GVC reported good Q3 19 numbers, with total NGR declining by 2%, on a cc basis. The strong performance was driven by online (11% cc with gaming up 7% and sports up 15%, which offset the weak UK retail (-18%) and European retail (-5%). Management has upgraded its FY 19 EBITDA guidance to £670-680m (from £650-670m earlier) on the back of the strong performance. Following the good numbers, we will be making minor upgrades to our estimates as well as the target price.
11 Oct 2019
Strong online showing leads to profit upgrade
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Strong online showing leads to profit upgrade
Entain PLC (ENT:LON) | 796 98.7 1.6% | Mkt Cap: 5,083m
- Published:
11 Oct 2019 -
Author:
Virendra Chauhan -
Pages:
3
GVC reported good Q3 19 numbers, with total NGR declining by 2%, on a cc basis. The strong performance was driven by online (11% cc with gaming up 7% and sports up 15%, which offset the weak UK retail (-18%) and European retail (-5%). Management has upgraded its FY 19 EBITDA guidance to £670-680m (from £650-670m earlier) on the back of the strong performance. Following the good numbers, we will be making minor upgrades to our estimates as well as the target price.