings drop too severe for it to service debt properly.

Ultimately doesn't matter, there's upside on 24p and £100m equity, imo.

Hope you get some sort of return back. On the bright side, the board have time before tax rises come through and you have to think that Per is in deep and would likely get let go through any takeover, so I think his interests are based on his fudiciary duties and his shareholding, so are aligned to ours (hopefully!).

Newbie and wisdom, it's a bit odd to have a negative outlook on a stock you supposedly own.

They're exploring options when they have time before the tax rises come into effect. The board are in a good position to maximise value for shareholders. I imagine 75p-100p if sold as a whole.

What did they reject a bid for previously? 150p or something ridiculous?

Perhaps it was Italy...

Wonder if Italy has been sold...

Don't go telling DJ, he wants to keep bleeding in love.

Dj you can stop singing Leona Lewis now

Hey DJ, bottom is in.

Calling it here DJ.

What are estimates of FCF at £75m EBITDA? £35m or so?

Leaky ship

Didn't realise refinancing at significantly better terms following enhanced profitability and strengthening of balance sheet was hype? Better check my dictionary.

Must have been painful to type. Better get back to buying back those shares you borrowed for your boss.

Roberto, does that matter if your average is 230p? Asking for a mate.