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Flutter Entertainment

Reflections on a promising first half

The first half of 2020 was a transformational period for Flutter Entertainment (Flutter). Progress made is supportive of its exciting growth-led investment thesis, with strong momentum...

Dalata Hotel Group

Recent positive developments are being overlooked

There have been several positive developments at Dalata recently, including the extension of income supports in Ireland until March 2021. This has lowered the break-even point of the...

GVC Holdings

2020 performance proving more robust than feared

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...

William Hill plc

Improving momentum unlocks immediate US investment

A modest profit (H1 operating profit £12m) is as good an outcome as we could have expected for William Hill through an unprecedented period (even when various financial support schemes...

GVC Holdings

CEO departure; Q2 trading

While the departure of Kenny Alexander as Group CEO is likely to disappoint shareholders, his successor (Shay Segev) will come as little surprise. It should protect GVC’s current...

Dalata Hotel Group

Amended debt facility and trading update

Dalata has announced that it has amended its debt facilities. This has changed its covenants until 2022 and increased its liquidity. We believe this removes any residual credit and...

GVC Holdings

Increases investment in US JV

Recent US developments (rapid market evolution, greater capital available to market leaders) have prompted a change in approach at ROAR Digital (GVC’s US joint venture (JV))....

Gaming

Progress towards legislative certainty in the UK

The House of Lords Select Committee has published its long-anticipated report on Gambling Harm. Of the various parties issuing expert/recommendation reports on this topic in recent...

Flutter Entertainment

Platform + opportunity = growth

Flutter deserves attention. A compelling strategy is delivering a powerful growth platform in a global and structurally expanding industry. It presents a multi-year opportunity for the...

William Hill plc

Right shaping business an expensive exercise

In an environment where the set of structural growth opportunities is expanding (acceleration in US regulation, a channel shift towards online) but free cash flow (FCF) generation...