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Playtech - EBITDA forecasts upgraded 10%

October 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares soared after interims smashed expectations, leading to a 10% upgrade to EBITDA forecasts. Revenues, EBITDA and eps rose 21%, 28% and 45% to Eu214m, Eu97.6m and 33.3 cents respectively. Excluding acquisitions, EBITDA still impressively grew 19%. Net cash was Eu366m (30 June 2013: Eu 576m) following payment of a special dividend. Playtech makes its money from royalties based on a percentage of its licensees revenues and its flagship Casino product grew revenues 29% to Eu116.2m (54% revenues) driven by Ladbrokes, Gala Coral, Paddy Power and organic growth in Asia. Around 70% of Casinoâ€™s growth was attributable to core web casino, mainly slots and roulette, with mobile and live gaming, which streams real video of c ...

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Playtech - EBITDA forecasts upgraded 10%

October 2014

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