This is the biggest increase of this Thursday session in the Stoxx 600 of the largest listed companies in Europe. Sports betting and gambling firm GVC Holdings climbs more than 7% on the London Stock Exchange, bringing the stock’s growth to almost 30% since the start of the year and 50% year-on-year and at a fraction of its historical peak of 1 st August 2018 to 1184 pence.
For its third quarter, GVC, which owns the brands bwin, Coral, Eurobet, Ladbrokes and CasinoClub in particular, published sales (net gaming revenues in the profession) up 12% as of September 30, of which +26 % in the online gaming business (+ 28% at constant exchange rates), with market share gains in most of the countries in which the group is present.
An excellent dynamic which allows it to raise its profit estimates for the whole year. Profit before taxes and depreciation is henceforth expected in a range of 770 to 790 million pounds, against 720 to 750 million previously.
Portuguese market boom
In parallel with this publication, GVC Holdings announced an agreement to acquire Bet.pt, a Portuguese gaming operator. The market is buoyant. The British bettor estimates that the stakes on sports and gambling games should more than double by 2023, to a total of 450 million euros. The new entity will contribute £ 10m to GVC Holdings’ gross operating profit in fiscal year 2021.
This is the nineteenth consecutive quarter of double-digit growth for the British betting company, does not fail to underline Stuart Gordon, analyst at Berenberg, with the purchase of the action after this “ exceptional set of results ”. The price target is raised from 1.051 to 1.175 pence. James Wheatcroft, at Jefferies, believes for his part that the greater clarity of regulations in Germany and the United Kingdom constitutes a ” catalyst which will lead to a revaluation of the file “.
Out of all the analysts forming the Bloomberg consensus, 15 are buying GVC Holdings and 3 are “to be”, none being for sale.
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