TSXV:NYX.DB - Post by User
Comment by
Carpenter72on Aug 06, 2017 9:07am
209 Views
Post# 26551900
RE:RE:Fair Value - 12 EV/EBITDA Multiple...
RE:RE:Fair Value - 12 EV/EBITDA Multiple...From Edison Investment Research (March 30 2017)...
Exhibit 2: Peer group comparison
| Company | Price | Mkt cap | P/E (x) | EV/EBITDA (x) |
| | (p) | (£m) | 2016 | 2017e | 2018e | 2016e | 2017e | 2018e |
| Jackpotjoy plc | 560 | 413 | 6.4 | 5.9 | 5.1 | 6.9 | 6.7 | 6.2 |
| 32Red | 195 | 166 | 90.9 | 13.3 | 11.1 | 33.4 | 10.0 | 8.6 |
| 888 Holdings | 271 | 970 | 22.2 | 18.4 | 16.4 | 13.0 | 10.7 | 9.7 |
| GVC Holdings | 744 | 2,187 | 12.3 | 15.1 | 12.1 | 47.9 | 10.0 | 8.6 |
| Gaming Realms | 13 | 35 | N/A | 8.5 | 4.4 | N/A | 5.2 | 3.1 |
| Ladbrokes | 134 | 2,556 | 14.3 | 12.1 | 9.7 | 61.5 | 8.6 | 7.8 |
| Paddy Power Betfair | 8,690 | 7,304 | 30.1 | 21.9 | 19.4 | 37.7 | 15.3 | 12.1 |
| Playtech | 938 | 2,977 | 22.1 | 13.0 | 11.8 | 13.5 | 8.8 | 7.9 |
| Rank Group* | 215 | 838 | 13.6 | 14.0 | 12.9 | 6.3 | 6.8 | 6.5 |
| Stride Gaming* | 226 | 152 | 33.3 | 9.7 | 9.5 | 6.3 | 6.8 | 6.5 |
| William Hill | 287 | 2,459 | 13.6 | 11.9 | 11.0 | 9.5 | 8.3 | 7.9 |
| Average UK listed peers ** | | 25.4 | 12.2 | 10.4 | 22.0 | 8.2 | 7.3 |
| Overseas listed peers | | | | | | | |
| Amaya | CAD 23 | 3,284 | 18.6 | 8.2 | 7.7 | 11.7 | 8.9 | 8.5 |
| Betsson | SEK 75 | 10,794 | 12.4 | 11.5 | 12.4 | 11.1 | 9.3 | 9.7 |
| Cherry | SEK 298 | 3,999 | N/A | 24.2 | 13.7 | NA | 7.4 | 5.6 |
| Kindred (Unibet) | SEK 86 | 19,894 | 31.4 | 16.1 | 17.2 | 22.8 | 11.8 | 12.2 |
| LeoVegas | SEK 37 | 3,639 | NA | 18.8 | 11.3 | NA | 13.5 | 7.9 |
| Net Entertainment | SEK 69 | 16,581 | 44.5 | 28.2 | 24.2 | 29.9 | 19.9 | 17.0 |
| Overall average | | | 26.1 | 14.7 | 12.3 | 22.3 | 9.9 | 8.6 |