Evoke (DI) (EVOK)

Sector:

Tourism and Leisure Services

Index:

FTSE Small Cap

86.00p
   
  • Change Today:
    -0.100p
  • 52 Week High: 130.10
  • 52 Week Low: 70.60
  • Currency: UK Pounds
  • Shares Issued: 449.44m
  • Volume: 575,556
  • Market Cap: £386.52m

Canaccord Genuity lowers target price on 888 Holdings

By Iain Gilbert

Date: Tuesday 06 Dec 2022

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity lowered their target price on bookmaker 888 Holdings from 355.0p to 295.0p on Tuesday, stating high leverage was holding back the stock's valuation.
Canaccord Genuity noted that 888's recent Capital Market Day highlighted details of its updated strategic plan following the group's completion of the William Hill International acquisition, along with key financial targets for 2025.

While 888 also announced an acceleration and increase in anticipated cost synergies, with £150.0m of pre-tax synergies now targeted compared to £100.0m previously, Canaccord stated that expectations of "tougher near-term market conditions" as a result of macro and regulatory pressures had "more than offset" most of the increased synergy expectations in the short term.

"The group's primary near-term focus remains deleveraging given the high level of predominantly floating debt," highlighted Canaccord. "Execution of the strategy and delivery of the targeted synergies are now key if the market is to believe the group will be able to reduce leverage to the target of less than 3.5x by 2025."

"888 trades on 6.1x CY23E EV/EBITDA which we believe represents attractive value given the scale and positioning in large regulated European markets and strong proprietary tech platforms. That said, high leverage is holding back the valuation, in our view, and needs to reduce. Our SOTP-derived target price reduces to 295.0p (from 355.0p) reflecting updated forecast assumptions and slightly moderated component target multiples to reflect the challenging near-term demand outlook."

The Canadian bank reiterated its 'buy' rating on the stock.









Reporting by Iain Gilbert at Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Evoke (DI) Market Data

Currency UK Pounds
Share Price 86.00p
Change Today -0.100p
% Change -0.12 %
52 Week High 130.10
52 Week Low 70.60
Volume 575,556
Shares Issued 449.44m
Market Cap £386.52m

Evoke (DI) Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
43.9% below the market average43.9% below the market average43.9% below the market average43.9% below the market average43.9% below the market average
50% below the sector average50% below the sector average50% below the sector average50% below the sector average50% below the sector average
Income Not Available
Growth
24.86% above the market average24.86% above the market average24.86% above the market average24.86% above the market average24.86% above the market average
24.53% below the sector average24.53% below the sector average24.53% below the sector average24.53% below the sector average24.53% below the sector average

Evoke (DI) Dividends

  Latest Previous
  Interim Final
Ex-Div 16-Sep-21 25-Mar-21
Paid 13-Oct-21 24-May-21
Amount 4.50¢ 10.40¢

Trades for 07-Jun-2024

Time Volume / Share Price
16:35 8,031 @ 86.00p
16:35 212,068 @ 86.00p
16:35 2,352 @ 86.00p
16:35 244 @ 86.00p
16:35 1,314 @ 86.00p

Evoke (DI) Key Personnel

CEO Per Widerström

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