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.

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