Management flagged M&A when presenting final results with a focus on regulated markets. Also flagged comfort with leverage of 1-2x Net debt/EBITDA. On our FY18E EBITDA forecast of €341m and with forecast net cash of €356m it implies taking on debt of up to c.€1bn. Adding in the liquid holding in Plus500 and LCL LN (£345m) of €390m would give PTEC up to c. €1.6bn of firepower for M&A. A debt funded deal in regulated gaming would increase earnings between
