Announcement • 8h
Entain plc Announces Resignation of Ricky Sandler as Non-Executive Director, Effective May 5, 2026 Entain plc announced that Ricky Sandler has informed the Company that he will step down as a Non-Executive Director of the Company, effective from May 5, 2026. The relationship agreement entered into with Eminence Capital on January 3, 2024 will also terminate with effect from May 5, 2026. Announcement • Apr 07
Entain Plc to Report Q1, 2026 Results on Apr 16, 2026 Entain Plc announced that they will report Q1, 2026 results on Apr 16, 2026 Announcement • Mar 23
Entain Plc, Annual General Meeting, Apr 29, 2026 Entain Plc, Annual General Meeting, Apr 29, 2026. Location: the offices of addleshaw goddard llp, 41 lothbury, ec2r 7hg, london United Kingdom Announcement • Mar 06
Entain Plc Proposes Second Interim Dividend in Respect of the Year Ended 31 December 2025, Payable on 24 April 2026 In line with the Group's progressive dividend policy, the Board of Entain Plc has proposed a total dividend for 2025 of £125 million, (19.6 pence per share, up +5% YoY), paid to shareholders in equal instalments with H1 and Fiscal Year results. Declared final dividend of 9.8p per share (2024: 9.3 pence) per share, +5% YoY. The second interim dividend of £63 million, is expected to be paid on 24 April 2026 to shareholders on the register as at 13 March 2026. Ex-Dividend date is 12 March 2026. Announcement • Mar 05
Entain Plc to Report First Half, 2026 Results on Aug 13, 2026 Entain Plc announced that they will report first half, 2026 results on Aug 13, 2026 Announcement • Dec 11
Entain Plc to Report Fiscal Year 2025 Results on Mar 05, 2026 Entain Plc announced that they will report fiscal year 2025 results on Mar 05, 2026 Announcement • Mar 24
Entain Plc, Annual General Meeting, Apr 23, 2025 Entain Plc, Annual General Meeting, Apr 23, 2025. Location: the offices of addleshaw goddard llp, milton gate, 60 chiswell street, ec1y 4ag, london United Kingdom Announcement • Mar 22
Entain plc Announces Ronald Kramer, Non-Executive Director, Steps Down from the Board on 23 April 2025 Entain Plc announced Ronald Kramer, Non-Executive Director of the Company, has informed the Company that he will not be standing for re-election at the 2025 AGM, and therefore, will be stepping down from the Board on 23 April 2025. Announcement • Mar 06
Entain plc Proposes Second Interim Dividend for the Year 2024, Payable on 25 April 2025 Entain Plc has proposed a total dividend for 2024 of £119 million, (18.6 pence per share), paid to shareholders in equal instalments with first half and Fiscal Year results. As such a second interim dividend of £60 million (9.3 pence per share), is expected to be paid on 25 April 2025 to shareholders on register on 14 March 2025. Announcement • Feb 14
Entain Plc Announces Board and Committee Changes Entain plc announced the appointment of David Satz as the Senior Independent Director with immediate effect. David has been a Non-Executive Director of the Company since 22 October 2020. He is the Chair of the Sustainability & Compliance Committee and a member of the Audit Committee. Interim Chair, Pierre Bouchut is appointed Chair of both the Capital Allocation and People & Governance committees. Pierre has also stepped down from the Audit Committee. Helen Ashton is appointed as a member of the Capital Allocation Committee. As Interim Chief Executive Officer, Stella David has stepped down from the Capital Allocation, People & Governance and Sustainability & Compliance committees. Following these changes membership of the Board Committees is: Audit Committee: Helen Ashton (Chair); David Satz; Rahul Welde. Capital Allocation Committee: Pierre Bouchut (Chair); Helen Ashton; Ricky Sandler. People & Governance Committee: Pierre Bouchut (Chair); Amanda Brown; Virginia McDowell; Ricky Sandler; Rahul Welde. Remuneration Committee: Amanda Brown (Chair); Helen Ashton; Virginia McDowell; Rahul Welde. Sustainability & Compliance Committee: David Satz (Chair); Virginia McDowell. Announcement • Jan 07
Entain Plc to Report Fiscal Year 2024 Results on Mar 06, 2025 Entain Plc announced that they will report fiscal year 2024 results on Mar 06, 2025 Announcement • Dec 13
Entain plc Announces Helen Ashton Joins Remuneration Committee Entain plc announced that Helen Ashton, an independent non-executive director of the Company, has joined the Remuneration Committee effective 12 December 2024. Following this change, membership of Remuneration Committee is: Amanda Brown (Chair), Helen Ashton, Virginia McDowell and Rahul Welde. Capital Allocation Committee: Stella David (Chair); Pierre Bouchut and Ricky Sandler. People & Governance Committee: Stella David (Chair); Amanda Brown; Virginia McDowell; Ricky Sandler and Rahul Welde. Remuneration Committee: Amanda Brown (Chair); Helen Ashton; Virginia McDowell and Rahul Welde. Sustainability & Compliance Committee: David Satz (Chair); Stella David and Virginia McDowell. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings have declined by 37% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 121% Earnings have declined by 37% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Announcement • Sep 30
Entain plc Announces Chair and Board Committee Changes Entain Plc announced that, as previously announced on 4 April 2024 and 22 July 2024, Stella David will succeed Barry Gibson as Chair of the Board. Stella is also appointed as Chair of the People & Governance and Capital Allocation Committees, and a member of the Sustainability & Compliance Committee with immediate effect. Helen Ashton is appointed as Chair of the Audit Committee, succeeding Pierre Bouchut who continues as a member of this Committee. The Entain Board consists of: Stella David, Chair of the Board; Gavin Isaacs, Chief Executive Officer; Rob Wood, Chief Financial Officer and Deputy CEO; Pierre Bouchut, Senior Independent Director; Helen Ashton, Independent Non-Executive Director; Amanda Brown, Independent Non-Executive Director; Ronald J Kramer, Independent Non-Executive Director; Virginia McDowell, Independent Non-Executive Director; Ricky Sandler, Non-Executive Director; David Satz, Independent Non-Executive Director; Rahul Welde, Independent Non-Executive Director. Following these changes membership of the Board Committees is: Audit Committee: Helen Ashton (Chair); Pierre Bouchut; David Satz; Rahul Welde. Capital Allocation Committee: Stella David (Chair); Pierre Bouchut; Ricky Sandler. People & Governance Committee: Stella David (Chair); Amanda Brown; Virginia McDowell; Ricky Sandler; Rahul Welde. Sustainability & Compliance Committee: David Satz (Chair); Stella David; Virginia McDowell. Remuneration Committee: Amanda Brown (Chair); Virginia McDowell; Rahul Welde. Recent Insider Transactions • Sep 18
Non-Executive Director recently bought €1.2m worth of stock On the 13th of September, Stella David bought around 137k shares on-market at roughly €8.64 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €8.0m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 11
First half 2024 earnings released: UK£0.068 loss per share (vs UK£0.84 loss in 1H 2023) First half 2024 results: UK£0.068 loss per share (improved from UK£0.84 loss in 1H 2023). Revenue: UK£2.52b (up 6.0% from 1H 2023). Net loss: UK£43.2m (loss narrowed 91% from 1H 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Declared Dividend • Aug 11
First half dividend of UK£0.093 announced Shareholders will receive a dividend of UK£0.093. Ex-date: 15th August 2024 Payment date: 20th September 2024 Dividend yield will be 3.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (121% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Aug 08
Entain plc Proposes Interim Dividend First Half of 2024, Payable in September 2024 Entain Plc has proposed an interim dividend of c £60m (9.3 pence per share), a 5% year on year increase per share. The interim dividend in respect of the H1 2024 results is expected to be paid in September 2024 to shareholders on register on 16 August 2024. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Helen Ashton was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 22
Entain plc Appoints Gavin Isaacs as Chief Executive Officer, Effective 2 September 2024 Entain plc announced that Gavin Isaacs has been appointed as Chief Executive Officer, effective from 2 September 2024. Gavinhas over 25 years of experience across the global sports betting, gaming and lottery industries. His broad leadership experience has been built through previous roles within companies including Scientific Games Corporation, DraftKings Inc, SB Tech, Bally Technologies Inc, and Aristocrat Technologies. In 2022, Gavin was inducted into the American Gaming Association's Hall of Fame, reflecting his extensive industry expertise leading and building a wide range of businesses. Gavin is currently a Non-Executive Director of Games Global Limited, an iGaming content supplier incorporated in the Isle of Man, having previously served as Chairman for two years. He has over 25 years of experience across the global sports betting, igaming, gaming and lottery industries. In 2022, he was inducted into the American Gaming Association's Hall of Fame, reflecting his extensive industry expertise built by leading and building a wide range of public and private businesses, from established multi-billion-dollar global companies to innovative start-ups. Gavin was previously Chair of SB Tech prior to its sale to DraftKings Inc. in 2020 and has held a number of Board or C-suite roles for companies including Scientific Games Corporation, DraftKings Inc, SHFL Entertainment, Bally Technologies Inc, and Aristocrat Technologies. He started his career practicing as a solicitor with large corporate law firms in his native Australia. Gavin holds a Bachelor of Commerce, Accounting and Financial Systems and a Bachelor of Laws from the University of New South Wales, Australia as well as a Master of Laws from the University of Sydney, Australia. Announcement • Jul 08
Entain plc Announces Appointment of Helen Ashton as Independent Non-Executive Director and Member of the Audit Committee Entain Plc announced the appointment of Helen Ashton as an Independent Non-Executive Director with immediate effect. Helenhas over 30 years of experience of working in public and private equity backed businesses and is a qualified Chartered Management Accountant. As former CFO of ASOS plc, as well as executive level roles in ASDA, Barclays and Lloyds Banking Group, Helen brings broad global business and financial services experience with extensive knowledge of high growth digital and retail businesses. Helen is currently a Non-Executive Director and Chair of the Audit & Risk Committee of JD Sports Fashion plc. On appointment, Helen will also become a member of the Audit Committee. Recent Insider Transactions • Jun 08
Interim CEO & Non-Executive Director recently bought €1.2m worth of stock On the 3rd of June, Stella David bought around 145k shares on-market at roughly €8.08 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €1.7m. Stella has been a buyer over the last 12 months, purchasing a net total of €4.0m worth in shares. New Risk • Jun 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (8.5% increase in shares outstanding). Announcement • Apr 27
Entain Plc Announces Board Committee Changes Entain Plc announced the following board committee composition changes with immediate effect: Amanda Brown is appointed as Chair of the Remuneration Committee and a member of the People and Governance Committee, David Satz is appointed as Chair of the Sustainability and Compliance Committee and Virgina McDowell will continue as a member of the Remuneration Committee and the Sustainability and Compliance Committee. Announcement • Apr 04
Entain plc Announces Board Changes Entain plc announced that Barry Gibson has given notice that he wishes to retire from his role as Chair and from the Board. Barry will step down by the end of September 2024, and potentially earlier depending on the timing of the appointment of a permanent CEO. The search for a permanent CEO is ongoing and is progressing well. A process to identify his replacement has been part of the Board's ongoing succession planning, and it announced that Stella David will become Chair on Barry's retirement. Stella was a non-executive director and Senior Independent Director from 4 March 2021 and became interim CEO of Entain in December 2023. Barry was appointed to the Board of Entain in November 2019 and became Chair in February 2020. During his time as Chair, Barry has played an integral role in the transformation from GVC to Entain, which has included a significant improvement in the quality of the Group's operations, revenues, governance processes, and procedures. He has also overseen the renewal of the Board, the Group's focus on operating only in regulated or regulating markets, and the resolution of the HMRC investigation into the Group's legacy Turkish facing operations. During his tenure, the Group has grown its EBITDA by over 50% to approximately £1bn in 2023, and its US joint venture, BetMGM, has gone from a start-up to being a $2 billion revenue business with a strong market position and outstanding growth prospects. Further information about Stella David: Stella has been interim CEO of Entain since December 2023 and was previously a non-executive director and Senior Independent Director from 4 March 2021. She is a non-executive director of Norwegian Cruise Line Holdings Ltd. where she is also chair of the Nominating and Governance Committee, and is a non-executive director of the privately-owned Bacardi Ltd. She was previously CEO of William Grant & Sons, following more than 15 years with Bacardi Ltd. She was chair of C&J Clark Ltd. (having previously acted as interim chief executive officer), chair of Vue International, non-executive director and senior independent director of HomeServe plc, non-executive director and remuneration committee chair at the Nationwide Building Society, and non-executive director of Domino's Pizza Group plc. Announcement • Mar 15
Entain Reportedly Examines Possible Sale of Overseas Gambling Brands Entain Plc (LSE:ENT) has hired advisers to oversee the possible sale of several of its overseas brands, as one of Britain’s largest gambling companies considers unwinding a multibillion-pound acquisition spree that hurt its share price. The Ladbrokes owner is reviewing the future of businesses, including a number snapped up by former chief executive Jette Nygaard-Andersen, and this month hired Wall Street boutique advisory Moelis, according to people familiar with the matter. Moelis is advising Entain’s board and the group’s recently formed capital allocation committee, and any disposals will be of brands that are not integrated into the company’s technology platform, which makes them easier to sell, the people said. Among those that could be sold are Netherlands-based BetEnt B.V. (BetCity), which Entain bought for £398 million last year, the people added. A local offshoot of Ladbrokes Digital Australia Pty Ltd. in Australia, Sweden-based Enlabs AB (publ) and Georgia-based Mars LLC (CrystalBet), are other brands not integrated into Entain’s main tech platform and under review. The disposal of overseas brands would allow Entain’s management to focus on revitalising operations in its core markets, such as the UK and Germany, where it has been losing market share. It would also allow the FTSE 100 group to invest more in BetMGM, its joint venture with casino group MGM Resorts International in the US, its fastest-growing market. Brands that did not use Entain’s in-house technology platform accounted for about a third of net gaming revenues in the first half of last year, according to company figures. Croatia-based SuperSport, acquired for £599 million in 2022, and Poland’s STS Holdings, which came with a price tag of £750 million last year, are also not on Entain’s main tech platform. But last week Entain’s interim chief executive Stella David highlighted the strong performance of Entain CEE, through which the group owns SuperSport and STS. Recent Insider Transactions • Mar 13
Interim CEO & Non-Executive Director recently bought €1.7m worth of stock On the 11th of March, Stella David bought around 195k shares on-market at roughly €8.56 per share. This transaction increased Stella's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Stella has been a buyer over the last 12 months, purchasing a net total of €2.8m worth in shares. Announcement • Mar 12
Entain plc Appoints Ronald J. Kramer as an Independent Non-Executive Director Entain plc announced the appointment of Ronald J. Kramer as an Independent Non-Executive Director with immediate effect. The Board has determined that Ronald J. Kramer is independent. Ron brings extensive corporate finance, real estate and gaming industry experiences gained over a 40-year career. Heis currently the Chairman and CEO of Griffon Corporation, and serves on the Board of Douglas Elliman Inc. Ron was previously the President and Director of Wynn Resorts Limited between 2002 and 2008. He received a Bachelor of Science from Wharton School of the University of Pennsylvania in 1980 and an MBA from New York University in 1981. Declared Dividend • Mar 10
Final dividend of UK£0.089 announced Shareholders will receive a dividend of UK£0.089. Ex-date: 14th March 2024 Payment date: 26th April 2024 Dividend yield will be 2.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (61% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Mar 08
Entain Plc Proposes Second Interim Dividend for the Year Ended 31 December 2023, Payable on 26 April 2024 Entain Plc announced that a second interim dividend of 8.9 pence (2022: 8.5 pence) per share, amounting to £56.9 million (2022: £50.0 million) in respect of the year ended 31 December 2023, was proposed by the Directors on 7 March 2024. As such, a second interim dividend is expected to be paid on 26 April 2024 to shareholders on register on 15 March 2024. Reported Earnings • Mar 07
Full year 2023 earnings released: UK£1.41 loss per share (vs UK£0.064 profit in FY 2022) Full year 2023 results: UK£1.41 loss per share (down from UK£0.064 profit in FY 2022). Revenue: UK£4.77b (up 11% from FY 2022). Net loss: UK£870.8m (down UK£908.4m from profit in FY 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Feb 02
Entain plc Announces Board Changes Entain plc announced the formation of its Capital Allocation Committee to provide additional oversight over its portfolio of assets, capital allocation and capital structure. Barry Gibson will chair the new Committee with Pierre Bouchut and Ricky Sandler being appointed as members. Announcement • Jan 06
Entain Plc to Report Fiscal Year 2023 Results on Mar 07, 2024 Entain Plc announced that they will report fiscal year 2023 results on Mar 07, 2024 Buying Opportunity • Dec 28
Now 21% undervalued Over the last 90 days, the stock is up 4.7%. The fair value is estimated to be €14.09, 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. Meanwhile, the company became loss making. Revenue is forecast to grow by 5.9% in a year. Earnings is forecast to grow by 71% in the next year. Announcement • Dec 16
Entain Plc Announces Board and Committee Changes Entain Plc announced that following appointments with immediate effect further to the announcement that Stella David has been appointed as Interim Chief Executive Officer: Pierre Bouchut is appointed as Senior Independent Director. Virginia McDowell is appointed as Chair of the Remuneration Committee. Barry Gibson is appointed as Chair of the People and Governance Committee. Rahul Welde is appointed as a member of the People and Governance Committee. The Entain Board consists of: J M Barry Gibson, Chairman of the Board; Stella David, Interim Chief Executive Officer; Rob Wood, Chief Financial Officer and Deputy CEO; Pierre Bouchet, Senior Independent Director; Virginia McDowell, Independent Non-Executive Director; David Satz, Independent Non-Executive Director; Rahul Welde, Independent Non-Executive Director and Amanda Brown, Independent Non-Executive Director. Following these changes membership of the Board Committees is: Audit Committee: Pierre Bouchut (Chair), David Satz and Rahul Welde. People & Governance Committee: Barry Gibson (Chair), Virginia McDowell and Rahul Welde. Sustainability & Compliance Committee: Virginia McDowell (Chair), Barry Gibson and David Satz. Remuneration Committee: Virginia McDowell (Chair), Rahul Welde and Amanda Brown. Announcement • Dec 14
Corvex Management LP completed the acquisition of approximately 4.4% stake in Entain Plc (LSE:ENT). Corvex Management LP acquired approximately 4.4% stake in Entain Plc (LSE:ENT) on December 14, 2023. Corvex Management LP completed the acquisition of approximately 4.4% stake in Entain Plc (LSE:ENT) on December 14, 2023. Announcement • Dec 13
Entain Plc Announces Chief Executive Officer Changes Entain Plc announced that on December 13, 2023, Jette Nygaard-Andersen, Chief Executive Officer, has informed the Board that she wishes to stand down from the Group with immediate effect. The Board has asked Stella David, currently a non-executive director, to become Chief Executive Officer on an interim basis. Stella will start this week and will remain in the role until a permanent replacement has been found. Recent Insider Transactions • Nov 10
Insider recently bought €1.2m worth of stock On the 7th of November, Barry Gibson bought around 109k shares on-market at roughly €10.70 per share. This transaction increased Barry Gibson's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €3.3m more in shares than they have sold in the last 12 months. Buying Opportunity • Nov 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be €12.99, 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. Meanwhile, the company became loss making. Revenue is forecast to grow by 5.6% in a year. Earnings is forecast to grow by 94% in the next year. Announcement • Nov 03
Entain plc Provides Revenue Guidance for the Year 2023 Entain Plc announced that the company is on track for FY2023 Net Gaming Revenue at the upper end of $1.8 billion -$2.0 billion guidance. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Senior Independent Non-Executive Director Stella David was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 31
Entain plc Appoints Amanda Brown as an Independent Non-Executive Director Entain plc announced the appointment of Amanda Brown as an independent Non-Executive Director. The appointment will take effect from 8 November 2023. Amanda was most recently Chief Human Resources Officer at Hiscox plc where she was a member of the senior leadership team prior to stepping down in 2022. Amanda is currently a Non-Executive Director and Remuneration Committee Chair of Mitchells & Butlers plc and a Non-Executive Director and Chair Designate of the Remuneration Committee at the Manchester Airport Group. She has previously been a Non-Executive Director and Remuneration Committee Chair at Micro Focus International PLC. She has a degree in English from Reading University. On appointment, Amanda will also become a member of the Remuneration Committee. Buying Opportunity • Oct 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €12.87, 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. Meanwhile, the company became loss making. Announcement • Sep 25
Entain plc Provides Revenue Guidance for the Third Quarter and Fiscal Year 2023 Entain Plc provided revenue guidance for the third quarter and fiscal year 2023. For the quarter, the company NGR growth is now expected to be up high single-digit percent, and down high single digit percent on a proforma basis. For the year, the company expected NGR to be up low double-digit percent with proforma NGR down low single digit percent, NGR at the upper end of $1.8-$2.0 billion. Buying Opportunity • Sep 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €15.59, 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. Meanwhile, the company became loss making. New Risk • Aug 17
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (8.5% increase in shares outstanding). Buying Opportunity • Aug 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.8%. The fair value is estimated to be €19.69, 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. Meanwhile, the company became loss making. Reported Earnings • Aug 11
First half 2023 earnings released: UK£0.84 loss per share (vs UK£0.051 profit in 1H 2022) First half 2023 results: UK£0.84 loss per share (down from UK£0.051 profit in 1H 2022). Revenue: UK£2.38b (up 14% from 1H 2022). Net loss: UK£497.4m (down UK£527.5m from profit in 1H 2022). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • Jul 27
Entain plc Provides Earnings Guidance for the Full Year 2023 Entain Plc provided earnings guidance for the full year 2023. For the year, the company expected net revenue from operations of $944 million, on track to deliver at the upper end of previous guidance range for Fiscal Year 2023 revenue of $1.8 to $2.0 billion. Announcement • Jul 18
Entain Plc (LSE:ENT) agreed to acquire Angstrom Sports for approximately £200 million. Entain Plc (LSE:ENT) agreed to acquire Angstrom Sports for approximately £200 million on July 17, 2023. The consideration will be paid £81 million initially plus contingent payments totaling a maximum of £122 million, payable over three years. The transaction is expected to complete during Q3 2023. Nick Jones, ter Clements, Aled Batey and Chris Mort of Freshfields Bruckhaus Deringer LLP acted as legal advisor to Entain Plc. New Risk • Jun 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Announcement • Jun 17
Eminence Capital Sends Open Letter to Entain Board of Directors Following Value Destructive Equity Offering On June 16, 2023, Eminence Capital, LP announced that it has issued an open letter to Entain Board of Directors following the Company's recently announced proposed acquisition of STS Holdings and concurrent equity offering. Eminence Capital stated that it was disappointed to learn that the Company has decided to fund the recently announced purchase of STS Holdings by issuing shares representing approximately 8% of its market cap. The Company stated that while it can support the Company pursuing seemingly rational acquisitions, funding them with highly undervalued equity is an empire building, shareholder value destroying strategy. Further, that the the Company Board has previously rejected multiple takeover approaches at materially higher prices on the grounds that those offers undervalued the Company, but then turn around and issue equity at depressed prices for an asset that is at best a ‘nice to have’ is illogical. Moreover, while calling this deal ‘accretive’ on an EPS basis may be technically correct, it demonstrates that management either doesn't understand finance or, worse, that they believe the Company's shareholders are naive. In addition, Eminence Capital expressed that issuing the Company stock at ~7x EBITDA (excluding the value of the BetMGM JV) to buy an asset at ~12x EBITDA is value destructive to shareholders, even with incredible synergies. Announcement • Jun 15
Entain Plc has completed a Follow-on Equity Offering in the amount of £600.000002 million. Entain Plc has completed a Follow-on Equity Offering in the amount of £600.000002 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 48,294,478
Price\Range: £12.3
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 486,010
Price\Range: £12.3
Transaction Features: Regulation S; Subsequent Direct Listing Announcement • Jun 14
Entain Plc (LSE : ENT) made a tender offer to acquire STS Holding S.A. (WSE:STH) for PLN 3.9 billion. Entain Plc (LSE : ENT) made a tender offer to acquire STS Holding S.A. (WSE:STH) for PLN 3.9 billion on June 13, 2023. Under the terms, Offer will be priced at PLN 24.80 per share in cash will be paid. Entain's cash component of the consideration will be funded through a non-pre-emptive equity placing of new ordinary shares conducted through an accelerated bookbuild launched today, and via a separate offer to retail investors via the Primary Bid platform. Laurence Hopkins of Morgan Stanley & Co. International plc acted as financial advisor and Ed Peel of Merrill Lynch International ("BofA Securities") acted as to Entain Plc. Clifford Chance LLP and Freshfields Bruckhaus Deringer LLP are acting as legal advisers and Ernst & Young LLP providing tax and structuring advice. to Entain Plc. Oakvale Capital LLP and White & Case LLP are acting as sole financial and legal advisers to STS and the Juroszek Foundations as part of the transaction. Buying Opportunity • Jun 14
Now 23% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be €18.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is also forecast to grow by 35% per annum over the same time period. Announcement • Jun 10
Entain Plc (LSE:ENT) completed the acquisition of Tiidal Gaming NZ Limited from Tiidal Gaming Group Corp. (CNSX:TIDL). Entain Plc (LSE:ENT) entered into a share sale and purchase agreement to acquire Tiidal Gaming NZ Limited from Tiidal Gaming Group Corp. (CNSX:TIDL) for NZD 13.3 million on March 13, 2023.The Purchase Agreement includes payment of a NZD 0.5 million termination fee that is payable by Tiidal Holdings to Entain in the case of certain terminating events. Transaction was already approved by Tiidal Gaming Group Corp. board of directors and is subject to approval from Tiidal Gaming Group Corp shareholders. BDO Canada LLP acted as Financial and fairness opinion advisor to the board of directors of Tiidal Gaming Group Corp. As on April 26, 2023, Tiidal Gaming Group has received the approval of its shareholders at its annual and special meeting of shareholders held, among other things, the sale of the outstanding shares of the Company’s operating subsidiary. The completion of the Transaction remains subject to the satisfaction or waiver of certain closing conditions customary for transactions of this nature. Assuming the satisfaction or waiver of these conditions, the Transaction is expected to be completed in or about May 2023.
Entain Plc (LSE:ENT) completed the acquisition of Tiidal Gaming NZ Limited from Tiidal Gaming Group Corp. (CNSX:TIDL) on June 9, 2023. Announcement • May 23
TAB NZ Partnership Receives Government Approval Entain plc announced that its strategic partnership with TAB New Zealand has received approval from the New Zealand Minister for Racing. As announced on 28 March 2023, the 25-year strategic partnership terms include a total consideration payable by Entain and an ongoing gross profit share arrangement. Subject to conditions of completion, the strategic partnership is expected to commence on 1 June 2023. Announcement • May 17
Entain plc Announces Stepping Down of Robert Hoskin as Chief Governance Officer, Effective June 30 Entain plc announced that, after 18 years with the Group, Robert Hoskin is stepping down as Chief Governance Officer. He will leave the Board on June 30 and remain in role with the Group until 31 August 2023. Robert has been with the Group since 2005, originally serving as Company Secretary and Group Director of Legal, Regulatory and Secretariat, before being promoted to his current role in October 2020, and joining the Board in 2021. The Group has taken the decision to restructure certain responsibilities, in particular Regulatory Affairs given the strategic importance of regulation and focus exclusively on regulated or regulating markets. As a consequence of his stepping down, Robert's other responsibilities will be taken on by Simon Zinger, who is currently Entain's General Counsel. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: UK£0.064 (vs UK£0.45 in FY 2021) Full year 2022 results: EPS: UK£0.064 (down from UK£0.45 in FY 2021). Revenue: UK£4.30b (up 12% from FY 2021). Net income: UK£37.6m (down 86% from FY 2021). Profit margin: 0.9% (down from 6.9% in FY 2021). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
Entain plc Announces Resignation of Directors Entain Plc announced that Mark Gregory and Vicky Jarman have given notice of their decision to step down from the company Board with effect from 17 February 2023. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €14.80, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Hospitality industry in Europe. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.17 per share. Announcement • Feb 01
Entain Plc to Report First Half, 2023 Results on Aug 10, 2023 Entain Plc announced that they will report first half, 2023 results on Aug 10, 2023 Buying Opportunity • Jan 06
Now 21% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be €19.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings is also forecast to grow by 44% per annum over the same time period. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Rahul Welde 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 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£80.7m from profit in 1H 2021). Profit margin: (down from 4.6% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 6.3%, compared to a 716% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €14.80, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 20x in the Hospitality industry in Europe. Total returns to shareholders of 128% over the past three years. Board Change • Apr 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Senior Independent Non-Executive Director Stella David was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 11
Independent Non-Executive Director recently bought €133k worth of stock On the 7th of March, David Satz bought around 8k shares on-market at roughly €17.67 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €686k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: UK£0.45 (up from UK£0.16 in FY 2020). Revenue: UK£3.83b (up 7.5% from FY 2020). Net income: UK£264.2m (up 187% from FY 2020). Profit margin: 6.9% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 105% growth forecast for the restaurants industry in Germany. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Board Change • Jan 26
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Senior Independent Non-Executive Director Stella David was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 10
Independent Non-Executive Director recently bought €175k worth of stock On the 8th of November, Mark Gregory bought around 7k shares on-market at roughly €23.56 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €310k more in shares than they have sold in the last 12 months. Announcement • Jan 12
Entain PLC Announces Resignation of Shay Segev as Chief Executive Officer Entain plc announced that Shay Segev, Entain's Chief Executive Officer, has given notice of his intention to leave the company to become Co-CEO of DAZN. 
