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David Einhorn Buys 4 Million #amaya Shares
TOP HEDGE FUND MANAGER BUYS INTO AMAYA
David Einhorn has a reputation for identifying and investing in undervalued companies, drawing attention to their problems, and then reaping the rewards of improvement.
David Einhorn, a successful entrepreneur, hedge fund manager and tough poker player has bought almost 4 million shares in Pokerstars parent the Amaya group at an average cost of US$13.77 per share, the investment publication The Motley Fool reports.
The report notes that Einhorns Greenlight Capital fund may have lost 20 percent last year in its operations, but Einhorn has consistently been a globally savvy investor who has returned 1,902 percent cumulatively, or 16.5 percent annualised through January 2016.
The Fool observes that Einhorns formula for success is to identify and invest in undervalued companies, point out their problems, and then prosper from consequent improvements…and the canny hedge fund manager has apparently been busy buying up shares of the online gaming operator in the latest quarter.
The publication notes that although on the surface Amaya appears to have substantial debt and a daunting P/E ratio of 1,686, it also enjoyed a free cash flow over the year of US$242 million, and that independent analysts are of the view that the company will earn US$2.09 per share in 2016, increasing to US$2.51 per share in 2017 as it expands into wider activity than online poker.
The foreign exchange rates of the dollar to Euro are also likely to work in Amaya’s favour - whilst most of its revenue is generated in Euros, its earnings are reported in US dollars.
With the now permanent exit of former chairman and CEO David Baazov following insider trading accusations, the company can now leave the issue behind and focus on a potentially prosperous future, the article surmises, concluding that Amaya has the potential to generate large amounts of cash, and has more than US$500 million already available in cash.
"Ultimately, Amaya is still risky, but Einhorn is on to something. If things go right, Amaya shares could be much higher in a few years," the article concludes.
$75K Win on Mobile Slot @ CafeCasino -
Café Casino’s mobile slot, Achilles, paid out in a big way over the weekend. A player from Pennsylvania, Rob J., triggered the game’s free spins mode by landing three scatters.
2017 Punta Cana Poker Classic Results -
The 2017 Punta Cana Poker Classic is now in the books and players are returning home after a week-long poker celebration. And after a major final table deal, two players have the most reason to celebrate. Roberto Carvallo ultimately won the tournament after negotiating a final table deal with Jamin Stokes.
NHL Odds: Winnipeg Jets vs. Minnesota Wild -
Blake Wheeler and the Winnipeg Jets will attempt to get two points closer to the Central Division lead on Tuesday, as they take on the Minnesota Wild on the road. The Jets have started strong, and sit in second place in their division. Led by RW Blake Wheeler, the Jets look like a team that could make some noise in the West this season.
Historic weekend at Americas CardRoom -
ACR ran two $1,000,000 guaranteed tournaments last Sunday for the first time in their history; a $2,100 high roller for the BOSS Main Event and a $540 buy-in Million Dollar Sunday. They were both on the last day of the $14 Million OSS Cub3d.
WPN Affiliates Headed to Berlin Affiliate Conference -
With the Berlin Affiliate Conference just over a week away, WPN Affiliates is making a bold statement. The online poker affiliate network announced that they are eager to buy traffic and ready to make deals with affiliates looking to capitalize on some big innovations.
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