Analyst Research Report Snapshot

Title:

SPORTINGBET - TAXING TIMES

Price:

$10.00

Provider:

Edison Investment Research

Date:

24 Feb 2011

Pages:

8

Type:

AcrobatPDF

Companies referenced:

SBT.BE 888.L BPTY.L PAP.I UNIBsdb.ST

Available for Immediate Download
Summary:

Sportingbet produced another good set of interims with normalised PBT up 14% to £21.0m. All eyes are now on Greece and Spain where proposed new licensed regimes point to a dip in FY12/13 profitability (not yet in our estimates) before growth resumes. However, management was keen to reassure the market, based on its experience in Australia, and demonstrated its confidence with a 20% increase in the interim dividend. Considerable uncertainties remain, but after the recent fall we believe much is already factored into the share rating.

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