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James Wheatcroft has given his Buy rating due to a combination of factors that highlight Entain plc's positive outlook. Despite some negative commentary from competitors concerning US sports margins, Entain's recent reaffirmation of its full-year FY24E guidance for both itself and BetMGM is seen as a potential catalyst for the share price. This assurance suggests a level of comfort with the current FY25E consensus, indicating stable financial expectations.
Furthermore, the anticipation of an update from the new CEO regarding strategic directions and operating initiatives could provide further growth opportunities. Entain's current trading valuation, with a 7.6x EV/EBITDA for FY25E and an 8.3% free cash flow yield, along with its sum-of-the-parts valuation implying a higher stock price, reinforces the Buy rating. These elements collectively suggest a promising investment, particularly in anticipation of any strategic announcements that could enhance Entain's market position.
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GVC Holdings PLC is an e-gaming operator providing platforms for sports betting to the business to consumer and business to business markets. It operates through five segments Online, UK Retail, European Retail, Corporate, and Other. The company earns the majority of its revenues from Online segment, which comprises betting and gaming activities from online and mobile operations, Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. Geographically, it derives a majority of revenue from the United Kingdom.