Stock data
| Market cap. | £198.4m |
| Last close | 29.75p |
| High / Low (52 weeks) | 58.8p / 27.5p |
| Stock market listing | LSE |
| Forecast net debt (£m) | 40 |
| Forecast gearing ratio (%) | 26 |
| Team | Consumer |
| Sector | Travel & Leisure |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (15) | (31.21) | (36.02) |
| Relative * | (10.83) | (25.56) | (29.69) |
* % Relative to local index
Other companies covered in sector
| Y/E Jul | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 208.0 | 46.5 | 35.2 | 6.2 | 4.8 | N/A |
| 2011A | 206.0 | 51.4 | 37.5 | 6.3 | 4.7 | N/A |
| 2012E | 201.0 | 39.0 | 32.5 | 3.7 | 8.0 | N/A |
| 2013E | 212.0 | 48.0 | 50.0 | 5.6 | 5.3 | N/A |
Last updated on 19/04/2012
Latest research
Slings and arrows
Update | Travel & Leisure | 28/03/2012
Half way...
Update | Travel & Leisure | 01/03/2012
What price Europe?
Outlook | Travel & Leisure | 08/12/2011
Taking shape
Update | Travel & Leisure | 14/10/2011
Year of progress
Update | Travel & Leisure | 06/10/2011
Trading update
Update | Travel & Leisure | 10/08/2011
Technical analysis
QuickView | Travel & Leisure | 10/05/2011
Taxing times
Review | Travel & Leisure | 24/02/2011
Well on the way
Update | Travel & Leisure | 24/11/2010
Excellent final results
Update | Travel & Leisure | 07/10/2010
Times a-changin'
Outlook | Travel & Leisure | 12/08/2010
Q3 results update
Update | Travel & Leisure | 27/05/2010
Investment summary
The stand-alone Australian business is performing strongly and justifies the market value, with Europe in for free. European results are affected by regulatory and economic uncertainties, plus the Turkey disposal and Codere injunction in Spain (the latter temporary). Management aims to hold Europe around breakeven and the sports operation has considerable intrinsic value. By the end of 2012, over 75% of revenues should come from regulated markets and the outlook will be clearer. Our SOTP is c 60p per share; more positive newsflow could include a rumoured US joint venture.
Last updated on 23/04/2012
Industry outlook
Online sports-betting growth is driven by rising broadband penetration and new products such as in-play and mobile. Moves towards national regulation continue across Europe, with new taxes but new growth opportunities. Denmark awarded licenses from January and the (delayed) Spanish licenses should be awarded by the end of May. In the US a number of states are moving towards regulation post the recent Department of Justice Wire Act opinion.
Last updated on 23/04/2012
Key management
| Peter Dicks, Chairman |
| Andrew McIver, CEO |
| Jim Wilkinson, FD |
Company address
| 45 Moorfields London EC2Y 9AE United Kingdom +44 (0) 207 184 1800 View website |
