I have just bought into this company as it is well below the float price and has been savagely knocked back by the US gambling fiasco. The trading statement looks promising and new contracts coming in IMO the market is undervaluing this company. It supplies the software to so many of our successful gambling companies. I'd welcome any comments.

nicely up before the results on 24th.

no one interested here-shame as this company is relatively protected from the US Gambling fall out.

.

Hi MP - read your thread but had to give it the go-by as I don't "do" gambling stocks. Sorry.

PS have sent you a mail . . . .

This one isn't strictly a gambling stock it is a software company that supplies the means for all the companies in this field to operate and that includes slot machines and all the temptations you get in casinos and amusement arcades. at least that's how I read it-figures very soon should wake some interest I hope. This is below it's float price and well below the radar-that said if it continues in the doldrums I shall move on. I was told of this by a fund manager and as you know they are very often wrong!

fantastic set of maiden results out this morning and a dividend! take a look.

MP, you are lonely, aren't you?

Moneyplus

Don't know if you are still in these after the October crash but, for the record, I have bought into this yesterday at 206p as the Tribeca acquisition looks substantially earnings positive. I reckon they've bought a good $15m plus of net profits on a PER of 6 or thereabouts, plus this gives PTEC scope to gain economies of scale and dominate the European gaming software landscape. Of course, someone might also be keen to take them out for a fat premium up the line.

PTEC being based in Cyprus, the tax charge is low too.

I took profits before the crash-was very tempted to buy back in but had no spare funds. I still think this company will do very well and it has bounced back nicely. good luck Bones.

Bought back into this one today. It has pulled off some great contracts--the chinese are gambling addicts! I should have bought back when they were hit by the US fiasco but better late than never---check it out ST.

bought 20,000 on wednesday..read the results and the company's foray into China is a whole new ball game IMO. The chart never reacted to the recent market wobble and the volume is excellent. Needs a little exposure in the wider market cos i think its an unknown quantity at present

Lucky you!-all I could afford is 1000 shares to buy and hold! I did nicely on this one last time I held it so hoping for good gains again. I haven't got the nerve for spreadbets or cfds- but wish I did sometimes.

www.chartbreakouts.co.uk appear very bullish as the price very very close to all time high..i reckon once the full benefits of its asian assault and market appreciation feed through then we should see a swift re-rating. slightly tinged by its association with the gaming sector which,which of course it is part of, but its revenues are sourced quite differently.

Pull back today-the herd has moved on. I hope to keep adding on dips.

Fantastic new win...

RNS Number : 8858O
Playtech Limited
16 March 2009



Playtech Ltd

('Playtech' or 'the Company')







Playtech enters regulated Spanish market with Casino Grand Madrid agreement







Playtech (AIM: PTEC), the international designer, developer and licensor of software to the online gaming industry, today announces that it has signed a new licensing agreement to supply its market leading online casino and poker products to Casino Gran Madrid ('CGM'), one of the largest and most prestigious land based gaming operators in Europe.

Under the terms of the license agreement, Playtech will provide CGM with its casino platform and poker product, through the iPoker network, as the operator launches its online operations.




Commenting on the agreement Mor Weizer, Chief Executive Officer of Playtech, said:




'We are delighted to have secured this agreement with one of Europe's largest and most respected land based operators. We expect this to be a significantly value accretive relationship, exemplifying our strategy to increase the number of regulated markets in which we operate.'




Both parties are committed to meeting all the Spanish regulatory requirements. CGM has also been working closely with Playtech's development and customer support teams to devise a suite of products tailored to meet the unique demands of CGM's players, offering a huge variety of games specifically designed to appeal to the gaming patterns of CGM's customer base.


Mr Weizer continued:

'As a leading industry player we are pleased to add further regulated markets to our sphere of operations. Playtech's gaming platform is supported by a transparent and efficient management system which an increasing number of customers view as integral to their future business plans.'




Jorge Casanova, Director of Information Systems of Casino Gran Madrid concluded:




'Our agreement with Playtech strengthens CGM's leading position in the Spanish casino market. With our casino brand and games available online we are delighted to be leading gaming development in Spain through Playtech's innovative, secure and transparent system.'







- Ends -

The majority of Brokers have a BUY rating on it..

Playtech Ltd

FORECASTS
2008 2009

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Daniel Stewart
13-03-09 BUY 71.00 29.23 14.48 117.22 46.22 22.92

Numis Securities Ltd
12-03-09 BUY 68.46 28.72 14.82 112.75 45.40 23.16

Collins Stewart
09-03-09 BUY 73.34 30.95 122.77 49.71

Evolution Securities Ltd
02-03-09 SELL 82.67 34.43 17.95 97.82 38.85 20.34

2008 2009
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 70.81 29.57 14.65 114.99 45.81 23.04
1 Month Change -4.16 -1.68 -0.96 -1.41 -2.20 0.60
3 Month Change 1.08 1.75 -0.60 6.23 2.14 0.42


GROWTH
2007 (A) 2008 (E) 2009 (E)

Norm. EPS -36.67% 227.43% 54.92%
DPS 40.13% 121.97% 57.27%

INVESTMENT RATIOS
2007 (A) 2008 (E) 2009 (E)

EBITDA 23.09m 67.04m 115.18m

EBIT 19.61m m m

Dividend Yield 1.76% 3.91% 6.14%

Dividend Cover 1.37x 2.02x 1.99x

PER 41.52x 12.68x 8.19x

PEG -1.13f 0.06f 0.15f

Net Asset Value PS 14.26p p p

Broker news out this morning....

Collins Stewart has buys for Playtech and Healthcare Locums, a hold and 186p target for Stagecoach and initiates coverage of Hansen with a buy and 175p target and Clipper Windpower with a buy and 122p target.

Broker snap...

17-Mar-09 Playtech PTEC Daniel Stewart Buy 400.00p 543.00p - Reiteration

543p target.

A bit of weakness this morning therefore ideal time to be buying.

Brokers seem to like it.....

Playtech Ltd

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Daniel Stewart [R]
27-03-09 BUY 117.22 46.22 22.92

Collins Stewart
19-03-09 BUY 120.64 48.78 138.93 56.28

Numis Securities Ltd
19-03-09 BUY 114.16 45.97 23.45 134.71 53.47 28.14

Evolution Securities Ltd [R]
02-03-09 SELL 97.82 38.85 20.34

2009 2010

Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 117.40 47.37 23.45 136.82 54.88 28.14
1 Month Change 1.00 -0.65 1.01 -6.61 -2.39 0.47
3 Month Change 8.64 3.70 0.83 10.46 4.39 1.48


GROWTH
2008 (A) 2009 (E) 2010 (E
)
Norm. EPS 83.35% 186.08% 15.85%

DPS 66.06% 113.96% 20.00%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA m 113.79m 133.68m

EBIT m m m

Dividend Yield 2.39% 5.11% 6.13%

Dividend Cover 1.51x 2.02x 1.95x

PER 27.72x 9.69x 8.36x

PEG 0.33f 0.05f 0.53f

Net Asset Value PS p p p

A P/E of just 9.7 for thnis year.

Way too cheap and undervalued.

Business Financial Newswire
"Gaming software group Playtech says full-year trading will be below current market expectations, owing to a slower than anticipated start to William Hill Online and the economic environment.

Adjusted EBITDA in the first half of 2009 is expected to be 43m to 45m.

Playtech says it is confident of delivering strong growth for the full year to December 2009 compared to 2008. 'However, owing to the slower than anticipated start to WHO and the general challenging economic environment impacting some of our licensees, the board believes that full-year trading will be below current market expectations.'

William Hill Online 'is making encouraging progress after a slower than anticipated start to the year due to a prolonged integration period and difficult trading conditions.

'This will impact our expectations for the first year's trading. However, Playtech remains confident that the WHO transaction will prove to be transformational for the company and will make an important contribution to earnings in 2009 and beyond.'

William Hill confirmed WHO is 'making good progress during an extensive integration period and in difficult trading conditions'. It says it remains comfortable with the market consensus for the online business in 2009 "

Nice bounce after anticipated mediocre results.

Business Financial Newswire
"Gaming software company, Playtech reports a pre tax profit of 32.8m for the six months to 30 June 2009 which is 39% higher than for the corresponding period last year.

Included in this year's figures was a profit from associate of 5.03m ( 2008 Nil).

Management say that adjusted net profit better represents the underlying results of the Group. Adjusted net profit for the six months ended 30 June 2009 totalled 43.0m (2008: 36.2m), an increase of 19%.

Total revenues during the period increased by 9.8% to 56.7m.

Cash and cash equivalents as at 30 June 2009 amounted to 48.7m (2008: 206.9m), representing 16.5% (2008: 75.0%) of the Group's total assets.

In October 2008, Playtech acquired a 29% stake in William Hill online at a cost of 177.7m cash.

The Board is proposing to pay an interim dividend of 8.9 cents per share. "

"Playtech (AIM:PTEC), is pleased to announce an interim dividend of 8.9 cents per ordinary share following the release of its interim results for the six months ending 30 June 2009.

The dividend will be payable on 23rd October 2009 to those shareholders on the Company's register as at the record date of 25th September 2009. The ex-dividend date is 23rd September. Currency election forms will be posted to shareholders on 4th September 2009 and must be returned by 1st October 2009. For any shareholders who elect to receive their dividends in sterling the conversion exchange rate from Euros will be set on 25th September 2009."

PTEC... PLAYTECH.

Like the look of the chart here and recovery might be on the cards although it is a very volatile stock.

Long Term Chart.



Short Term Chart.



Fundies.

A forward P/E of just over 8 going into 2012 is far far too cheap imo.

Playtech Ltd

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
28-03-11 BUY 102.00 39.50 20.50 112.00 42.90 22.30
Peel Hunt
25-03-11 HOLD 98.77 37.28 18.64 117.05 44.18 22.09
Daniel Stewart
21-03-11 BUY 96.27 37.76 18.92 106.64 41.82 20.74
Investec Securities
16-03-11 BUY 70.63 23.82 16.52 76.56 25.84 19.13
Evolution Securities Ltd
15-03-11 BUY 96.65 37.31 18.66 119.45 46.12 23.06
Goodbody Stockbrokers [R]
11-03-11 BUY 45.80 25.20 51.10 28.10
Numis Securities Ltd [R]
10-03-11 SELL 95.86 37.26 19.48 101.62 39.80 20.32
Execution Noble [R]
16-11-10 BUY 95.62 40.16 18.99 110.93 46.52 22.09
Collins Stewart [R]
02-11-10 BUY 34.62 38.08

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 92.96 36.76 19.64 106.41 41.82 22.46

1 Month Change 0.82 -0.52 0.08 4.77 -0.30 0.06
3 Month Change 1.94 0.58 0.60 4.71 1.27 1.12


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS -8.95% 62.40% 13.78%
DPS 3.80% 22.40% 14.36%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA m 98.77m 113.32m
EBIT m m m
Dividend Yield 4.65% 5.70% 6.51%
Dividend Cover 1.41x 1.87x 1.86x
PER 15.23x 9.38x 8.24x
PEG -1.70f 0.15f 0.60f
Net Asset Value PS p p p


Forward Statement. 10/03/2011

Outlook

The Company has made a good start to the year. With a number of licensees who launched in the second half of 2010 building out their operations, there is good revenue growth potential in the coming months. Playtech's ability to offer a full turnkey solution to licensees in newly regulated markets positions it well for what are changing market dynamics.

PLAYTECH PTEC Daniel Stewart Play Of The Year......


Cracking Casino!
Best of breed B2B provider


Investment Case

We expect PTEC will derive significant benefit from
regulating markets (Italy, Scandinavian, US), which will not
only diversify its revenue stream but further cement its
market position as best of breed B2B provider.
Our forecasts are underpinned by growth in licensees
particularly in Italy, France and Scandinavian markets over
the short to medium term, with further opportunities in
the US.
Our TP (541p) is DCF derived and implies c14x FY11E
earnings, c31% upside. This is further underpinned by a
5% dividend yield. BUY.
25 January 2011
Top Picks 2011
Playtech
Leisure
PTEC (FTSE AIM 100)
Buy Upside
30%
At a glance
2010E EPS 36.2c
2011E EPS 43.7c
Rating Buy
Price Target 541p
Michael Campbell - Equity Analyst +44 (0)20 7776 6571 michael.campbell@danielstewart.co.uk
Sales Team +44 (0)20 7776 6931 sales@danielstewart.co.uk
Price 416p
Target Price 541p
350
400
450
500
550
600
650
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Price FTALLSH relative to Price
Source: Proquote
Shares in issue 238.5m
Net Debt/(Cash) (33.4)m
Market Cap 992.1m
Enterp. Value 958.7m
NAV/Share 102.6p
Next Event Q4 KPI's - 25 January 2011
Net Debt is current year estimated
Forecasts (m) 12/08A 12/09A 12/10E 12/11E
Turnover 111.5 114.8 141.4 167.0
EBITDA 74.7 93.7 100.5 120.0
PBT 75.4 90.0 92.0 111.3
Tax (%) 2 1 2 2
EPS (c) 31.7 35.9 36.2 43.7
DPS (c) 15.2 18.3 19.9 21.9
Ratios (x) 12/08A 12/09A 12/10E 12/11E
P/E 15.3 13.5 13.4 11.1
EV/EBITDA 15.3 11.9 11.3 9.1
Yield (%) 3.1 3.8 4.1 4.5
Price/NAV 4.9 4.5 4.2 3.7
Data is adjusted
Company Description
Online betting & gaming software provider.
www.playtech.com
46 Playtech | Leisure | 25 January 2011
Investment case
Growing exposure to regulated markets. Italy
cash poker & casino, Scandinavian & US
markets further opportunities.
Regulation
Playtechs revenues are well diversified from a geographic point a view, however we
estimate c60% of revenues are derived from unregulated markets. Playtechs B2B
model however makes it easier to exchange non-regulated revenues for regulated
revenues.
We see significant opportunities for Playtech not only across changing European
markets (Italy online casino and cash poker) but also in the liberalising US and
Scandinavian markets (RAY + Unibet recently).
M&A
Playtech is more than likely to be an acquirer as opposed to a target, recent
acquisitions GTS and Virtue Fusion bears testament to this. It is however not unlikely
that a larger online operator or bricks and mortar casino would make a bid for the
pure play B2B provider at some point.
We view the recent bid for 888 as speculative and were PTEC to make a bid we
believe it would be to acquire Dragonfish, its competitor. We believe PTEC has no
interest in the pure play (B2C) operator side of the business. Were it to acquire 888,
PTEC would more than likely sell of the B2C side and consolidate Dragonfish. This
would further strengthen PTECs position as the no1 B2B operator in the market.
Recent events
Playtech is targeting the Scandinavian and Italian markets. It recently signed RAY
and Unibet (bingo license agreement through Virtue Fusion) to its network, which we
believe could be a significant step in securing further licensees in the growing
Scandinavian market. In Italy it signed Buongiorno (online casino for winga.it) and
Codere Interactive to its Italian bingo platform the fourth Italian bingo operator on the
PTEC platform. This gives PTEC significant market share in the bingo vertical. We
expect to see PTEC continue signing new licensees to its network as markets
regulate.
Risks
The two largest licensees account for a third of revenue, and the top 15 licensees for
c75% of revenues, therefore a loss of a key licensee would have an adverse impact
on profits and cash. The concentration of clients should dilute over time as PTEC
adds larger licensees to the network, diversifying the revenue stream further.
Furthermore, Playtech is an operationally geared company (majority of costs are
fixed and relate to staff costs) therefore a sharp decline in revenue would have a
greater negative impact on profits, but conversely any increase in revenue has a
greater positive impact on profits. We estimate that c70% of revenues drop through
to the profit line.
Strategy for swapping non regulated
revenue for regulated revenue...
An acquirer as opposed to a target in
our view..
Recently signed RAY and Unibet and
licensees in Italy ...
Relies upon small number of licenses
for majority of revenue at present...
Playtech | Leisure | 25 January 2011 47
Forecasts & recommendation
Forecasts
Playtech derives its revenues form license fees on a revenue share basis (can vary
between 15 - 30%) with licensees. Therefore the number of licenses and the level at
which revenue share agreements are negotiated drives revenues for the business.
Playtech has c85 licensees where the top 2 generate one third of revenues and the
top 15 three quarters of revenues. We expect the business will further diversify its
reliance on a number of key licensees as it adds further licensees to the network in
regulating markets.
Table 11: DS NGR forecasts (10E - 12E)
(m) 2010E 2011E 2012E
Poker 28.4 30.1 32.0
Casino 93.3 104.2 114.7
Other 19.7 32.6 36.3
NGR (ex-WHO) 141.4 167.0 183.0
Source: Daniel Stewart
At the EPS level we forecast 37.6c for FY10E (1H 20c, so PTEC need only achieve
17.6c in 2H in order to meet our FY10E forecast). For FY11E our EPS is 44.0c and
48.7c for FY12E a reflection of mooted growth in poker, offset by stronger growth in
casino and bingo.
DS vs. Consensus forecasts
Our forecasts are broadly inline with consensus estimates, though toward the top end
of the range for FY11E and FY12E. We factor in continued pressure on Poker
revenue though cushioned by new licensees signed on the French poker network
and cash poker & casino in Italy. The biggest upside risk to our forecasts is PTEC
signing a significant poker deal in the US. Casino should offset the weaker
performance from poker (Italian market, Betfair, RAY) and bingo (Virtue Fusion)
should offset any poker weakness
Outlook and recommendation
Playtechs Q310 outlook statement read well, where the company reported a strong
start to Q410, daily average activity for the first 31 days was up > 25% on Q409 and
7% above daily average activity in Q310, which underpins our forecasts.
We expect to see continued growth in online casino and bingo when Italy and France
come online (2011) this is further underpinned by opportunities in the Scandinavian
and US markets. Regulation, M&A, new licensees and a move to the main list are all
catalysts for the share price.
Our price target (541p) is DCF derived implying c14x FY11E earnings, undemanding
in our view. We initiate with a buy recommendation
Number of licenses and revenue share
drives revenues...
Forecasts at the top of the consensus
range, underpinned by opportunities in
Italy, Scandi & US markets...
Strong momentum into Q4 underpins
our forecasts...
...supported by opportunities in Italy,
France, Scandi and US markets
541p TP ~ Buy PTEC

48 Playtech | Leisure | 25 January 2011
Key Assumptions

12.8% CAGR in NGR FY10E FY12E
Income (m) 12/08A 12/09A 12/10E 12/11E
Turnover 111.5 114.8 141.4 167.0
Gross Profit 111.5 114.8 141.4 167.0
EBITDA 74.7 93.7 100.5 120.0
EBIT 64.7 69.2 70.2 89.0
PBT 75.4 90.0 92.0 111.3
EPS (Adj.) (c) 31.7 35.9 36.2 43.7
EPS (c) 17.9 29.0 28.9 36.7
DPS (c) 15.2 18.3 19.9 21.9
Ratios (x) 12/08A 12/09A 12/10E 12/11E
P/E 15.3 13.5 13.4 11.1
EV/EBITDA 15.3 11.9 11.3 9.1
Div. Yield (%) 3.1 3.8 4.1 4.5
P/NAV 4.9 4.5 4.2 3.7
EV/Gross profit 10.2 9.7 8.0 6.5
EV/EBIT 17.7 16.1 16.2 12.2
P/FCF 17.4 18.5 15.4 12.6
FCF Yield (%) 5.7 5.4 6.5 7.9
NAV (c) 97.9 108.8 116.5 130.5
Cash Flows (m) 12/08A 12/09A 12/10E 12/11E
Op.CF 62.9 69.6 86.5 106.0
FCF 65.4 64.8 78.7 96.2
FCFPS (c) 27.8 26.1 31.5 38.4
Balance Sheet (m) 12/08A 12/09A 12/10E 12/11E
Fixed Assets 235.2 252.0 278.5 280.0
Current Assets 44.4 75.8 60.1 110.4
Current Liabilities (17.7) (32.8) (28.6) (23.9)
Capital Employed 261.9 295.0 310.0 366.6
Long-term Liabilities (31.7) (25.1) (18.5) (39.3)
Net Assets 230.2 269.9 291.6 327.3
Net Debt/(Cash) (31.6) (58.7) (39.2) (85.8)
Data is adjusted
DSC EPS is fully diluted
Recent News / Events
3Q10 KPIs 2 November 2010
2010 Interims - 26 Aug ust 2010
Management Team
Mor Weizer CEO
Shuki Barak - CFO
Major Shareholders
Brickington Trading 40.4
Fidelity 10.0
Capital Research 5.5
Blackrock IM 5.1
Blackrock advisors 4.1
Interexpo Trading 3.6
Consensus and DSC Estimates
12/10E
PBT(m)
DSCe 92.0
EPS (c)
DSCe 36.2
DPS (c)
DSCe 19.9
Source: Fidessa

What the heck is a 'baing bottom?'

LOL PTH it should read basing.

Glad youve seen it and told me. Suffering from lack of concentration and sleep due to dental probem. Hope its sorted by late wednesday.

PTEC broker upgrade......Playtech Ltd Buy 460 345.75 33.0% Investec Sp target 460p 33% upside

PTEC PLAYTEC.

Chart Breakout and looks like we
have plenty of blue sky before
resistance.

PRESS DIGEST - Financial Times - March 12
12 Mar 2012 - 04:10

BOOKMAKER WILLIAM HILL TO OPEN TALKS WITH PLAYTECH

William Hill will begin talks with Playtech this month to salvage the companies' online joint venture following a breakdown in relations last year. http://link.reuters.com/paq96s

William Hill to open talks with Playtech-FT
12 Mar 2012 - 00:38

LONDON, March 12 (Reuters) - William Hill is to open talks with Playtech this month to try to salvage the companies' joint online venture following a breakdown in relations last year, the Financial Times reported on Monday.

Executives from the UK's high street gambling operator and Tel Aviv-based Playtech will meet to discuss whether to end their joint venture or find "a third way", the newspaper said, citing a person familiar with the situation.

"It is imperative that all options are explored, including structural changes to the joint venture, something we are not opposed to," Playtech's chief executive Mor Weizman is quoted as saying the article.

William Hill wants strategic control over the fastest-growing division in its business by ending Playtech's veto over acquisitions and obtaining a commitment from the company not to work with high street rivals Ladbrokes , the FT said.

Playtech, which owns 29 percent of William Hill Online, has been the bookmaker's online partner since 2008, when it paid 250 million euros ($328 million) for its stake.

The deal allowed Playtech to provide the software for online casino and poker games and the personnel to drive customers to the bookmaker's online operation.

The companies could not be reached for immediate comment.

PTECH PLAYTECH

TIPPED TODAY in Investors Inteligence.

Wondered why their was so much volume
just seen the BUY tip.........below


We add two longs today.

One in Playtech, which is breaking the 320p resistance (see below).

14:50 Broker News & Views

NCB Stockbrokers has initiated buy on William Hill.

PLAYTECH PTEC

Brokers like PTEC and not suprising
on a miserly P/E of just 8.9 for 2012
far too cheap.

Historically trades on P/E of around
14. so plenty of upside potential.

Playtech Ltd

FORECASTS 2011 2012
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Panmure Gordon
13-03-12 HOLD 91.56 35.46 14.73 111.54 36.12 14.98
Peel Hunt
12-03-12 BUY 91.33 34.42 10.29 108.78 34.59 12.08
Broker Name Withheld 3
09-03-12 BUY 91.61 35.14 13.39 110.01 34.30 13.39
Goodbody Stockbrokers
08-03-12 BUY 33.89 12.53 34.74 13.12
Daniel Stewart
01-03-12 BUY 92.92 36.39 14.57 113.16 37.39 14.99
Numis Securities Ltd
30-01-12 SELL 95.56 37.80 19.28 108.97 43.08 21.96
Investec Securities
07-12-11 BUY 74.64 33.99 13.59 83.35 33.99 13.59
Evolution Securities Ltd
23-11-11 BUY 92.97 35.54 112.46 43.05
Execution Noble
22-09-11 BUY 29.92 39.39 18.62 33.36 46.56 22.01

2011 2012
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 90.13 35.37 14.01 107.20 36.87 14.88

1 Month Change 1.98 -0.09 0.34 2.54 -0.27 -0.28
3 Month Change 4.10 -0.51 -1.23 9.31 -3.02 -1.47


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS -11.42% 62.16% 4.25%
DPS 3.80% -11.82% 6.20%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA £73.56m £97.25m £115.06m
EBIT £58.91m £67.07m £81.82m
Dividend Yield 4.83% 4.26% 4.52%
Dividend Cover 1.37x 2.52x 2.48x
PER 15.08x 9.30x 8.92x
PEG -1.32f 0.15f 2.10f
Net Asset Value PS 66.63p p p

BUY confirmed on the weekly Candles.

Big bullish white Marabuzo which is
generally a very reliable signal.

http://www.britishbulls.com/weekly/StockPage.asp?CompanyTicker=PTEC&MarketTicker=Technology&Typ=S

THE WEEK AHEAD FR 9/03/2012 (from ample)

Thursday 15/03/2012

PLAYTECH

The same day Playtech (PTEC)updates investors with its 2011 full -year trading statement.

Concensus estimates for EBITDAto come in about 121.5millio Euros (£101million)
Aditionally, Collins Stewart is expecting the companyto end the year with 139 million euros of net cash.

Shares in the companyare trading on a 2012 P/E ratio ofabout 9 times, which Collins Stewart analyst Soimon Davies, believesis "toocheap".

" The past year has been transformational, with the PTTS, Mobenga, Geneity and Ash acquisitionsand £100 million fund raising. PTEC cemented its positionas UK B2B partner of choice, with the Gala Coral and paddy power contracts, while Videobethas rolled outa significantupgrade of the ladbrokesmachine estmate," Davies stated, reminding investors thatit also signed partners in the US(COPA)and mexico (Gruopo Caliente).

HE HAS A BUY RECOMMENDATION ON THE STOCK.

Results this morning easily beat forecasts...

http://www.investegate.co.uk/Article.aspx?id=201203150700193857Z

Playtech PTEC

Concensus estimates for EBITDA to come in about 121.5millio Euros

Actual ......

Adjusted EBITDA** increased by 22% to €125.5 million (2010: €103.1 million)

BEATS concensus nicely.

Financial highlights



§ Gross income* up 41% to €243.6 million (2010: €173.1 million)



§ Total revenues up by 46% to €207.5 million (2010: €142.3 million)



§ Adjusted EBITDA** increased by 22% to €125.5 million (2010: €103.1 million)



§ Adjusted net profit** increased by 21% to €112.8 million (2010: €93.2 million)



§ Net cash balances*** at year end of €137.3 million (2010: €68.5 million) following a £100 million fundraising in December, providing new capital to support joint ventures in newly regulated markets, and funding of targeted acquisitions



§ Adjusted basic EPS** of 46.2 € cents per share (2010: 38.5 € cents per share)



§ Recommended combined interim and final dividend for 2011 of 16.5 € cents per share



* Gross income is defined as total revenue plus the Group's income from associate



** Adjusted EBITDA, adjusted EPS and adjusted net profit are calculated after adding back certain non-cash charges, cash expenses relating to professional costs on acquisitions, legal costs relating to litigation with William Hill and prior year taxes (see reconciliation in Financial and Operating Overview below)



*** Net cash balances defined as cash and cash equivalents less bank borrowings

PTEC Playtech

The icing on the cake



Current trading



Playtech has experienced a strong start to the year enjoying healthy momentum across its operations including those it has acquired recently. The Directors are especially encouraged by the performance of PTTS, where trading is significantly above management expectations.



Like-for-like growth in daily average revenues for the first nine weeks of 2012 are up over 23% compared to the same period in 2011. The daily average revenues versus Q4 2011 on the same basis are over 3% ahead

Gaming software group Playtech advances 1.3 percent after the company, which recently shifted its listing to London's main market from the junior AIM market, unveils an 82 percent rise in second-quarter gross income to 88.1 million euros.

"Playtech has made good progress in H1 from both a revenue and strategic perspective," Peel Hunt says in a note.

"The move to a Premium Listing has yet to deliver a rerating but if the company continues to deliver financially and the connected party transactions cease then the room for multiple expansion is significant."

Q2 2012 Key Performance Indicators and trading update





Strong performance in second quarter



Completed move to Premium Listing on Main Market





Playtech, (LSE: PTEC) the international designer, developer and licensor of software and services for the online, mobile and land-based gaming industry, today announces its Key Performance Indicators and trading update for the three months ended 30 June 2012.



Financial highlights



For the three months ending 30 June 2012:

§ Strong financial performance

§ Gross income up 82% to €88.1 million, (Q2/11: €48.4 million) and flat on Q1/12

§ Total revenues up 99% to €78.6 million, (Q2/11: €39.6 million) and up 5% on Q1/12



Quarter-on-quarter revenue:

§ Casino revenues up 36% to €37.1 million, (Q2/11: €27.3 million) and up 8% on Q1/12

§ Poker revenues down 12% to €4.4 million, (Q2/11: €5.0 million) and down 18% on Q1/12

§ Bingo revenues up 21% to €4.4 million, (Q2/11: €3.6 million) and up 1% on Q1/12

§ Videobet revenues up 36% to €2.8 million, (Q2/11: €2.0 million) and up 15% on Q1/12

§ Services revenues up 4% to €26.8 million on Q1/12*

§ Share of profit in William Hill Online up 7% to €9.5 million, (Q2/11: €8.8 million) and down 29% from Q1/12 reflecting strong performance in Q1/12



*PTTS purchase completed on 1 July 2011



http://www.moneyam.com/action/news/showArticle?id=4422723

http://www.moneyam.com/action/news/showArticle?id=4435116

Financial highlights



§ Gross income* up by 86% to €176.5 million (H1/2011: €95.0 million)



§ Total revenues up by 101% to €153.8 million (H1/2011: €76.3 million)



§ Adjusted EBITDA** up 64% to €91.2 million (H1/2011: €55.8 million)



§ Adjusted net profit** up 67% to €84.5 million (H1/2011: €50.7 million), with reported post tax profits of €26.2 million (H1/2011: €37.9 million)



§ Adjusted EPS** for the six month period rose 40% to 29.2 € cents (H1/2011: 20.9 € cents)



§ Interim dividend of 7.8 € cents per share (H1/2011: nil)



§ Continued high cash conversion of 88% from Adjusted EBITDA (H1/2011: 81%).



§ Cash balances at 30 June 2012 of €139.3 million (H1/2011: €64.3 million)





* Gross income is defined as total revenue plus the Group's income from associate

Slow off the mark this morning , investors digested the news with their cuppa .

Gone long nice breakout after trading range for a long period.

PTEC PLAYTECH

Brokers with a BUY reco on PTEC.....

Forward P/E of just over 10 for a
tech company and one that yields
3.86%....way way too cheap.

Its a bargain at this price imo.

Date Company Name Broker Rec. Price Old target price New target price Notes

21 Dec 12 Playtech Ltd Daniel Stewart Buy 454.00 495.00 - Reiterates
08 Nov 12 Playtech Ltd Deutsche Bank Buy 454.00 470.00 470.00 Reiterates
07 Nov 12 Playtech Ltd Canaccord Genuity Buy 454.00 480.00 505.00 Reiterates
07 Nov 12 Playtech Ltd Daniel Stewart Buy 454.00 480.00 495.00 Reiterates
07 Nov 12 Playtech Ltd Peel Hunt Buy 454.00 438.00 464.00 Reiterates

N@P Building Society

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £96.59m £141.10m £150.34m
EBIT £72.26m £58.63m £65.12m
Dividend Yield 1.81% 3.71% 3.86%
Dividend Cover 3.25x 2.52x 2.58x
PER 17.02x 10.70x 10.03x
PEG 0.88f 0.18f 1.52f
Net Asset Value PS 31.40p 143.77p 160.35p

Hemscott Premium.

PTEC PLAYTEC

MASSIVE Broker Upgrade.......

31 Jan Playtech Ltd PTEC Panmure Gordon Buy 0.00 457.60 419.00 605.00 Upgrades

TARGET SP 605P.

Mentioned in The Independent

http://www.independent.co.uk/news/business/sharewatch/market-report-lamprell-looks-like-a-longterm-bet-8476233.html

"Playtech, the online-betting game developer, got a boost from Simon French at Panmure Gordon. The leisure analyst thinks it is worth taking a punt on the shares and gave it a buy rating. He upped his price target to 605p because it offers "faster growth, higher margin and lower risk exposure than its peers". Its shares rose 5.3p to 462.9p."

PTEC Playtec

That broker note yesterday in more detail..

Playtech upgraded by Panmure Gordon
31st January 2013, 14:22

Panmure Gordon has upgraded its recommendation on the online gaming software supplier Playtech [LON:PTEC] to ‘buy’ from ‘hold’ given its favourable and improving performance when compared to its peers.

The City broker has increased it price target to 605 pence (from 419 pence) which implies a potential upside of around 30% to the current share price.

Analyst Simon French justified the upgrade in a note issued this morning by saying: “Playtech offers faster growth, higher margin and lower risk exposure to online gaming than its peers.

“If it sells its shareholding in WHO [William Hill Online] we expect it to return part of the proceeds to shareholders but invest the majority in online gaming assets.”

At 2:12pm: Playtech share price was up 6.15 pence at 463.75 pence

The starting pistol has been fired on a new US goldrush This time in online casino gaming, especially poker. Until now it has been illegal, and Americans have watched foreign markets storming ahead with it over the past 5 years. Within the past 24 hours Nevada voted yes, beating New Jersey to the punch. Delaware already said yes. Other US states are now drawing up bills to vote in the coming days, weeks and months. It is a expected to create a multi-billion dollar industry in which states can rake in money by issuing licences and collecting an ongoing percentage from players and providers. Stockmarket companies providing the platforms and other related software have seen their share prices rise strongly on the news and in anticipation of floodgates being opened. 888 is one of the UK-listed companies likely to benefit. So is Playtech (PTEC)

Nevarda article

New multi year high today.

11 Mar Playtech Ltd PTEC Panmure Gordon Buy 557.50 551.50 627.00 627.00 Reiterates

UPDATE 1-Ladbrokes signs Playtech deal to boost online presence<888.L>11 Mar 2013 - 08:41

LONDON, March 11 (Reuters) - Ladbrokes , Britain's second-largest bookmaker, is betting on a tie-up with gaming software developer Playtech to rack up earnings from growing demand for online gambling. Playtech has finalised an agreement to advise and assist Ladbrokes with its digital services for an initial period of five years, the companies announced on Monday. Ladbrokes, a familiar sight on Britain's high streets with 2,200 retail outlets, has struggled to keep up with the online offering of UK market leader William Hill . Earlier this month, William Hill took full control of the internet venture it previously ran with Playtech, buying out Playtech's stake for 424 million pounds, as it looks to expand online. [ID:nL6N0BS7AW] The online gambling sector is seeing a wave of consolidation and deals, amid signs that the U.S. is readying to legalise it. Online gambling firm 888 <888.L> announced two U.S. agreements on Monday. [ID:nL6N0C31UZ] The first new feature Ladbrokes' website customers will see is a 'Vegas' tab, giving access to a virtual casino. The company said the deal with Playtech should help spur growth. "I'm very confident that over the next five years this is going to allow us to accelerate our EBITDA (earnings before interest, tax, depreciation and amortisation)," chief executive Richard Glynn told Reuters. "What this will allow us to do is offer a comparable digital service." Ladbrokes declined to specify how much profit it expects the deal to generate, but Playtech will receive an early instalment of its success fee - described by Glynn as a "no win no fee" arrangement - if base EBITDA uplifts of 35 million pounds ($52 million), 70 million pounds and 100 million pounds are achieved before 2017. The deal boosted shares in both companies, among the top FTSE-350 risers on Monday. Ladbrokes shares were up 5.7 percent to 239 pence, having risen almost 50 percent in the past six months, while Playtech shares climbed 3.4 percent to 571 pence. ($1 = 0.6699 British pounds) (Reporting By Isla Binnie, Editing by Rosalba O'Brien) ((isla.binnie@thomsonreuters.com)(+44 20 7542 1497)(Reuters Messaging: isla.binnie.thomsonreuters.com@reuters.net)) Keywords: LADBROKES PLAYTECH/

11 Mar Playtech Ltd PTEC Deutsche Bank Buy 557.50 551.50 550.00 650.00 Reiterates

Deutsche Bank Note This Morning........

(looks like Ladbrokes news wasnt out when penned)

Probably get that tomorrow.

Playtech
(PTEC.L),GBP551.50 Buy
Price Target GBP650.00
Target price increased to £6.50 from £5.50 to reflect WHO disposal. Despite near term earnings
dilution from the William Hill Online disposal and a increase in the rating to 13x headline FY14
earnings or 10x post adding back the £424m William Hill Online disposal, we retain our positive
view on Playtech based on underlying forecast outperformance potential and strong likelihood of
continuing accretive M&A and JV deals via PTTS.

Broker updates today so far......

Playtech Broker Views

Date Broker Recommendation Price Old target price New target price Notes

11 Mar Canaccord Genuity Buy 568.75 604.00 604.00 Reiterates
11 Mar Investec Hold 568.75 400.00 - Retains
11 Mar Panmure Gordon Buy 568.75 627.00 627.00 Reiterates
11 Mar Deutsche Bank Buy 568.75 550.00 650.00 Reiterates

Ladbrokes
▲ Neutral
Previous: Underweight
LAD.L, LAD LN
Deal with Playtech should accelerate Digital growth;
upgrade to Neutral ▲

Price: 240p
Price Target: 240p
Previous: 160p
European Beverages, Hotels &
Leisure
Price (p) 240
Date Of Price 11 Mar 13
Price Target (p) 240
Price Target End Date 31-Mar-14
52-week Range (p) 244 - 150
Mkt Cap (£ bn) 2.2
Shares O/S (mn) 907

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision.
140
160
180
200
220
240
p

Mar-12 Jun-12 Sep-12 Dec-12 Mar-13
Price Performance
LAD.L share price (p)
MSCI-Eu (rebased)

Before LAD’s deal with PTEC, our UW recommendation was based on
two key concerns. First, the need for LAD to improve its online marketing
execution in order to reverse (or even halt) its share losses in the UK
online gambling market. Second, the cost associated with doing so. We
believe that the deal has removed the first concern, and so upgrade our
recommendation to N from UW. In our view, marketing investment will
still be required to accelerate Digital EBITDA growth (as well as the
significant cash contributions due to PTEC if the EBITDA uplift targets
are met). Given this, and as LAD remains materially less exposed to the
online channel than closest peer William Hill (15% of FY13E group EBIT
vs. 46% for WMH), we believe that LAD is currently fairly valued at
12.4x CY14E PE. WMH remains our top pick of the UK gaming stocks.
 Meeting the EBITDA uplift targets will be a stretch. If EBITDA from
LAD’s Digital division were to meet the highest uplift target (for an
incremental £100m of EBITDA over the £46m achieved in FY12), this
would imply a 5 year EBITDA CAGR of 26%. We see this as a very
stretching target, particularly given that WMH's online EBITDA CAGR
over the 4 years of its JV with PTEC was 28%, with a significantly less
competitive market and without the headwind of the UK online point of
consumption tax due in FY15. If LAD were to reach this target, we
estimate that online would account for c.40% of group EBIT by FY17E.
 PTEC’s input will accelerate growth but there are challenges. We
expect PTEC’s considerable online marketing expertise to accelerate
LAD's Digital growth significantly. However, we are cautious about
whether LAD will be able to replicate the scale of the success of WMH’s
2008 JV with PTEC, as LAD is now materially behind WMH in terms of
UK online mkt share, and in WMH, Betfair and Paddy Power we believe
that LAD faces much more capable competitors than those faced by
WMH over the past 4 years

Playtech PT Raised to $9.71 at Deutsche Bank (PTEC)

March 11th, 2013 - 0 comments - Filed Under - by Jeff Wilder

Analysts at Deutsche Bank increased their price target on shares of Playtech (LON: PTEC) from $8.21 (550 GBX) to $9.71 (650 GBX) in a research report issued to clients and investors on Monday. The firm currently has a “buy” rating on the stock.

A number of other analysts have also recently weighed in on PTEC. Analysts at Panmure Gordon reiterated a “buy” rating on shares of Playtech in a research note to investors on Friday, March 1st. They now have a $9.09 price target on the stock, down previously from $9.09. Analysts at Canaccord Genuity reiterated a “buy” rating on shares of Playtech in a research note to investors on Friday, March 1st. They now have a $9.07 price target on the stock.

Playtech opened at 551.50 on Monday. Playtech has a 52-week low of GBX 322.25 and a 52-week high of GBX 581.00. The stock’s 50-day moving average is currently GBX 379.9. The company’s market cap is £1.595 billion.

Playtech Limited is an online gaming software supplier. The Company, along with its subsidiaries, develops unified software platforms for the online and land-based gambling industry, targeting online and land-based operators.

http://www.dailypolitical.com/finance/stock-market/playtech-pt-raised-to-9-71-at-deutsche-bank-ptec.htm

Playtech (LON: PTEC) had its buy rating reiterated by analysts at Daniel Stewart & Co. Daniel Stewart & Co currently has a $9.48 target price on the stock.

Playtech (LON: PTEC) had its buy rating reaffirmed by analysts at Panmure Gordon. They currently have a $9.36 price target on the stock.

Playtech set to spend Will Hill sale cash on special dividend
by James Titcomb
March 11, 2013, 4:47am

GAMBLING software company Playtech is ready to hand shareholders a special dividend of around £100m this week after a drawn-out sale of its stake in William Hill Online has left it with a sizeable cash pile.

The company announced earlier this month it had sold its 29 per cent stake in the bookie’s online operation for £424m in cash, which is due to be paid at the end of April.

The deal followed a long valuation process, but Playtech is seen as having achieved an excellent end to discussions. The sale gives Playtech a substantial return on its original £170m investment in 2008.

Although much of the windfall is likely to be invested in acquisitions that will expand the company’s reach, analysts are expecting management to hand shareholders 25 per cent of the cash. “We expect Playtech to return the proceeds to shareholders in the form of special dividend,” Panmure Gordon analyst Simon French said. “The rest we anticipate will be invested in joint ventures and acquisitions, with an expected focus on the US.”

The reward will come as Playtech unveils record annual results, as the rise in online gambling, boosted by expansion in Spain and Italy, means more demand for the company’s software.

The FTSE 250 firm, which designs casino, poker and bingo programs for the likes of Bet365 and Paddy Power, is expected to report a 50 per cent rise in revenues to around €318m (£277m). Much of this growth has been driven by the outstanding success of William Hill Online, which Playtech will miss next year, but the firm has identified opportunities for expansion now that it no longer has the same relationship with William Hill.

One such opportunity could be with William Hill rival Ladbrokes, which has failed to convert its strong position on the high street to online dominance.

After repeated delays to the launch of its online facelift, Ladbrokes has launched a big digital push, which has included the €30m acquisition of exchange betting website Betdaq.

A Playtech spokesperson would not comment on strengthening relations with Ladbrokes, but said that the cash from the William Hill Online sale puts it in a good position to develop relations with “all major gaming groups”.


http://www.cityam.com/article/playtech-set-spend-will-hill-sale-cash-special-dividend

All looks well for PTEC see the figures mentioned here....

Davy Research
Ladbrokes plc
Gaming
Research Home Gaming Ladbrokes plc
Marketing deal with Playtech will fuel earnings growth; incremental cash conversion to be depressed until 2018

DAVY VIEW
Many industry observers will have seen this deal coming. Ladbrokes has concluded that an outsourced solution to online marketing and customer acquisition is its best route to future online growth. Playtech is seen as the standard-bearer for such expertise, with the success of the William Hill Online (WHO) venture providing powerful testimony to what it can bring to the table of a large, UK-based gaming operator.

As with the WHO venture before it, the structure of this deal potentially lends itself to very attractive returns for Playtech. We estimate that if Ladbrokes Digital generates annual EBITDA of £145.8m by 2017 (incremental EBITDA of £100m), then Playtech would walk away with a minimum cash return of £250m (when product fees are included). Depending on what multiple Ladbrokes plc is trading on at that point, the figure could be as high as £300m – not too shabby given the low level of new investment required by Playtech to service this deal.

To be fair to Ladbrokes, Digital EBITDA of £145.8m would represent a more than trebling of online profits over five years. The timing of this deal is also exemplary; just at the point where Ladbrokes' new website is ready to be rolled out, its new mobile platform is being developed and its risk management functions have been improved, it now has a powerful customer acquisition and retention capability.

A word of caution: our suspicion is that the market will focus on the potential EPS growth that this deal brings at the expense of the up-front cash costs of it between now and 2017. For example, it is difficult to see how short-term free cash flow will be enhanced should the first target be met. Should incremental EBITDA of £35m be made, we estimate that the cash outlay would equate to 2-2.5 times the cash inflows from the incremental earnings generated. Beyond 2017, cash-flow generation will be stronger but discounted cash-flows five years out are worth far less to Ladbrokes than the near-term payments to Playtech as targets are reached.

In truth, Ladbrokes probably had little choice but to do this type of deal at this point; after all, there are just 21 months until the industry goes over the UK gaming tax cliff. But make no mistake, the cash-flow implications of this deal are high. As such, our valuation of Ladbrokes remains largely unchanged.


More from Davy Research

Fantastic Results, beat concensous forecasts easily..

Trading update

Playtech has made a strong start to 2013, with average daily revenues for the first 11 weeks of 2013 up over 15% on Q1 2012 and up 5% on Q4 2012


http://www.investegate.co.uk/playtech-limited--ptec-/rns/full-year-results/201303140700299831Z

Playtech beats earnings forecasts after strong 201214 Mar 2013 - 07:26

LONDON, March 14 (Reuters) - Britain's Playtech beat earnings estimates in 2012 as it strengthened its position as the market leader in gambling software, and said it was confident for 2013. The company said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were 186.7 million euros ($241.7 million) in the year to end-Dec., compared to 124.9 million the year previous. That compared to market forecasts of 169.1 million, according to Thomson Reuters I/B/E/S estimates. Playtech, which moved from the junior AIM market to the midcap index of the main market last year, said it had made a strong start to 2013, with average daily revenues up over 15 percent in the first 11 weeks compared to last year. The company sold its stake in its venture with number one British bookmaker William Hill for 424 million pounds earlier this month, and less than two weeks later signed a deal to help the number two Ladbrokes develop its online offering. ($1 = 0.7722 euros) (Reporting by Rosalba O'Brien, Editing by Brenda Goh) ((rosalba.obrien@thomsonreuters.com)(+44 20 7542 3431)(Reuters Messaging: rosalba.obrien.thomsonreuters.com@reuters.net)) Keywords:

RESEARCH ALERT-Playtech: Canaccord Genuity raises target price14 Mar 2013 - 09:06

March 14 (Reuters) - Playtech Ltd : * Canaccord Genuity raises target price to 750p from 604p; rating buy For a summary of rating actions and price target changes on European companies: Reuters Eikon users, click on [RCH/EUROPE] Reuters 3000Xtra users, double-click [RCH/EUROPE] Reuters Station users, click .1580 ((nyc.equities.newsroom@reuters.com); (Reuters Messaging: saqib.ahmed.thomsonreuters.com@reuters.net) ((Bangalore Newsroom +91 80 4135 5800; within U.S. +1 646 223 8780))

Investec Playtech Ltd 14/03/2013
Retains
Hold Hold 0 400.00 600.00 575.00 200 0

Panmure Gordon Playtech Ltd 14/03/2013
Reiterates
Buy Buy 0 627.00 627.00 575.00 0 2

14 Mar Playtech Ltd PTEC Canaccord Genuity Buy 591.00 575.00 604.00 750.00 Reiterates

SP TARGET 750p.

15 Mar Playtech Ltd PTEC Deutsche Bank Buy 0.00 613.00 650.00 680.00 Reiterates

650p SP Target price.

Playtech Price Target Raised to $11.20 at Canaccord Genuity (PTEC)
Posted by Wayne Rhoads on Mar 15th, 2013 // No Comments

Research analysts at Canaccord Genuity raised their target price on shares of Playtech (LON: PTEC) from $9.02 (604 GBX) to $11.20 (750 GBX) in a report released on Thursday. The firm currently has a “buy” rating on the stock.
Playtech (LON: PTEC) opened at 613.00 on Thursday. Playtech has a 52-week low of GBX 322.25 and a 52-week high of GBX 581.00. The stock’s 50-day moving average is currently GBX 379.9. The company’s market cap is £1.773 billion.
Other equities research analysts have also recently issued reports about the stock. Analysts at Investec Securities raised their price target on shares of Playtech from $5.97 to $8.96 in a research note to investors on Thursday. They now have a “hold” rating on the stock. Separately, analysts at Panmure Gordon reiterated a “buy” rating on shares of Playtech in a research note to investors on Monday. They now have a $9.36 price target on the stock. Finally, analysts at Daniel Stewart & Co reiterated a “buy” rating on shares of Playtech in a research note to investors on Monday. They now have a $9.48 price target on the stock.
Playtech Limited is an online gaming software supplier. The Company, along with its subsidiaries, develops unified software platforms for the online and land-based gambling industry, targeting online and land-based operators.

http://zolmax.com/playtech-price-target-raised-to-11-20-at-canaccord-genuity-ptec/2949062/

Gone long again, update on thursday.

BRIEF-Playtech says Q1 gross income rose 16 pct25 Apr 2013 - 07:01

April 25 (Reuters) - Playtech * Q1 gross income rose 16 pct to 102.5 million euros * Exploring "strategic alternatives" after sale of William Hill Online stake. * Committed to paying interim dividend at or above level declared last year. (Writing by Keith Weir, 44 20 7542 8022) ((keith.weir@thomsonreuters.com; 020 7542 8022; Reuters Messaging: keith.weir.reuters.com@reuters.net)) Keywords: PLAYTECH Q1/

JPMorgan Cazenove initiates Playtech at OVERWEIGHT with a 690p price target. It says the company is wellplaced to benefit from the growth of the Europe-based online gambling market, remaining insulated from the
competitive pressures in the business-to-consumer market. It forecasts high single-digit revenue growth purely
from the growth of the online gambling market and its expect this to be supplemented by new business wins
and acquisitions. It says the recent deal with Ladbrokes gives Playtech an additional option on the potential
recovery on Ladbrokes' online business, while not ruling out similar arrangements with other business-toconsumer operators. Shares closed Wednesday at 624p.

New issue yesterday in the gaming market Quixant listed on Aim currently up 60%.

PTEC - from Traders Own on Twitter:

08:47:13 Broker Citi say BUY Playtech (PTEC): Newshound
Initiate with Buy, price target 840p. High and sustainable margins, a substantial cash flow, an earnings accelerator from likely acquisition(s) and strong growth macro underpin an attractive equity story. We see re-rating potential as earnings quality improves and the relevant valuation peer group is reassessed, driving our 840p price target. We expect further upside to 915p if acquisitions are added

Citigroup Inc Initiates Coverage on Playtech PLC
With justification in note to clients

It [Citi] is, however, a ‘buyer’ of the gaming software group Playtech after initiating coverage earlier and reckons the shares are worth 840p.

“High and sustainable margins, a substantial cash flow, an earnings accelerator from likely acquisition(s) and strong growth macro underpin an attractive equity story,” Citi said in a note to clients.

In the Mail today - Sagri could be involved in one of the first big deals of 2015. Playtech which he founded and still owns 36.6% by his vehical brickington trading .
There is talk it has won the auction to gain control of online gaming group Bwin. party Digital Entertainment, with a bid worth £1.15 bn or north of 140p a share.

".....won the auction to gain control ...."
I wasn't aware there was an auction.
BPTY are is discussions over a merger or takeover, but are not subject to an auction! [Bwin.Party In Negotiations With AMAYA and Playtech]

On talk it has ".....won the auction to gain control ...." That's what is printed in today's Mail.

States they have beat Amaya Gaming Group to the punch.

Might possibly be in relation to: "We are in active discussions regarding the sale of Win, the Group's social gaming business and expect to make a further announcement shortly" rather than a bid for BPTY itself?

Could be Harrycat

How has the Mail received this story ahead of a company official release. :-))

Shares - Bwin.party bid talk intensifies.

StockMarketWire.com
Playtech's actual FY pretax profit more than halved to 143.6m euros, from 491.3m euros. Revenue was 456.9m euros, from 367.2m euros. It recommended a final dividend of 17.5 euro cents, from 15.4 euro cents, taking the total to 26.4 euro cents, from 23.2 euro cents.

"Playtech has continued momentum with a strong start to 2015, with daily average revenues for the first eight weeks of the year up over 22% on Q1 2014 and up over 5% on Q4 2014, including some benefit from current euro weakness," it said.

Referring to the just-finished period, non-executive chairman Alan Jackson said:

"Playtech has continued to deliver exceptional performance by focusing on consolidating its position as the world's leading software and services provider to the online gambling industry. By expanding its licensee relationships; creating innovative new content; enhancing its products; and deepening its customer focus, the business has continued to thrive.

"The continued momentum of 2014 has been maintained in the first two months of 2015 and the Board looks to the future with confidence and optimism."

Playtech (PTEC) said last month that both full-year revenue and adjusted cash profit would be comfortably in line with market consensus. They were. And the internet gambling technology firm has made a "strong start" to 2015, too.
Strip out the €340 million made on the sale of its WHO stake in 2013, and Playtech made a profit of more than €207 million last year, up 30% to a new record. Revenue rose nearly a quarter to €457 million versus consensus estimates of €447 million. Even after excluding acquisitions made in the past two years, revenue jumped by 21% and profit by 27%.

In the first eight weeks of 2015, daily average revenue is up over 22% on the first quarter of 2014, and 5% better than the final three months of last year, helped to some degree by the weak euro.

Playtech's casino business remains by far the biggest revenue generator. Crucially, it's among the fastest growing businesses, too - up 29% to €244 million. A full year of revenue from the migration of Ladbrokes (LAD) onto the firm's platform was behind a 54% surge in sales at the sports division to €26.3 million.

Elsewhere, the acquisition of PokerStrategy and Eurolive made up a large slice of the 20% jump in services revenue to €133 million. Without them, sales rose 8%. Playtech's land-based business - things like casinos, bingo and betting shops, and gaming machines - did well, too, 35% to €16.6 million, also driven by acquisitions.

"As we add more content and extend into different channels like mobile and add content and sports, I definitely think you should expect same trends to continue," chief executive Mor Weizer told Interactive Investor.

And with €692 million of cash in the bank, worth 175p per Playtech share, expect more acquisitions this year, says Weizer.

A final dividend of 17.5 euro cents takes the total for the year to 26.4 cents.

StockMarketWire.com
Playtech has conditionally agreed to acquire a 91.1%, fully-diluted stake in TradeFX Ltd, an online CFDs and binary options broker and trading platform provider.

The consideration payable comprises an initial cash payment of €208 million and an earn out payment of up to 250m euros based on future performance.

Highlights:
· Compelling opportunity to enter growing and complementary vertical driven by similar core competencies

· Directly in line with Playtech's strategy to acquire profitable, regulated, highly cash generative businesses with market-leading positions

· Experienced management team, with a proven track record, who will remain with the business

· Consideration at attractive multiple of up to 8x adjusted EBITDA

· Business at inflection point with current annualised EBITDA run rate significantly ahead of 2014

· Acquisition immediately significantly earnings enhancing

· Acquisition is classified as a related party transaction

· Major Independent Shareholders approached; positive response received with indicative support of approximately 23.3 per cent. of Ordinary Shares held by Independent Shareholders

· Brickington Trading Limited, Playtech's largest shareholder, agrees to 12 month lock-up in respect of its Ordinary Shares

StockMarketWire.com
Playtech is delivering a strong performance in 2017 driven by organic growth and recent strategic acquisitions.

"Growth in daily average revenues in the Gaming division in the year to date remains strong with organic growth supplemented by acquisitions made in 2016 and 2017," said chairman Alan Jackson in notes for an AGM presentation.

These acquisitions included BGT, Quickspin, ECM and Eyecon.

"As previously indicated, the initial phase of our contract with the Sun Bingo has been more challenging than anticipated and we have recently taken further steps to address the issues, including significantly strengthening the management team, resulting in an improving performance," said Jackson.

"The Financials division has performed in line with our expectations, with continued growth in the B2B business and improved B2C customer KPIs. CFH continues to perform well following the acquisition in November.

"Our M&A pipeline remains strong and we continue to have active discussions with a range of businesses in the Gaming division as well as discussions for selective bolt-on acquisitions in the Financials division.

"The Board has confidence in the continued success of Playtech and of the business meeting its expectations for 2017."

held for some time great believer , large % of of my money in. BB

Playtech completes acquisition of majority stake in Snaitech S.p.A ("Snaitech")
5 June 2018

Further to the announcement dated 29 May 2018 regarding the results of Playtech's General Meeting, Playtech is pleased to announce that it has today completed the acquisition of approximately 70.6 per cent of the issued share capital of Snaitech (the "Initial Acquisition").

Playtech has also separately acquired approximately 9.0 per cent of Snaitech's issued share capital through market purchases since the announcement of the Initial Acquisition on 12 April 2018 and, therefore, holds almost 80.0 per cent of Snaitech's issued share capital in aggregate as at the date of this announcement.

Playtech will within the next few weeks launch a mandatory takeover offer for the remaining shares in Snaitech not currently held by the Group (the "Mandatory Takeover Offer" and together with the Initial Acquisition, the "Transaction").

Accordingly, Playtech expects to complete the overall Transaction later this year.

Playtech plc
Result of Secondary Placing of holding in GVC Holdings plc

Playtech plc ("Playtech" or the "Company") has held a stake of approximately 3.4% of GVC Holdings plc's ("GVC") issued share capital which it received as a result of its previous holding in Ladbrokes Coral Group plc (previously Ladbrokes plc).

Following a placing conducted through Goodbody, UBS Limited and Shore Capital (the "Placing"), Playtech has sold its entire holding of c.19.6 million ordinary shares in GVC at a price of 1010 pence per ordinary share. The Placing is expected to settle on a T+2 basis, on 11 June 2018. Following completion of the Placing, Playtech will no longer hold any interest in GVC's ordinary shares.

The proceeds from the Placing will be used for general corporate purposes which may include M&A or to reduce the amount of debt to be raised as part of the acquisition of Snaitech.

StockMarketWire.com
Video game developer Playtech downgraded its earnings guidance, blaming intense competition in Asian markets.

The company said it now expected adjusted Ebtida for 2018 to be in the range of €320m-to-€360m.

The guidance excluded a €42m one-off gain relating to the sale of shares in Ladbrokes and GVC. Playtech said it sold its 3.4% stake in GVC on 7 June for €222m.

Playtech said its current revenue run rate in Asia was 'materially below' both the average in the 2017 second half, and the average which was expected for the 2018 second half

If the current run rate continued, Playtech's expected revenue from Asia would be around €70m lower than original expectations.

'Given that the downturn in Asia has been relatively sudden and taking into account Playtech's centralised cost base, the vast majority of this revenue loss will drop through to adjusted Ebitda,' the company said.

'Clearly the recent trading performance in Asia is disappointing,' chief executive Mor Weizer said.

'We have taken steps to further support our partners in the region and we will continue to work to preserve our position in the face of an increasingly competitive environment.'

CitiGroup comment:
We estimate that the Plus 500 sale effectively reduces headline net debt in FY19e from €593 million to €421 million, after incorporating the gross sale proceeds and lower dividend income. We estimate that FY19e net debt to EBITDA will reduce from 1.4x to 1.0x.

We have a Buy rating on Playtech. At an 8.3x FY19e PE ratio, the shares are showing significant value at current levels. We see potential for positive catalysts to emerge over the next 12 months from contract negotiations with News UK that may improve the structure of the Sun Bingo agreement, potential entry into the US sports betting market and an Italy focused CMD scheduled for November 2018.

Credit Suisse today reaffirms its neutral investment rating on Playtech Ltd (LON:PTEC) and cut its price target to 520p (from 550p).

StockMarketWire.com
Online gambling software supplier Playtech stuck to its most recent full-year guidance, though trading in Asia weighed.

Ebitda for 2018 was still expected to reach between €320m and €360m, the company said.

In the business-to-business gaming division, revenue growth outside Asia was good.

Revenue from Asia had stabilised at an annualised run-rate of about €150m.

In the business-to-customer division, momentum reported in the first half by Snaitech had continued into the second half of the year.

The remainder of the B2C division also continued to perform in line with the group's expectations.

TradeTech's underlying key performance indicators had continued to display positive momentum, although market movements favoured customers, particularly in September and October, Playtech said.