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Ladbrokes and William Hill drop on Credit Suisse downgrades; regulatory headwinds cited

Tue, 14th Jul 2015 10:24

(ShareCast News) - London-listed bookmakers Ladbrokes and William Hill were feeling the pinch in early trade after downgrades by Credit Suisse.The bank cut its stance on Ladbrokes to 'underperform' from 'neutral' and reduced the target price to 85p from 115p. At the same time, it downgraded William Hill to 'neutral' from 'outperform' and cut the target to 420p from 455p."Between 2012 and 2015, changes in regulation in the UK have led to earnings downgrades of 28% for William Hill and 46% for Ladbrokes in 2015E. Despite this, consensus forecasts assume no further regulatory change," said CS.As far as regulator change is concerned, it reckoned headwinds are likely to continue in the medium term."We see future regulatory risk across the board, although regulatory headwinds in UK retail are likely to have a larger negative impact than those in the online business."It was a slightly cheerier picture for Paddy Power, as the bank lifted its price target to €85 from €82 owing to the inclusion of a share buyback, and kept the stock at 'outperform'."We see scope for Paddy Power to return over 30% of its market cap to shareholders by 2020," said CS.At 0936 BST, Ladbrokes shares were down 1.5% at 128.20p and William Hill was 2% weaker at 390.89p.

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UPDATE 2-Betfair, Paddy Power reach agreement on 6 bln stg tie-up

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4 Sep 2015 15:33

UPDATE 4-GVC trumps 888 to clinch deal for Bwin

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4 Sep 2015 07:45

Ladbrokes says Darren Shapland to retire as non-exec director

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26 Aug 2015 16:05

LONDON MARKET CLOSE: FTSE 100 Ends Below 6,000 Despite US Rebound

26 Aug 2015 11:01

LONDON MARKET MIDDAY: US Stocks Called To Rebound From Tuesday's Drop

26 Aug 2015 09:51

WINNERS & LOSERS SUMMARY: Betfair And Paddy Power Surge On Merger

26 Aug 2015 08:55

UPDATE 2-Gambling firms Betfair and Paddy Power set for $7.8 bln tie up

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26 Aug 2015 08:48

BUZZ-British online betting co's: Dealt a bad hand on Betfair-Paddy Power deal

** Possible Betfair-Paddy Power 5 bln stg merger a bad bet for rivals ** Merger could create one of the world's largest online betting and gaming groups with estimated revenue of over 1.1 bln stg ** William Hill and Ladbrokes both down more than 5 pct; worst performers on the FTSE 250

26 Aug 2015 07:30

LONDON MARKET OPEN: Stocks Resume Declines After Brief Respite

20 Aug 2015 10:19

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20 Aug 2015 08:07

Ladbrokes lifted by Gala Coral results ahead of merger

(ShareCast News) - Ladbrokes has reported mixed results from Gala Coral Group, with which it is in the process of merging, with weakness at its retail and Italy-focused Eurobet arms but overall profits growth lifted by strong online performance. Total continuing group earnings before interest, tax,

20 Aug 2015 07:27

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Ladbrokes and William Hill drop on Credit Suisse downgrades; regulatory headwinds cited

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