DAVY VIEW

As the dust settles to reveal the impact of COVID, GVC’s performance is proving more robust than at one point feared. Guidance suggests 2020 EBITDA is expected to fall by c.4% (at the mid-point of £720-740m guidance range), while leverage at the half-point of the year was just 2.9x. We are likely to increase our current year forecasts by a low-single-digit amount at this stage. Longer term, its progress the US will be the more important determinant of the stock’s performance over the coming period – we expect greater detail on this at its 09.30 presentation.