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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GVC Holdings PLC    GVC   IM00B5VQMV65

GVC HOLDINGS PLC

(GVC)
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Ladbrokes owner GVC's long-time CEO Alexander quits

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07/16/2020 | 03:53am EDT
Outbreak of the coronavirus disease (COVID-19) in Manchester

Ladbrokes owner GVC announced on Thursday the departure of Chief Executive Officer Kenny Alexander, who transformed the company into one of the world's biggest gambling businesses during 13 years at the helm.

Ladbrokes owner GVC announced on Thursday the departure of Chief Executive Officer Kenny Alexander, who transformed the company into one of the world's biggest gambling businesses during 13 years at the helm.

Shares in the company fell around 6% following the news that 51-year old Alexander will be replaced by Shay Segev. Segev has been the chief operating officer for four years.

The Scottish-born chartered accountant said he was quitting to spend more time with his family and that Segev had been in line to take over for some time.

"The share price reaction to news of a CEO departing says a lot about how the market viewed someone. As such, it seems like investors don't want Kenny Alexander to step down," AJ Bell investment director Russ Mould said.

Alexander transformed GVC from a tiny small-cap into a 3.4 billion-pound blue chip company, employing some 25,000 staff.

He orchestrated GVC's 4 billion pound ($5.02 billion) takeover of bookmaker Ladbrokes Coral and its tie-up with casino operator MGM Resorts, pushing the company into the lucrative U.S. sports betting market.

GVC's shares have risen nearly nine-fold during his tenure, which has been marked by increased scrutiny from British regulators and strict restrictions on gambling.

The novel coronavirus has been the latest hit to bookmakers as the lockdown shut betting shops and cancelled sports events that contributed to nearly half of GVC's net gaming revenue last year.

Isle of Man-based GVC said the response from customers has been encouraging after its shops reopened last month and online sports activity is also near pre-coronavirus levels.

It said it expects first-half core earnings between 340 million pounds and 350 million pounds, which is above analyst Berenberg's expectations.

Alexander said he made his decision over the last four months. "I have given 13 years to GVC and I now want to give some time to my family," he said.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber and Barbara Lewis)

By Tanishaa Nadkar
Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 2.15% 452 Delayed Quote.3.15%
GVC HOLDINGS PLC -1.27% 716 Delayed Quote.-17.98%
MGM RESORTS INTERNATIONAL 12.69% 21.445 Delayed Quote.-42.80%
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Financials
Sales 2020 3 344 M 4 372 M 4 372 M
Net income 2020 90,5 M 118 M 118 M
Net Debt 2020 1 935 M 2 530 M 2 530 M
P/E ratio 2020 64,7x
Yield 2020 1,51%
Capitalization 4 232 M 5 536 M 5 533 M
EV / Sales 2020 1,84x
EV / Sales 2021 1,58x
Nbr of Employees 18 980
Free-Float 99,6%
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Technical analysis trends GVC HOLDINGS PLC
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 19
Average target price 1 082,46 GBX
Last Close Price 725,20 GBX
Spread / Highest target 76,8%
Spread / Average Target 49,3%
Spread / Lowest Target 8,94%
EPS Revisions
Managers
NameTitle
Shay Segev Chief Executive Officer & Director
John Michael Barry Gibson Non-Executive Chairman
Sandeep Tiku Chief Operating Officer
Robert Matthew Wood Chief Financial Officer & Director
Stephen Morana Senior Independent Non-Executive Director
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