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Investing.com -- Entain reported a 6% increase in net gaming revenue in the third quarter, driven by solid momentum in its online business.
Retail net gaming revenue rose 3% at constant currency, while group revenue excluding the U.S. market was up 5%.
The company reaffirmed its full-year guidance for underlying profit, maintaining its expectation of £1.10 billion to £1.15 billion. That compares with the company-compiled consensus estimate of around £1.14 billion.
Online performance in the U.K. and Ireland stood out, in the third quarter, with revenue up 15%, driven by a 14% rise in iGaming and a 19% increase in sports betting. The retail segment in the region also returned to growth.
In Brazil, net gaming revenue fell 11% due to weaker sports margins, although underlying activity remained firm, with betting volumes up 14%.
Jefferies analysts said the stock “appears to attach little value” to Entain’s BetMGM stake despite “positive BetMGM commentary” from the joint venture’s update a day earlier.
They noted that Entain trades on 8.7 times EV/EBITDA on 2025 estimates and see around 60% upside to a £13 share price based on their revised sum-of-the-parts analysis.
They added that investor focus is turning to the U.K. Budget at the end of November, which “remains a key area of uncertainty” for the sector.