30 Nov 2015 07:46
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Don't have an account? Click here to register.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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24 Nov 2015 15:28
UPDATE 1-Desmond fights on after Ladbrokes shareholders back Gala Coral deal
(Adds further Desmond comments, board response, shares) By Paul Sandle LONDON, Nov 24 (Reuters) - Shareholders in British bookmaker Ladbrokes strongly backed its planned merger with rival Gala Coral on Tuesday but rebel investor Dermot Desmond vowed to fight on. Ladbrokes agreed
Read more24 Nov 2015 13:10
Ladbrokes shareholders overwhelmingly back Gala Coral takeover
LONDON, Nov 24 (Reuters) - Shareholders in bookmaker Ladbrokes backed its 2.3 billion pound ($3.5 billion) tie-up with Gala Coral, a deal it hopes will give it the clout to make a bigger splash online where it has been outgunned by rivals. The holders of 96 percent of Ladbrokes shares voted
Read more19 Nov 2015 16:22
19 Nov 2015 10:49
Ladbrokes resolute on Coral deal after criticism from shareholder Desmond
LONDON, Nov 19 (Reuters) - British bookmaker Ladbrokes said the rationale for its proposed acquisition of rival Gala Coral was "compelling" in response to opposition from Irish billionaire shareholder Dermot Desmond. The two companies agreed an all-share merger in July to create a 2.3 bill
Read more18 Nov 2015 14:35
Irish billionaire Desmond urges Ladbrokes shareholders to reject Coral merger
DUBLIN, Nov 18 (Reuters) - Irish billionaire Dermot Desmond has written to fellow shareholders in British bookmaker Ladbrokes to urge them to reject a proposed merger with rival Gala Coral at a shareholders meeting next Tuesday. The two bookmakers agreed an all-share merger in July, creatin
Read more5 Nov 2015 16:31
27 Oct 2015 07:01
Tuesday newspaper round-up: Tax credits, Equiniti, Equity release
(ShareCast News) - George Osborne vowed last night to rein in the power of the Lords after he suffered a humiliating defeat over his plan to cut tax credits by £4bn. The chancellor said that the unprecedented vote, which left his budget policy in limbo, raised constitutional issues about unelected p
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