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May 15 2020, 08:20 IST/BST
With over 70% of its top line impacted by current developments, a substantially smaller profit base than peers and a balance sheet with little excess capacity, William Hill’s (WMH) struggles are multi-layered. However, this morning’s update will alleviate many near-term (balance sheet) concerns. While welcome, it is also a reminder that the company’s medium-term capital allocation priority will be to strengthen its financial position. It will leave little capacity to fund growth, structurally impacting the equity thesis in our view.
May 15 2020, 08:20 IST/BST