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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>GVC&rsquo;s positive momentum a year on from the bwin deal is demonstrated by encouraging KPIs and the early resumption of dividends. Attainment of the target &euro;125m of cost synergies is well on track, assuming successful platform migrations during H117. Strong cash generation underpins a generous dividend policy (50% payout). The 2017e EV/EBITDA of only 8.8x looks very good value for an ambitious group that is capitalising on industry growth and consolidation opportunities.</p>

GVC&rsquo;s positive momentum a year on from the bwin deal is demonstrated by encouraging KPIs and the early resumption of dividends. Attainment of the target &euro;125m of cost synergies is well on track, assuming successful platform migrations during H117. Strong cash generation underpins a generous dividend policy (50% payout). The 2017e EV/EBITDA of only 8.8x looks very good value for an ambitious group that is capitalising on industry growth and consolidation opportunities.

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