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Bwin

  BWIN AV

Gaming - Gambling
 /  Austria 
First merger in the gaming sector
Updates
29/07/2010M&A /Corp. Action
On 29 July 2010, Bwin and PartyGami...
17/05/2010Earnings/sales releases
Bwin reported a surprise-free Q1 with ...
14/12/2009Earnings/sales releases
Bwin benefited from a strong sports b...
20/08/2009Other news/comments
Bwin reported a resilient H1 09 with €...
Summary Key Data
Updated :
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) ns 20.0
Dividend yield (%) 0.00 2.29
EV/EBITDA (x) 10.2 8.87
AlphaValue EPS (€) -0.06 1.35
Dividend (€) 0.00 0.62
Sales (€M) 421 447
EBITDA (€M) 42.7 89.4
Attributable net profit (€M) -12.8 46.3
ROE (after tax) (%) -9.74 23.1
ROCE (%) 7.53 16.5
Gearing (%) -93.1 -54.4
Next Div. Indic € 0.92 payment
Target
Price (€) 38.6
Target Price (€)
Market Cap (€M) 1,383
Perf. 1W: 3.76 %
Perf. 1M: -4.88 %
Perf. 3M: 7.28 %
Perf Ytd: -7.47 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
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Businesses & Trends
Bwin is the European leader in online sports betting with more than €3.0bn in betting stakes and 2.4m active customers in 2009. ... Read More
Money Making
To some extent, Bwin is behaving like a deposit bank with the deposits of stakes from punters that strengthen the balance sheet (n... Read More
Valuation
We apply a 50% valuation premium (Bwin P/E 10 of 19.1x vs peer group P/E 10 of 8.6x). Given the lack of dividend distribution in... Read More
Analyst: Cécile Aboulian
Concepts
Business concepts
  • Regulation & tax drivers
  • Labour intensive
  • Structural overcapacity
  • Discretionary spending
  • Rate curve arbitrage
Investment Concepts
  • Execution risk
  • Margin contraction
  • Regulation shock
Story Trigger
  • Expected regulatory ch...
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