Updates

Playtech

October 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

PTEC finally sold Finalto for an enterprise value of US$250m in cash. This represents a EV/EBITDA multiple of 28x and 7x for FY19 and FY18, respectively. The final consideration could be adjusted by US$25m in either direction, subject to financial performance from 1 January 2021 to completion. PTEC has changed significantly over the last 18 months, with Snai's online acceleration stepping up, many new contracts in fast growing markets (licenses in LATAM in particular), Asia finally stemming its revenue losses and contracts won in the US. With the US now ballooning (H1 revenue contribution from the Americas grew by 106% to account for 10% of H1 21 group revenues), the shares are a buy. ...

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Menzies (John) - Soon to be prospective PE of 8.0

Superdry - Clear evidence of brand turnaround

Playtech - Upgrades its 3-5 year target (April 2023)

Playtech - Trading ahead of expectations (October 2022)

Playtech - Bid at 680p; gain 127% (November 2021)

Playtech (February 2021)

Playtech (September 2020)

Playtech - Q1 20 was best quarter on record (August 2020)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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