GVC reported good Q4 19 numbers, with total NGR up by 1%, on a cc basis. The strong performance was driven by online (+11% with gaming up 9% and sports up 15%) which offset another quarter of decline in UK retail (-11%). Following the strong Q4, management upgraded its EBITDA expectations to the higher end of the earlier range (£670-680m). Given our slightly aggressive estimates, we do not expect any significant revisions to our estimates or target price.
17 Jan 2020
Online leads to a good finish to 2019
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Online leads to a good finish to 2019
Entain PLC (ENT:LON) | 796 98.7 1.6% | Mkt Cap: 5,083m
- Published:
17 Jan 2020 -
Author:
Virendra Chauhan -
Pages:
3
GVC reported good Q4 19 numbers, with total NGR up by 1%, on a cc basis. The strong performance was driven by online (+11% with gaming up 9% and sports up 15%) which offset another quarter of decline in UK retail (-11%). Following the strong Q4, management upgraded its EBITDA expectations to the higher end of the earlier range (£670-680m). Given our slightly aggressive estimates, we do not expect any significant revisions to our estimates or target price.