GVC Holdings - Continuation of (strong) trend

Davy Research
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GVC trading momentum has, unsurprisingly, remained strong since it last updated. Q3 Online net gaming revenue (NGR) advanced by 12% (group -1%). It has also upgraded full year guidance, driven by a delay in expected additional German bonusing (underlying expectations remain unchanged). Our underlying assumptions are also likely to remain unchanged, albeit a one-time bonusing impact (c.£15m) will shift from 2019 to 2020, with a corresponding effect on both years’ estimates.