GVC Holdings PLC - Geben Sie Ihre Meinung im Forum ab! (Seite 10)

[mp2019]

Deals
Britain's Entain to buy U.S.-based Angstrom Sports for up to $266 mln
Reuters
July 17, 20234:33 PM GMT+2Updated 18 hours ago

"Their next generation forecasting, pricing and risk management capabilities will unlock significant opportunities across BetMGM's U.S. sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering," Chief Executive Officer Jette Nygaard-Andersen said.

https://www.reuters.com/markets/deals/britains-entain-buy-us…

[Brokerjay]

Trifft es ganz gut. 57% up wäre was

[mp2019]

Antwort auf Beitrag Nr.: 74.133.212 von Brokerjay am 10.07.23 20:49:48

Zitat von Brokerjay:

Zitat von mp2019: Bemühen sich MGM oder DraftK ja vielleicht doch noch zu einem Takeover

was mich eigentlich wundert ist der Jahresvergleich mit den Wettbewerebern. Draftkings hat wieder einen Riesenlauf an der Börse mit einer Performance von 150% in einem Jahr.
Flutter hat ebenfalls über 100% gemacht.

Entain nur maue 13%.

Bin schon was länger dabei, über 3 Jahre ist Entain vor DK und auf Augenhöhe mit Flutter.

Irgendwann muss da mal ein Move kommen. DK ist weit entfernt von der Profitabilität.

https://invezz.com/news/2023/07/07/analysts-are-upbeat-about…

[Brokerjay]

Antwort auf Beitrag Nr.: 74.102.047 von mp2019 am 04.07.23 11:37:21

Zitat von mp2019: Bemühen sich MGM oder DraftK ja vielleicht doch noch zu einem Takeover

was mich eigentlich wundert ist der Jahresvergleich mit den Wettbewerebern. Draftkings hat wieder einen Riesenlauf an der Börse mit einer Performance von 150% in einem Jahr.
Flutter hat ebenfalls über 100% gemacht.

Entain nur maue 13%.

Bin schon was länger dabei, über 3 Jahre ist Entain vor DK und auf Augenhöhe mit Flutter.

Irgendwann muss da mal ein Move kommen. DK ist weit entfernt von der Profitabilität.

[mp2019]

INVESTING EXPLAINED
The best ways to buy the booming US gambling market

Such stocks face a rough ride at home but judging them by their US businesses is a bet worth taking
May 31, 2023
By Robin Hardy

Entain
Entain (ENT) has less than a third of Flutter’s market cap, at £8.5bn, but in profit terms it is not that much smaller. Its Ebit this year is forecast to be £700mn, while Flutter is expected to deliver £1.15bn. The difference is all in the rating, and that stems from the operational profile; it’s all about the US footprint. Entain is dominated by the UK where it still has a sizable retail footprint (Ladbrokes, Coral, Gala Bingo). This means a material part of its earnings has more limited growth potential and is more exposed to the effects of the white paper; this all attracts a lower rating.

There is a US footprint through a joint venture with the largest player there, MGM (US:MGM), called BetMGM. This offers online sports and casino gaming and in 2022 generated an impressive $1.4bn in revenues, however it is not expected to break even (even at the Ebitda level) until the back end of 2023, more than five years after its establishment. There had been some hope (even expectation) that MGM would bid for Entain, but in March this year MGM’s chief executive said: “[the] answer on Entain is no”. This led to the shares falling by around 15 per cent.

Entain does have other interests in the US in physical and online poker segments, but the mainstay in this important market is the joint venture. It is not ideal that Entain is only a partner in this venture and that the partner is realistically the powerhouse, but this is a strong venture – $2bn (£1.5bn) of revenues are within reach this year and that compares with £4.5bn for the rest of the group combined. Analysts see BetMGM accounting for c40 per cent of the group’s value even before breaking even and, with growth of more than 75 per cent in the first quarter and sustained market leadership (that is, of course, due to MGM) it is possible that doing a sum-of-the-parts here could easily add up to more than today’s share price.

Back-of-the-envelope sums might assume $3bn of revenues for BetMGM (very possible by 2025), so margins perhaps at 15-25 per cent (Bank of America thinks 30 per cent is possible) could mean that Entain’s stake alone, based on Flutter’s PE, could be worth more than £5bn. That is a lot of ‘ifs’, but there does seem to be value to chase here with the shares potentially worth 33 per cent more than today.


https://www.investorschronicle.co.uk/education/2023/05/31/th…


Bemühen sich MGM oder DraftK ja vielleicht doch noch zu einem Takeover

[mp2019]

The US gambling stocks worth owning

Robin Hardy analyses all the major players in the US gambling market
June 15, 2023
By Robin Hardy


While UK-listed stocks have been able to cherry-pick their investments in the US to focus on online gaming and online sports betting, investment in US gambling stocks largely gives exposure to the far less dynamic casino and other in-person betting sectors.

Expected annual growth in the US casino market is steady at around 4.5 per cent (GDP + slow industry expansion) until 2027, but online sports betting has a forecast growth rate of more than 17 per cent. So investing in a US gaming operator, one usually has to take the rough with the smooth, with online sports betting very much playing second fiddle to the casinos. Another major problem when looking at the US listed players is that the market leader in the more attractive segments, FanDuel, is owned by the UK’s Flutter (FLTR).

MGM Resorts (US:MGM)
The number two by market cap is a casino resorts operator with a large skew towards Las Vegas (two-thirds of revenues) with the bulk of the remainder coming from 13 other US states, and a smaller tail from Macau. There is a sizeable interest in online gaming and gambling; the BetMGM joint venture with Entain (ENT), which is heading towards revenues of $2bn within 12-18 months, has a fast-growing presence here. In Q1 of 2023, growth in this division was around 100 per cent. For context, MGM’s core resort revenues are around $15bn a year. While hotel revenues are rising well, this is still largely a Covid rebound, and casino revenues are fairly pedestrian. The BetMGM side is really overshadowed by the more lumbering resorts arm, and Entain looks to be garnering much more value for shareholders from the venture. Some value here, but not a lot.

While FanDuel is the market leader in online sports betting (with a market share of around 45 per cent), DraftKings is a strong number two, albeit around half the size, controlling around a quarter of the market. It has managed to hold this market share position since 2019 when it was joint market leader with Caesars. DraftKings is also a major force in online casinos and slots, where it also controls around 25 per cent of the market: this time it's number two behind BetMGM (at 30 per cent). This is a smaller market than online sports betting.


https://www.investorschronicle.co.uk/education/2023/06/15/pi…

[Brokerjay]

Interessante Herleitung der Bewertung.

We arrive at an equity value of 1686p per share, 38% higher than the current stock price. Our price target is equal to $2.15 per share.

Auch der Abschlag zu flutter / Fanduel scheint übertrieben.
Danke für den link

[mp2019]

https://seekingalpha.com/article/4614172-entain-betting-on-g…

[Brokerjay]

eine erneute Offerte seitens MGM sehe ich kurzfristig nicht. MGM steht gut da, hat einen starken Großaktionär in der Hinterhand, aber Entain zu schlucken halte ich für eine Nummer zu groß.
Draftkings hatte Ende 2021 so um die 28 Dollar pro Anteil geboten, nun steht man seitens fundamentals noch besser da. Da winken die Entain shareholder keinen sgnifikant niedrigeren Preis durch...

Das Filetstück ist BetMGM, aber irgendwann wird es um so besser es läuft zu einem Problem für beide. Die Kombi aus dem guten Namen und Kontakten und der Marke von MGM, sowie das KnowHow und die Technik von Entain ist großartig.

Reine Spekulation: Man könnte BetMGM auch als SpinOff an die Börse bringen.

[mp2019]

Emince Warns MGM Could Circle Entain Again
Sandler warned that Entain’s mismanagement of the STS proposal and subsequent share price tumble could invite an unwanted takeover overture at a low price from MGM Resorts International (NYSE: MGM) — its partner in the BetMGM business.

While MGM executives said earlier this year they’re not looking to bid anew for Entain after being rejected by the UK company in early 2021, the Ladbrokes owner could be ripe for a takeover. Amid the share price erosion in the wake of the STS announcement, the Coral parent’s market value is $9.22 billion — far less than the roughly $11 billion MGM previously bid.
“As shareholders lose confidence in Entain’s ability to allocate capital and create long term value, it is quite likely they will support a sale of the company to MGM at a materially lower price than previously assumed,” opined Sandler.

MGM has a recently acquisitive history, close to $6 billion in cash on hand and avenues for raising more cash should it decide to make another run at Entain.

Selling Some or All of BetMGM Might Make Sense for Entain
In the letter to the Entain board, Sandler expressed support for the company’s acquisition binge, as long as it happens at an effective cost of capital. On that note, he said the operator has options for raising cash.

“We believe that multiple attractive and value creating paths exist for Entain to raise capital to fund its M&A initiatives, including the potential divestiture of some or all of its stake in the BetMGM JV (joint venture),” he noted.

Previously, Entain hasn’t publicly expressed interest in selling any or all of its stake in BetMGM, but that could be a multi-billion-dollar transaction and serve the added benefit of potentially dissuading MGM from attempting to outright buy Entain.


https://www.casino.org/news/eminence-capital-expresses-disda…