Playtech: FY26 EBITDA guidance 23% above consensus

研报英文原文证据摘录

Playtech: FY26 EBITDA guidance 23% above consensus

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Playtech 9 July 2026

Europe Reuters Bloomberg Rating Buy

United Kingdom PTEC.L PTEC LN Price target (GBX) 532.0 Price at 8 Jul 26 320.2

52-week range 436.5 – 232.0

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Gaming Valuation & Risks

FY26 EBITDA guidance 23% above

consensus RichardResearchStuberAnalyst

+44-20-754-54617

Guiding to FY26 EBIT c.23% ahead of consensus.

Tim Barrett Playtech has published an unscheduled 1H trading update showing very strong Research Analyst

growth in the US, Latam and certain European markets, an acceleration of the +44-20-7541-1559

strong momentum disclosed in May. The very strong performance of Hard Rock

Digital was notable. It is guiding to at least €155m EBITDA for 1H (no consensus) Sonu Churiwal

Research Associate and FY26 EBITDA >€270m, which is 23% ahead of current consensus (DBe

€224m). The lower implied 2H includes investment in Brazil ahead of an expected

2027 contract and absorbing increased UK online gaming tax.

Key changes Reaching m/t targets one year early

Back in 2023, Playtech had guided to a medium-term EBITDA target of €250- Price target (GBX) 460 532 16%

300m; we had interpreted this as a 2028 target. Today’s announcement implies it Source:DeutscheBank

will reach the mid-point of this target one year early. Similarly, its medium-term

target to reach FCF of €70-100m looks well underpinned this year.

Raising forecasts and target price

We are raising our FY26 EBITDA forecast by 21% to €272m (following 5%

upgrade in May) to reflect this outperformance. With an unchanged methodology,

this raises our TP by 16% to 532p. Our SOTP includes conservatively valuing its