Analyst Research Report Snapshot

Title:

WILLIAM HILL - ANOTHER BIG STEP

Price:

$10.00

Provider:

Edison Investment Research

Date:

01 Mar 2013

Pages:

2

Type:

AcrobatPDF

Companies referenced:

WMH.L

Available for Immediate Download
Summary:

The £424m proposed acquisition of the William Hill Online (WHO) minority comes hard on the heels of the £460m acquisition of Sportingbet’s Australian and Spanish businesses (due to complete on 19 March). Together, they significantly augment the medium-term prospects for William Hill’s online business, particularly internationally. The price agreed with Playtech for the 29% minority was well in line with analyst expectations and the associated rights issue (£375m net, fully underwritten) slightly more than expected, giving plenty of firepower for further bolt-on deals. The news was accompanied by an excellent set of results and consensus estimates are likely to increase; the 2013 P/E of c 14.4x looks very reasonable.

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