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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.
GAN Partners with Station Casinos -
B2B online gaming company GAN (formerly Game Account Network) has revealed Station Casinos as its previously unidentified partner in an announcement made August 2016
Oceanís Call Slot Launches -
Online gambling games developer Habanero has embarked on a journey across the high seas to bring players its latest HTML5 high resolution slot title, Oceanís Call.
Big Names Playing WCOOP -
The big names came out to play in the closing stages of the World Championship of Online Poker this week as major prizes were handed out in a number of exciting and entertaining competitions.
Sirplay to Open Argentina Branch -
#SirPlay expects the new office to be fully operational by early next year, extending its service to Grupo Slots, which holds a license to operate the provincial San Luis Lottery, and other potential LatAm clients.
DFS Changes for Ohio -
#dfs Coley says that at present DFS is an example of the "pools for profit" concept, the rules for which the state Attorney General has opined are unclear in relation to DFS.
New Jersey Teams Up With Kahnawake Gaming Commission -
The New Jersey Division of Gaming Enforcement and the Kahnawake Gaming Commission have agreed to collaborate in preventing unlicensed online operators from accepting bets from New Jersey and other U.S. states through the Continent 8 data centre situated on tribal land, according to reports Tuesday from the Associated Press news agency.
Petition to Ban Online Gaming in Singapore -
Singapore Pools and Singapore Turf Clubís application to operate online betting has triggered the origination of a petition that calls on the Government to deny authorization and stop legalization of online gambling.
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