Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WILLIAM HILL PLC. We currently have 9 research reports from 3 professional analysts.
|28Mar17 15:00||RNS||Holding(s) in Company|
|27Mar17 15:15||RNS||Holding(s) in Company|
|24Mar17 10:15||RNS||Holding(s) in Company|
|23Mar17 15:30||RNS||Holding(s) in Company|
|23Mar17 15:00||RNS||Holding(s) in Company|
|22Mar17 17:30||RNS||Holding(s) in Company|
|21Mar17 15:00||RNS||Holding(s) in Company|
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WILLIAM HILL PLC
WILLIAM HILL PLC
Disappointing, albeit in line, FY 16 results
24 Feb 17
William Hill reported its full-year numbers in line with the revised guidance. Results Group net revenue reached £1,604m, up 1% yoy but 2% below market expectations. Adjusted operating profit reached £261.5m, in line with the £260m (revised) guidance. The group returned £203.4m to shareholders through dividends and share purchases and received a net £50m in refinancing bonds in issue, leading to a closing net debt of £618.1m (£488m in 2015), reflecting 1.8x EBITDA (2015: 1.3x). The board proposed a stable dividend of 12.5p, in line with expectations, and said it did not currently intend to start a new share buy-back programme, in order to stay within the targeted 1x to 2x net debt/ EBITDA range. Guidance The group sees improvements in 2017 as a whole, although it warned than the Online turnaround might take another 12 months. Management noted that 2017 should be supported by a promising start of the year which showed improvements in the UK Online market, with Sportsbook wagering and Gaming net revenue up 10% and 8%, respectively.
FY profits hit lower end of guidance
09 Jan 17
William Hill has warned that 2016 operating profits will reach £260m, at the bottom end of the guided £260-280m range, on the back of lower gross win margins stemming from unfavourable football and horseracing results in December. No numbers were given. However, interim CEO Philip Bowcock said the company saw improvements in wagering in Online and Australia in the second half of the year and including in the past several weeks. The CEO also added that he was confident for 2017 and that key underlying trends continued to be positive. 2016 results will be released on Friday, 24 February 2017.
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).
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook
Driven by distribution
24 Mar 17
Following results earlier this month, we publish our new forecasts following the segmental consolidation of divisions, and remain cautious relative to consensus (c.2% below at the PBT level in FY18E) mainly due to our UK assumptions. We believe the valuation is relatively attractive, and Inchcape is well placed for further growth given the strength of its balance sheet as it seeks to further utilise its unique global market position.