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UMT United Mobility Technology

New blockchain smart data and loyalty solution deal

Flash note | Technology | 15 Dec 2017

UMT has announced a new Letter of Intent with Berlin-based sports and casino gaming company, mybet Holding, to create an innovative blockchain-based smart data service and customer loyalty scheme for the betting company. The two companies expect this to make mybet the first European gaming company to offer blockchain-based payment functions. UMT has also agreed to invest EUR 500,000 in the new customer loyalty programme, which will also support the use of UMT’s payment solution by mybet’s customers. The launch of the loyalty scheme is envisaged as soon as 1 February 2018.

Jackpotjoy plc

An attractive deleveraging bet

Outlook | Travel & Leisure | 14 Nov 2017

Jackpotjoy plc (JPJ) is the clear leader in the c £800m UK bingo-led market, with exceptionally high EBITDA margins and strong cash flow. The group's balance sheet is simplifying following a major earnout payment and we expect it to reach 2.0x net debt/EBITDA in 2019. With four sets of strong quarterly figures under its belt, JPJ's shares have risen 42% since the January listing in London. Nonetheless, at 7.9x P/E, 8.2x EV/EBITDA and 11.7% free cash flow yield for 2018e, the stock still trades at a significant discount to peers and we believe the re-rating will continue as value steadily transfers from debt to equity.

artec technologies

Anticipating a strong H2

Update | Technology | 11 Oct 2017

The last 18 months has been a transitional period for artec, with the group repositioning itself as a provider of cloud-based data analysis systems. The new cloud platform is highly scalable and will enable artec to generate recurring revenues. While the group ran at a loss in H117, the cloud pipeline is growing and new cloud customers are expected to sign up in H2. The second stage of expansion is set to begin on a project in Qatar and the group has won a new MULTIEYE order with a betting company, which was driven by artec’s ability to provide access control, face recognition and data protection. Consequently, management expects sales and earnings to rebound strongly in H2.

bet-at-home

Full year on track, despite Polish concerns

QuickView | Travel & Leisure | 11 Sep 2017

bet-at-home is a long-established sports betting brand with positive online growth drivers. H117 revenues grew an impressive 17.5%, with an EBITDA margin of 22.6%. After heavy investment in marketing, the company now has 4.7m customers and is well positioned to benefit from the 2018 FIFA World Cup. Following regulatory concerns in Poland, the stock has fallen from its highs and now trades at 15.0x 2018e EV/EBITDA, which is still a premium to the peer group. However, management has reiterated its FY17 guidance. Solid cash position and 4.3% 2018e dividend yield are attractive.

bet-at-home

Marketing investment pays off

QuickView | Travel & Leisure | 13 Mar 2017

bet-at-home is a long-established sports betting brand with positive online growth drivers. An aggressive 2016 marketing campaign has boosted customer numbers and strong EBITDA growth is expected to continue into 2017. A high cash balance of €91.8m, together with a remaining €29m shareholder loan, supports the special dividend in May 2017. At 15.9x 2017e EV/EBITDA, the shares have traded well, helped by inclusion on the SDAX, as well as an attractive 7.1% 2016 dividend yield.

bet-at-home

Leading European online betting company

QuickView | Travel & Leisure | 08 Nov 2016

bet-at-home is a long-established sports-betting brand with positive growth drivers: an increasing proportion of betting is being done online, including on mobile. An aggressive H116 marketing campaign is forecastto deliver strong profits growth in 2017. Cash balances are expected to swell with the repayment of a €56m shareholder loan during 2017, part of which will be distributed to bet-at-home shareholders by way of dividendsin May 2017. The prospective yield (8.9%) adds to the shares' attractions.

bet-at-home

Executive Interview - bet-at-home.com (Deutsch)

Edison TV: | Travel & Leisure | 03 Nov 2016

bet-at-home (ACX:GF) is a long-established European sports betting brand with positive growth drivers: an increasing proportion of betting is being done online, including on mobile. Customer numbers have increased due to increased marketing investment over the 2016 UEFA Euro 2016 tournament, and this should pay off in 2017. Cash balances of €59.3m are expected to swell with the repayment of a €51m shareholder loan during 2017, part of which will be paid out as a special dividend in May. Betclic Everest owns 56%. In November, Bet at Home announced its best result’s since its founding in 1999 with an EBITDA of €12.3m euros in the third quarter of 2016. The gross gaming revenue will increase by 10% and reach the level of €134.0m in fiscal year 2016. The Group generated an EBITDA of €21.3m in the first three quarters as a result of increased marketing costs of €34.2m euros due to the European Football Championship in France.

bet-at-home

Leading European online betting company

QuickView | Travel & Leisure | 28 Sep 2016

bet-at-home is a long-established sports betting brand with positive growth drivers: an increasing proportion of betting is being done online, including on mobile. An aggressive H116 marketing campaign is forecast to deliver strong profits growth in 2017. Cash balances are expected to swell with the repayment of a €56m shareholder loan during 2017, part of which will be distributed to bet-at-home shareholders by way of dividends in May 2017. The prospective yield (8.9%) adds to the shares' attractions.

Achillion Pharmaceuticals

Bets are on

Update | Pharmaceutical & healthcare | 26 Nov 2014

Achillion remains on track in the development of its own all-oral, once-daily hepatitis C (HCV) treatment, which could be competitive to Harvoni, Gilead's fixed-dose HCV drug, just approved in October. The Phase I/Ib data for ACH-3422 expected by year end, if positive, would clear the way for a combination trial in HCV in 2015. Our valuation for Achillion, at $1.42bn or $14.2 per share, is based on the company's clinical programme for HCV alone. Positive Phase I/Ib data for ACH-3422 would enable an increase in our risk adjustment for a combination oral HPV treatment from 35% to 45% drug and lead to a revised fair value of $18.5 per share.

GVC Holdings

World Cup pays dividends

Update | Travel & Leisure | 15 Jul 2014

GVC has released another positive update and declared a higher than expected quarterly dividend of 12.5c. H114 revenues were 10% up on the previous six months and the World Cup has brought in a significant number of new customers. Our full year EBITDA estimates are unchanged, but we have increased our full year dividend estimate to 50c (from 47c). Despite a strong share price performance, the rating remains well below the peer group and the 2014e yield of 8.8% is a key attraction.

Liquefied Natural Gas

Magnolia o starting to bloom

ADR Initiation | Oil & Gas | 04 Apr 2014

LNG Ltd (LNGL) is developing the 8mtpa Magnolia LNG export terminal in Lake Charles, Louisiana (Magnolia LNG). It is applying its proprietary, lower-cost (OSMR®) liquefaction technology and previous experience in its Gladstone Fisherman's Landing LNG Project to accelerate development to take advantage of the US shale gas boom. A small company with new technology may be seen as a higher risk bet, but LNGL has been able to attract very large partners to Magnolia LNG, which believe in the technology and project, including Gas Natural, Gunvor and AES. Major milestones still need to be reached, but LNGL has made good progress, and plans to reach financial close in mid-2015. For now, we apply subjective risking factors to account for current progress and arrive at a valuation of US$39.3/ADR. However, should the project be fully realized, there is very substantial upside for investors at the current price.

Liquefied Natural Gas

Magnolia - starting to bloom

Initiation | Oil & Gas | 03 Apr 2014

LNG Ltd (LNGL) is developing the 8mtpa Magnolia LNG export terminal in Lake Charles, Louisiana (Magnolia LNG). It is applying its proprietary, lower-cost (OSMR®) liquefaction technology and previous experience in its Gladstone Fisherman's Landing LNG Project to accelerate development to take advantage of the US shale gas boom. A small company with new technology may be seen as a higher risk bet, but LNGL has been able to attract very large partners to Magnolia LNG, which believe in the technology and project, including Gas Natural, Gunvor and AES. Major milestones still need to be reached, but LNGL has made good progress, and plans to reach financial close in mid-2015. For now, we apply subjective risking factors to account for current progress and arrive at a valuation of A$1.09/share. However, should the project be fully realised, there is very substantial upside for investors at the current price.