We downgrade our rating to DON’T OWN IT (DOI) given the strong share price performance since our upgrade (+25%), now standing above our E12.0/sh price target; further upside requires discounting bull case assumptions, specifically E200 net wins/day for VLTs (double our base case) and Stihima gross profit growing (20% vs. our base case). Management has…
1Q14 earnings at E2m and on track to managing E18m this year. FCF was negative as expected on positive working capital in construction. Construction EBIT margin at 2% albeit should up in the remainder of the year. PBT in concessions down by E5m yoy …
3Q14 EBITDA +14% if we normalise for last year’s hit in Cyprus related deposits. 3Q14 sales +9%; Cyprus better than expected and responsible for 44% of the delta. Greek sales +2%; implies flattish to negative LfL and the reason behind our new Greek LfL of …
1Q14 was one of the same – strong on profits; not so good on cash flow yet. We conclude to working capital increase of E45m in 1Q14 or E125m in 2014. Capital return ahead – we estimate E0.5 per share or 1.7% yield. Convertible bond of E250m in the cards – at the current price…
Down goes our EBIT by 7% over 2014-16, hopefully for the last time, mainly due to FX headwinds and on weaker than expected Italy, Ukraine and Poland. Operating leverage; 1% beat on 2015 & 2016 sales could up our target price by E2.5. This could be derived by a better Greece/Nigeria/Italy/Romania and why not Russia….