Paddy Power Betfair Now Trading On LSE

admin, February 3, 2016 1:44 pm

On February 2nd, gambling operators Paddy Power and Betfair finally completed their £5 billion ($7.2bn) merger, and by the end of its first day trading on the London Stock Exchange the newly merged company saw its share price close at £104.90. A number of key role positions were also made public by the newly formed Paddy Power Betfair, including the appointment of Breon Corcoran as the company CEO, and Alex Gersh as CFO.
Paddy Power Betfair now boasts revenues in excess of £1.1 billion, making it one of the world’s biggest online gambling operators, with the company offering its products across UK, Ireland, Australia and the USA, as well as operating a number of B2C and B2B commercial businesses across Europe. Talking about the future prospects of the new company, Goodbody analyst Gavin Kelleher stated:
“The merger of Paddy Power and Betfair is bringing together the two strongest operators in the sector. Both companies have a strong track record in terms of cash returns. The enlarged group is exposed to all the right growth hotspots and has the right credentials to take market share and outperform.”
Furthermore, gaming analysts seem to concur with the company’s optimistic outlook, and see it becoming an iGambling global leader. David Jennings from Davy Stockbrokers, for instance, sees Paddy Power Betfair with a 27% earnings growth rate, and generating more than £1.05bn in cash flow over the next three years. Needless to say, the group views the newly merged company as providing value for investors, and as Jennings explains:
“Paddy Power Betfair has a commitment already in place to pay out 50pc of net income in the form of ordinary dividends.”

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