bullish
A game changer
SUMMARY
GVC’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 €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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- A game changer18 Jan 2017
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