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2014年10月27日
对经济增长的在线赌博市场上下注取得了投资者Intertain集团有限公司大量的资金在最近几个月，分析师看到更多的收益由公司的积极扩张计划，未来驱动。
因为在4元二月份上市的总部位于多伦多的公司背后的InterCasino和InterPoker网络游戏品牌的股价已飙升超过200％的。
Intertain提供在线游戏，如二十一点，轮盘赌和德州扑克，主要是玩家在英国活跃的市场。高利润的业务是为投资者，他们欣赏成熟的网络游戏市场，相信在公司的成长，通过收购战略平局。这就是尽管股票的估值在同类企业中较高端。
那并不是一个目标 - “你支付范围的较高端，但你获得更多的M＆A [兼并重组]上攻”的Clarus证券分析师的Eyal OFIR，谁拥有14.30美元目标价的股票说'T反映了公司最近的收购。
所有的六位分析师谁支付公司称其为“买入”，并在协商一致的目标股价在未来一年14.34美元，根据S&PCapital IQ的。该股目前股价约为13,80。
“如果你愿意公开交易的赌场运营商投资，你应该愿意投资在一个网上赌场运营商一样Intertain，其中仅工作在规定的司法管辖区，”奥菲尔说。
Intertain从科技公司阿马亚游戏集团有限公司购买InterCasino资产后上市
今年六月，Intertain开始了其扩张与收购的英国在线赌博网站公司曼德勒媒体，这是这个月之后该公司同意收购在线赌场运营商维拉和约翰，使它获得更多的玩家在北欧国家。
“我们希望我们的多元化营收远离英国，”Intertain的首席执行官约翰·菲茨杰拉德在接受采访时说。
该公司的目标是使每年两次收购拓展业务，以专注于游戏，以迎合女性群体，如宾果游戏和老虎机。菲茨杰拉德先生说，他认为该战略将设置公司除了竞争对手更注重体育和面向男性其他游戏。
他说，Intertain计划在亚洲，墨西哥，中美洲和南美洲的扩大，但会避开加拿大现在，直到加拿大网上赌博的法律明确，美国，直到网上赌博合法化在更多的国家。 （网上赌博被禁止在美国，在2006年，但一些州，如内华达州，也慢慢开始调节它。）
“鉴于Intertain的国际存在，调控可能是公司面临的最显著的风险之一。”在最近的一份关于该公司发起的覆盖国家银行金融分析师Adam服务说。
不过，服务先生对Intertain的“跑赢大市”及十五元的目标，说这是很好地利用这一行业的全球增长。
这可能包括在英国继消费税，分析师说，会吃成企业的利润，迫使小公司退出市场，留下Intertain有机会以更便宜的估值水平买入公司更多的收购。
“我们认为，物质存在上攻的公司继续成功地执行其并购战略和发展其行动范围不断扩大，”服务先生说。
麦基Research分析师尼基尔Thadani有15.75美元对该股的目标，在一份报告中说，他认为股票的“收入保障，强有机前景，能够管理团队，非常迅速的并购执行多并购上攻权证的溢价倍数。”
布鲁斯·坎贝尔，总裁兼投资组合经理StoneCastle投资管理，说他的公司买了一些股票在几个月前，是快乐与收获，但认为该股估值完全在目前的水平。
“我们坐在一个盈利的位置，并高兴地抱，现在，”他说。
http://www.theglobeandmail.com/globe-investor/investment-ideas/web-casino-group-intertains-expansion-plans-a-win-for-investors/article21333770/
Web-casino group Intertain’s expansion plans a win for investors
Oct. 27 2014
A bet on growth in the online gambling market has made investors in Intertain Group Ltd. a lot of money in recent months, and analysts see more gains ahead driven by the company’s aggressive expansion plan.
Shares in the Toronto-based company behind the InterCasino and InterPoker online gaming brands have spiked more than 200 per cent since going public at $4 in February.
Intertain offers online games such as blackjack, roulette and Texas hold’em, largely to players in the active British market. The high-margin business is a draw for investors who appreciate the maturing online gaming market and believe in the company’s growth-by-acquisition strategy. That’s even though the stock’s valuation is at the higher end of its peer group.
“You’re paying the higher end of the range, but you’re gaining the upside of additional M&A [mergers and acquisitions],” said Clarus Securities analyst Eyal Ofir, who has a $14.30 price target on the stock – a target that doesn’t reflect the company’s most recent acquisition.
All six analysts who cover the company call it a “buy,” and the consensus price target over the next year is $14.34, according to S&P Capital IQ. The stock is trading around $13.80.
“If you’re willing to invest in publicly traded casino operators, you should be willing to invest in an online casino operator like Intertain, which only operates in regulated jurisdictions,” Mr. Ofir said.
Intertain went public after buying the InterCasino assets from technology company Amaya Gaming Group Inc.
In June, Intertain began its expansion with the purchase of British online bingo website company Mandalay Media, which was followed this month by its agreement to buy online casino operator Vera & John, giving it access to more players in Nordic countries.
“We wanted to diversity our revenue away from the U.K.,” Intertain’s chief executive officer John FitzGerald said in an interview.
The company’s goal is to make two acquisitions each year to expand the business, with a focus on games catering to the female demographic, such as bingo and slots. Mr. FitzGerald said he believes that strategy will set the company apart from competitors focused more on sports and other games geared toward men.
He said Intertain plans to expand across Asia, Mexico, Central and South America, but will steer clear of Canada for now, until Canadian online gambling laws are clarified, and the United States, until online gambling is legalized in more states. (Internet gambling was banned in the United States. in 2006, but some states, such as Nevada, are slowly starting to regulate it.)
“Given Intertain’s international presence, regulation is probably one of the most significant risks facing the company,” National Bank Financial analyst Adam Shine said in a recent note initiating coverage on the company.
Still, Mr. Shine has an “outperform” on Intertain and $15 target, saying it’s well positioned to capitalize on the industry’s global growth.
That may include more acquisitions in Britain following a consumption tax that analysts say will eat into companies’ profits, forcing smaller players out of the market, leaving Intertain with an opportunity to buy companies at cheaper valuations.
“We believe that material upside exists as the company continues to successfully execute its M&A strategy and grow its expanding scope of operations,” Mr. Shine said.
Mackie Research analyst Nikhil Thadani has a $15.75 target on the stock, saying in a note he believes the stock’s “revenue guarantee, strong organic prospects, able management team, very rapid M&A execution and more M&A upside warrants a premium multiple.”
Bruce Campbell, president and portfolio manager at StoneCastle Investment Management, said his firm bought some stock a few months ago and is happy with the gains, but believes the stock is fully valued at current levels.
“We’re sitting in a profit position and are happy to hold right now,” he said. |
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发表于 2014-11-20 04:57
