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Analyst Research Report Snapshot


Q1 results light, but 2014 guidance provides comfort; Increasing TP to $8.50




Cantor Fitzgerald Canada


16 May 2014





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EVENT: The company released Q1 financial results last night and held an investor conference call this morning. A replay is available at 416-849-0833 or 1-855-859-2056, reference number 45946225. BOTTOM LINE: The Q1 results were generally weaker than expected however 2014 guidance ranges were robust, bracketing consensus. We have adjusted our estimates based primarily on the EBITDA guidance range and are subsequently increasing our target price. We expect management will continue to active in the M&A arena with the announcement of an additional US$180 million in debt facilities. Management alluded to online gaming acquisition opportunities with global scope. Finally, we expect that management will divest intellectual property in Q2 that is currently classified on the balance sheet as “held for sale” with a value of approximately $33.3 million. We maintain our BUY recommendation and are increasing our target price to $8.50 from $8.00.

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