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|27/10/2016 15:26:37||London Stock Exchange||Holding(s) in Company|
|26/10/2016 15:40:28||London Stock Exchange||Holding(s) in Company|
|25/10/2016 16:11:43||London Stock Exchange||Holding(s) in Company|
|25/10/2016 11:04:06||London Stock Exchange||Holding(s) in Company|
|24/10/2016 17:30:01||London Stock Exchange||Transaction in Own Shares|
|24/10/2016 17:00:01||London Stock Exchange||Holding(s) in Company|
|21/10/2016 17:55:03||London Stock Exchange||Transaction in Own Shares|
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Research reports on WILLIAM HILL PLC
Providers covering WILLIAM HILL PLC
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.
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).
Panmure Morning Note 26-10-15
26 Oct 15
Post the disappointing William Hill's Q3 trading update we adjust our forecasts to reflect the impact from a worse than expected decline in non-core markets and weaker Australian performance. We retain our 2015 PBT estimates given we downgraded our forecasts ahead of the update; however we cut our 2016 PBT estimates by £5m (c.2%). Post Friday's c.8% fall in the William Hill share price, the stock trades on an undemanding 2016E PER of 12.7x, EV/EBITDA ratio of 8.6x, yielding 4.0%. At the current valuation the stock offers attractions, however with earnings growth modest we believe the shares are likely to tread water in the near term. We reduce our target price to 339p (from 370p) and retain our Hold recommendation.
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Panmure Morning Note 25-09-2016
25 Oct 16
Whitbread released interim results a little ahead of expectations with Revenues £1,556m (PGe £1,548m), giving underlying PBT £307.0 (PGe £301.3) and EPS of 133.9p (PGe 130.9p) with interim dividend of 29.9p (PGe 28.6p) however the outlook statement is fairly cautious and we do not expect to adjust our estimates ahead of the call. LFL sales of 2.0% was an improvement from 1.8% in Q1 but is increasingly being driven by room extensions rather than RevPAR or Costa LFL - hence is likely to be a drag on returns. UK room target is being scaled back 3,700 (from 4,000-4,500) and there is ££43.3m exceptional items relating to Premier Inn’s withdrawal from some international markets. No change to our view and we retain Hold recommendation.
Time to grab a late season holiday bargain?
22 Sep 16
Dart Group’s AGM update contained two good news messages. Trading in the first half of the current year has continued to be strong and is ahead of our forecasts. Also, in addition to the new base at Birmingham Airport announced in July, the company revealed that it was opening a base at London Stansted, which would also start operations in spring 2017. The considerable costs of setting up these two bases falls in the current financial year and the company therefore guided that reported profits are likely to be slightly behind market expectations. We think that the market has misconstrued the reasons for the forecast downgrade, leading to unwarranted share price weakness, which provides an excellent buying opportunity.
Construction delays have limited impact on value
14 Sep 16
PPHE’s 2016 interim results disappointed the market, as construction delays will affect 2016 profitability. The key point for long term investors is that, although the loss of profits and cash flow is disappointing, the business outlook for 2017 and on is unaffected, while property values are above expectations. Our forecasts for 2016 and 2017 are reduced for this and other reasons. The shares trade at a significant discount to book value as adjusted for the real value of the assets, and this value will be further boosted when the new hotels open, and we expect the discount to narrow.
29 Sep 16
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28 Sep 16
In H1 2016, the Group reported a like-for-like revenue decline of 3.9%, which was its worst performance for over a decade. Although the Concessions and Pub divisions delivered a ‘good’ performance, problems have arisen in the Leisure division, most notably with Frankie & Benny’s, but also with some of the other brands prompting management changes and a strategic review of the business.