Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WILLIAM HILL PLC. We currently have 7 research reports from 3 professional analysts.
|02Dec16 05:45||RNS||Transaction in Own Shares|
|01Dec16 05:52||RNS||Holding(s) in Company|
|01Dec16 05:50||RNS||Holding(s) in Company|
|01Dec16 05:45||RNS||Transaction in Own Shares|
|01Dec16 09:30||RNS||Total Voting Rights|
|30Nov16 05:45||RNS||Transaction in Own Shares|
|30Nov16 04:00||RNS||Holding(s) in Company|
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Research reports on
WILLIAM HILL PLC
WILLIAM HILL PLC
Q3 trading update: Flat Retail offset by Online recovery
14 Nov 16
William Hill released its Q3 trading update. Results During Q3, group revenue was up 6%, reflecting growth in the US (+81%), Australia (+59%) and Online (+4%), while Retail was flat. During the 9-month period, group revenue was up 3%, translating strong growth in the US (+40%) and Australia (+12%), moderate growth in Retail (+3%) and flat revenue for the Online business. ARPU was 16% higher in Q3 and the average wagering per Sportsbook active was up 17%. Guidance maintained The company expects full-year operating profit to be at the top end of the previous £260-280m guidance (AlphaValue £275m). Board update The company announced the appointment of three new non-executive board members with significant experience in digital, multichannel and gambling. John O’Reilly, former MD at Coral and former Board member at Ladbrokes, and Robin Terrell, former CCO at Tesco, will join on 2 January 2017, whereas Mark Brooker, former COO at Betfair, will join on 3 April 2017. Management made no new comment regarding the appointment of a new CEO. The process appears to still be under way.
William Hill in talks to merge with Canadian online gaming company Amaya
10 Oct 16
William Hill announced on 8 September that it was in talks with Canadian online gambling group Amaya, about a potential all-share merger, which would create a £4.6bn betting giant. The deal would be structured as a reverse takeover, with William Hill, the smaller of the two companies, taking over Amaya. Amaya is a pure online player, producing gaming products and services including poker, sportsbook and lotteries. It acquired in 2014 the parent company of PokerStars and Full Tilt Poker, for $4.9bn, which makes it the world’s biggest traded online gaming company. Talks came after William Hill rebuffed a £3bn bid from 888 and Rank Group earlier this year, aiming at creating the biggest UK bookmaker.
26 Jul 16
A quietly positive open is expected in London this morning, with the FTSE100 seen up some 20 points in early trade. Globally, investors are likely to adopt a wait-andsee attitude ahead of the start of the US Federal Open Market Committee's two-day meeting this afternoon, although most are expecting it to indicate the need for a period of post-Brexit data collecting before judging its next move, for which the hot money presently appears to be pointing at September. The S&P500 drew back from Friday's record high, led primarily by energy stocks, dragging the other principal indices with it, albeit on low volumes before the busy period of Q2 corporate reporting gets underway. Asia ended mixed, with the main activity focussed on Japan as investors appeared to be giving up on expectations of the BoJ delivering an ambitious package of stimulus measures following the Governor's dismissal of the suggestion he was prepared to dole-out 'helicopter money'; as a result, the Yen spiked sharply upward and the Nikkei fell off. Chinese stocks were gently firmer, while the commodity-dominated ASX fell back slightly. Liam Fox, the newly installed International Trade Secretary, is the latest politician to go on postBrexit international tour, with a three-day visit to the US promoting and reinforcing economic ties between the two countries. Following Theresa May and Phillip Hammond's own efforts of the past couple of weeks, investors should be reassured that every effort is being made to remind the world that the UK remains 'open for trade'. UK corporates expected to release figures today include BP (BP..L), Croda (CRDA.L), GKN (GKN.L), Man Group (EMG.L) and Providence Financial (PFG.L).
Panmure Morning Note 26-2-2016
26 Feb 16
William Hill has announced full year results, with the results in line with our expectations. Furthermore, William Hill has announced a £200m buy back (over the next 12 months) and has increased the dividend pay-out ratio from 40% to 50%. We don’t envisage any significant changes to forecasts. We increase our target price to 375p (from 339p) and retain our Hold recommendation.
Panmure Morning Note 14-01-16
14 Jan 16
William Hill has announced a full year pre-close trading update for the 52 weeks to the end of December 2015. Full year operating profit is expected to be £290m in line with market expectations. We leave our forecasts unchanged and retain our Hold recommendation and 339p price target.
2015 dragged by a weak Q3
05 Nov 15
William Hill announced a tough Q3 15 which came in below expectations, dented by new and increased taxes introduced in the UK (£23m incremental duties in Q3) and tough comps (FIFA World Cup fell in July 2014). Weaker than expected sporting results (horse racing in particular) have weighed on Retail, the US and Australia (-31% in wagers, -91% in EBIT) while the decline in the non-core Online market was partially offset by tight cost control. Retail (-8% in net revenues) was hampered by a weak OTC (-14% in OTC net revenue, -3.1ppts in gross win margin) explained by disappointing horseracing (very punter-friendly horseracing margin) and football (tough comps). Machines experienced a 2% drop in gross win, following the introduction of the £50 limit but trading in September gained momentum driven by improved content. In Online, the UK grew strongly (+7% in amounts staked, +15% in net revenue) while Spain (13% in wagering) and Italy (+24%) recorded double-digit growth in sports turnover and gaming net revenues (at constant FX). The non-core businesses (-14% on wagering, -40% in net revenue) dragged down the Online division, impacted by falling revenues resulting from the exit from unregulated markets (Portugal and Estonia due to a change in the regulatory regime) along with FX moves. Sportsbook was hampered by punter-friendly racing results (horseracing notably), posting 0.8ppts lower in the gross win margin yoy. The group revised down its annual EBIT target to the lower end of the City consensus (£291-312m). Group net revenue slipped by 9% in Q3 yoy, while EBIT collapsed by 39%, reflecting weak Retail (-31% in EBIT) and Online (-37%, £18m impact of the PoC tax). The latter was hit by £18m of the PoC tax, slightly mitigated by cost controls (-6% in operating costs).
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.