Casino News: Positive predictions on Playtech by leading analyst

Positive predictions on Playtech by leading analyst

 June 12, 2008, 8:28 am (8 years ago)
J.P. Morgan, a leading analyst firm, has begun coverage of the company with positive predictions for its future. The target price is 700p, which gives hopes to investors in the online gambling software developer and turnkey provider Playtech plc.
According to a research note published yesterday, the analyst company states that Playtech will probably hit above-average revenue growth in 2008/2009, with the online gaming industry potentially delivering double-digit revenue growth for the same period.

The analyst made a remark that Playtech is expected to gain from a rise in its share of online gaming in the gambling market and its leading position in the industry. JP Morgan predicts that the company will probably make a revenue/EPS Compound Annual Growth Rate (CAGR) of 46 percent to 49 percent for Full Year 07 to Full Year 09, aided by its robust cash generation.

In 1999, Teddy Sagi, an Israeli businessman incepted Playtech. The United Kingdom based company floated early in 2006 on the London Stock Exchange under the symbol PTEC for approximately GBP 550 million at a flotation price of 257p. The company's current CEO is Mor Weizer.

Despite the withdraw from the US market, the company‘s stock faced a one day fall of over 40 percent. In February 2007, it rallied the losses to stand at near its 52 week. The companies have eliminated all US players.

Numis Securities raised its price target to 561p from 510p and raised its rating on Playtech to “buy” from “add” last week. The company has gained from contact wins, product launches and new game developments.
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