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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.
New Racing UK free-to-watch show -
Wake up to Luck on Sunday – join Nick Luck and guests for new Racing UK free-to-watch show. BHA Chief Executive Nick Rust to appear on first broadcast this Sunday
MLB Odds: Stroman Gets the Nod Against Royals -
The Toronto Blue Jays (70-80, –20.18 betting units) begin their final home stand of the 2017 campaign this Tuesday when they welcome the Kansas City Royals (73-76, +2.56 units) to Rogers Centre. Sportsnet has the coverage at 7:07 p.m. Eastern.
Microgaming QuickFire enters Coloumbia -
Wplay signs for Quickfire; strategic deal sees Quickfire enter Colombian market. Colombian-licensee Wplay has signed a deal for Quickfire, powered by Microgaming.
Partypoker to sponsor WSOPC Uruguay -
Partypoker to sponsor WSOPC Uruguay in December. Qualify exclusively on partypoker for WSOP Uruguay Main Event. December 7th to 17th in beautiful Punta del Este.
MLB Odds: Jays Hope to Spoil Orioles’ Visit -
The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.
Money Storm Casino -
Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.
Big Online SLot Win on Ultimate 10X Slot -
At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000
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