공시 • Nov 03
SciPlay Corporation Files Form 15 SciPlay Corporation has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Class A Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Class A Common Stock was $0.001 per share. 공시 • Oct 25
SciPlay Corporation Announces Board Changes SciPlay Corporation announced that on October 23, 2023 in connection with the consummation of the Merger and the other transactions contemplated by the Merger Agreement, the directors of the company ceased to be directors of the Company and James Sottile, a director of Merger Sub immediately prior to the consummation of the Merger, became the sole director of the Company. 공시 • Oct 24
Light & Wonder, Inc. (NasdaqGS:LNW) completed the acquisition of the remaining 17% stake of SciPlay Corporation (NasdaqGS:SCPL). Light & Wonder, Inc. (NasdaqGS:LNW) submitted a proposal to acquire the remaining 17% stake of SciPlay Corporation (NasdaqGS:SCPL) for approximately $110 million on May 18, 2023. Light & Wonder, Inc. (NasdaqGS:LNW) entered into a definitive agreement to acquire remaining 17% stake of SciPlay Corporation (NasdaqGS:SCPL) on August 8, 2023. As part of the consideration, SciPlay shareholders will receive $20 in cash for each share of SciPlay Class A common stock. As part of the definitive agreement, Light & Wonder, Inc. will acquire SciPlay for $22.95 per share in an all-cash transaction. Upon the close of the transaction, SciPlay would become a wholly-owned subsidiary of Light & Wonder.
The companies expect the transaction to close during the fourth quarter of 2023, subject to customary closing conditions. The transaction has been approved by the written consent of the holders of the requisite number of shares of common stock of SciPlay, such that no additional stockholder approval is required. The Transaction has been approved by the Board of Directors of Light & Wonder.
Macquarie Capital acted as financial advisor and fairness opinion provider and Robert I. Townsend III, J. Leonard Teti II, Matthew J. Bobby, Arian Mossanenzadeh and William D. Podurgiel of Cravath, Swaine & Moore acted as legal advisors to Light & Wonder, Inc. Lazard Freres & Co. LLC acted as financial advisor and fairness opinion provider to the special committee; and Sullivan & Cromwell LLP acted as legal counsel to SciPlay Corporation. Stuart Rogers of Alston & Bird represented Macquarie Capital (USA) Inc.as financial advisor. Light & Wonder agreed to pay Macquarie Capital a fee for its services of approximately $5,750,000, of which $1,250,000 became payable to Macquarie Capital upon the rendering of its opinion. Continental Stock Transfer & Trust Company, LLC acted as transfer agent for SciPlay.
Light & Wonder, Inc. (NasdaqGS:LNW) completed the acquisition of the remaining 17% stake of SciPlay Corporation (NasdaqGS:SCPL) on October 23, 2023. SciPlay will operate as a wholly-owned subsidiary of Light & Wonder, and SciPlay common stock will no longer be publicly traded on the Nasdaq Global Select Market. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €20.80, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Entertainment industry in Europe. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.18 per share. New Risk • Aug 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$0.26 (vs US$0.23 in 2Q 2022) Second quarter 2023 results: EPS: US$0.26. Revenue: US$189.9m (up 19% from 2Q 2022). Net income: US$5.60m (down 1.8% from 2Q 2022). Profit margin: 2.9% (down from 3.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Entertainment industry in Germany. 공시 • Jul 23
SciPlay Corporation to Report Q2, 2023 Results on Aug 08, 2023 SciPlay Corporation announced that they will report Q2, 2023 results After-Market on Aug 08, 2023 공시 • Jul 06
SciPlay Corporation Announces Resignation of Constance P. James from Board of Directors, Effective as of August 25, 2023 SciPlay Corporation on June 27, 2023 announced the resignation of Constance P. James from the Board of Directors of the Company, effective as of August 25, 2023. 공시 • Jun 09
SciPlay Corporation Forms Special Committee to Evaluate Non-Binding Acquisition Proposal from Light & Wonder SciPlay Corporation announced that its Board of Directors has formed a special committee of independent directors co-chaired by Mr. Gerald Cohen and Ms. April Henry, and with Mr. Michael Marchetti and Mr. William Thompson serving as members. The Special Committee has been granted full authority to independently review and evaluate the non-binding proposal that the Board received from Light & Wonder Inc. on May 18, 2023, proposing that Light & Wonder acquire the remaining 17% equity interest in SciPlay that it does not already own for $20.00 per share in cash. The Special Committee has retained Lazard as its financial advisor and Sullivan & Cromwell LLP as its legal counsel in connection with its review and evaluation of the Proposed Transaction. The Company cautions its shareholders and others considering trading in its securities that neither the Board nor the Special Committee has made any decision with respect to the Proposed Transaction. There can be no assurance that any definitive offer will be made by Light & Wonder, that a definitive agreement will be executed relating to the Proposed Transaction or that this or any other transaction will be approved or consummated. The Company and the Special Committee do not intend to comment further about the Proposed Transaction unless and until they deem further disclosure is appropriate or as required under applicable law. 공시 • May 19
Light & Wonder, Inc. (NasdaqGS:LNW) submitted a proposal to acquire remaining 2.9% stake of SciPlay Corporation (NasdaqGS:SCPL) for approximately $110 million. Light & Wonder, Inc. (NasdaqGS:LNW) submitted a proposal to acquire remaining 2.9% stake of SciPlay Corporation (NasdaqGS:SCPL) for approximately $110 million on May 18, 2023. As part of the consideration, SciPlay shareholders will receive $20 in cash for each share of SciPlay Class A common stock. Upon the close of the transaction, SciPlay would become a wholly-owned subsidiary of Light & Wonder. Macquarie Capital acted as financial advisor and Cravath, Swaine & Moore acted as legal advisor to Light & Wonder, Inc. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €14.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Entertainment industry in Europe. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.58 per share. Buying Opportunity • May 11
Now 21% undervalued Over the last 90 days, the stock is up 7.4%. The fair value is estimated to be €20.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 8.0% in 2 years. Earnings is forecast to grow by 22% in the next 2 years. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: US$0.25 (vs US$0.18 in 1Q 2022) First quarter 2023 results: EPS: US$0.25 (up from US$0.18 in 1Q 2022). Revenue: US$186.4m (up 18% from 1Q 2022). Net income: US$5.50m (up 25% from 1Q 2022). Profit margin: 3.0% (up from 2.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. 공시 • May 10
SciPlay Corporation (NasdaqGS:SCPL) announces an Equity Buyback for $60 million worth of its shares. SciPlay Corporation (NasdaqGS:SCPL) announces a share repurchase program. Under the program, the company will repurchase up to $60.0 million of its class A common stock. The program will be valid till May 3, 2024. Recent Insider Transactions • Mar 19
VP of Finance recently sold €92k worth of stock On the 14th of March, Daniel O’Quinn sold around 6k shares on-market at roughly €15.63 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: US$0.94 (vs US$0.80 in FY 2021) Full year 2022 results: EPS: US$0.94 (up from US$0.80 in FY 2021). Revenue: US$671.0m (up 11% from FY 2021). Net income: US$22.4m (up 16% from FY 2021). Profit margin: 3.3% (up from 3.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Toni Korsanos was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Toni Korsanos was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: US$0.23 (vs US$0.24 in 2Q 2021) Second quarter 2022 results: EPS: US$0.23 (down from US$0.24 in 2Q 2021). Revenue: US$160.1m (up 4.0% from 2Q 2021). Net income: US$5.70m (down 3.4% from 2Q 2021). Profit margin: 3.6% (down from 3.8% in 2Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 131% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director CJ Prober was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • May 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director CJ Prober was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: US$0.18 (vs US$0.23 in 1Q 2021) First quarter 2022 results: EPS: US$0.18 (down from US$0.23 in 1Q 2021). Revenue: US$158.0m (up 4.6% from 1Q 2021). Net income: US$4.40m (down 17% from 1Q 2021). Profit margin: 2.8% (down from 3.5% in 1Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 180% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
High number of new directors Independent Director Nick Earl was the last director to join the board, commencing their role in 2022. Board Change • Mar 22
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Gerald Cohen is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.80 (down from US$0.92 in FY 2020). Revenue: US$606.1m (up 4.1% from FY 2020). Net income: US$19.3m (down 7.7% from FY 2020). Profit margin: 3.2% (down from 3.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 10%, compared to a 339% growth forecast for the industry in Germany. Board Change • Mar 06
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Gerald Cohen is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS US$0.24 (vs US$0.24 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: US$146.6m (down 3.0% from 3Q 2020). Net income: US$5.90m (up 7.3% from 3Q 2020). Profit margin: 4.0% (up from 3.6% in 3Q 2020). The increase in margin was driven by lower expenses. Executive Departure • Aug 12
Chief Financial Officer Michael Cody has left the company On the 10th of August, Michael Cody's tenure as Chief Financial Officer ended after 2.4 years in the role. As of March 2021, Michael still personally held 42.03k shares (€563k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.33 years. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS US$0.24 (vs US$0.29 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$154.0m (down 7.0% from 2Q 2020). Net income: US$5.90m (down 11% from 2Q 2020). Profit margin: 3.8% (down from 4.0% in 2Q 2020). The decrease in margin was driven by lower revenue. Executive Departure • Jun 15
Independent Director Jay Penske has left the company On the 9th of June, Jay Penske's tenure as Independent Director ended after 2.2 years in the role. As of March 2021, Jay still personally held 69.00k shares (€925k worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.17 years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS US$0.23 (vs US$0.19 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: US$151.1m (up 28% from 1Q 2020). Net income: US$5.30m (up 21% from 1Q 2020). Profit margin: 3.5% (down from 3.7% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 02
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$582.2m (up 25% from FY 2019). Net income: US$20.9m (down 36% from FY 2019). Profit margin: 3.6% (down from 7.0% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations Revenue exceeded analyst estimates by 0.1%. Over the next year, revenue is forecast to grow 1.1%, compared to a 3.6% growth forecast for the Entertainment industry in Germany. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 23% share price gain to US$16.30, the stock is trading at a trailing P/E ratio of 10x, up from the previous P/E ratio of 8.1x. This compares to an average P/E of 37x in the Entertainment industry in Europe. Total returns to shareholders over the past year are 69%. Is New 90 Day High Low • Jan 26
New 90-day high: €14.80 The company is up 17% from its price of €12.60 on 28 October 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.78 per share. Is New 90 Day High Low • Jan 10
New 90-day high: €13.30 The company is up 2.0% from its price of €13.00 on 12 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.91 per share. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 18% share price gain to US$13.30, the stock is trading at a trailing P/E ratio of 9.1x, up from the previous P/E ratio of 7.7x. This compares to an average P/E of 38x in the Entertainment industry in Europe. Total returns to shareholders over the past year are 22%. Valuation Update With 7 Day Price Move • Nov 23
Market bids up stock over the past week After last week's 17% share price gain to US$12.20, the stock is trading at a trailing P/E ratio of 8x, up from the previous P/E ratio of 6.8x. This compares to an average P/E of 36x in the Entertainment industry in Europe. Total returns to shareholders over the past year are 36%. Valuation Update With 7 Day Price Move • Nov 14
Market pulls back on stock over the past week After last week's 16% share price decline to US$10.20, the stock is trading at a trailing P/E ratio of 6.9x, down from the previous P/E ratio of 8.2x. This compares to an average P/E of 32x in the Entertainment industry in Europe. Total returns to shareholders over the past year are 17%. Is New 90 Day High Low • Nov 11
New 90-day low: €10.10 The company is down 10.0% from its price of €11.20 on 12 August 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.23 per share. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS US$0.24 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$151.2m (up 30% from 3Q 2019). Net income: US$5.50m (up 175% from 3Q 2019). Profit margin: 3.6% (up from 1.7% in 3Q 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue beats expectations Revenue exceeded analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 6.9% compared to a 32% decline forecast for the Entertainment industry in Germany. Valuation Update With 7 Day Price Move • Oct 15
Market pulls back on stock over the past week After last week's 15% share price decline to US$13.00, the stock is trading at a trailing P/E ratio of 9.3x, down from the previous P/E ratio of 10.9x. This compares to an average P/E of 31x in the Entertainment industry in Europe. Total returns to shareholders over the past year are 58%. Is New 90 Day High Low • Oct 06
New 90-day high: €15.00 The company is up 9.0% from its price of €13.70 on 08 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.27 per share.