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Analysts Raise 32red Target Price
Thursday September 24,2015 : ANALYSTS RAISE 32 RED TARGET PRICE FOLLOWNG GOOD FIRST HALF
Share price has already more-than doubled to 77p in just five months.
Analysts at Numis are predicting a bright future for online gambling group 32Red.com after the company posted a positive set of H1-2015 results despite the ravages of the UK's point-of-consumption tax.
The respected Numis analyst Ivor Jones raised his target price on the firm's stock by a third from 120p to 160p, saying that he now expects full-year revenue growth of 29 percent compared to his prior 18 percent target. This anticipates growth of 42 percent in H2-2015, and there are expectations of 20 percent sales growth in 2016.
Jones commented that it was apparent that 32Red can thrive in a post-PoC market, achieve profitability in Italy, and generate 85 percent of revenue in regulated and taxed markets.
32Red generated record sales in the six month period to end June, prompting revised analyst profit forecasts and some predictions that the share price could double. They pointed out that the stock has already more than doubled to 77p since May this year.
Edison Investment Research also praised the company's performance, observing: "32Red demonstrates that a well-managed online gaming group can still deliver solid profits, cash flow and dividends in a post POC world, and we expect it to continue to look for complementary acquisitions."
Mobile results were again impressive in the half-year, representing 42 percent of total casino sales.
The number of active players jumped by 22 percent to over 62,000 and there were 12 percent more new players.
But tax hits meant an EBITDA of GBP 1.2 million was recorded, compared with H1-2014's GBP 2.3 million.
First half total net gaming revenue jumped 22 percent to a record GBP 18.6 million, 85 percent of which came from regulated and taxed markets.
Underlying cash profit increased by over half to GBP 4.2 million, but with point of consumption tax charges of around GBP 2 million and a doubling of investment in Italy to GBP 1 million, pre-tax profit plunged 92 percent to GBP 100,000.
However, the company confirmed an interim dividend of 1.1p per share, up 10 percent.
In the Italian market 32Red stepped up its investment in marketing to capitalise on the long term growth opportunities, and NGR increased by 67 percent to GBP 900,000. A total of 4,285 (H1-2014: 3,084) new players were recruited in the first half to boost the total number of Italian players to 8,443 (H1-2014: 5,793).
Looking at current trading, net revenue since June is up 52 percent compared to 35 percent growth reported in the July trading update.
CEO Ed Ware reported: “We are delighted to report a record revenue performance for 32Red in the first half of 2015 with NGR from the business up by 22 percent. This performance was underpinned by our strong brand, leading customer offer and return on investment-driven marketing expertise. Excluding the impact of the newly introduced point of consumption tax in the UK, underlying EBITDA was up 57 percent, reflecting the strong operational momentum in the business.”
The company recently acquired the Roxy Palace Group for GBP 8.4 million, giving Management confidence that they will meet full-year expectations.
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