First View - 1H Ahead; New FY26E Guidance Materially Ahead Of Consensus

研报英文原文证据摘录

First View - 1H Ahead; New FY26E Guidance Materially Ahead Of Consensus

UK | Leisure

Playtech EquityJulyResearch9, 2026

FIRST VIEWFirst View - 1H Ahead; New FY26E Guidance

RATING HOLDMaterially Ahead Of Consensus

PRICE 320.20p^

Conclusion

'Excellent' trading drives a post-close 1H trading update that highlights PRICE TARGET | % TO PT 405.00p | +26%

1H EBITDA at >€155m (Jef €95m). New guidance for FY26E expects 52W HIGH-LOW 447p - 210p

'at least €270m EBITDA', c25% ahead of the current company complied FLOAT (%) | ADV MM (USD) 68.9% | 5.22

consensus (€219m). Previously flagged strength in the Americas drives the MARKET CAP £1.0B | $1.3B

ongoing momentum into 2H26E, somewhat offset in 2H by new product TICKER PTEC LN

^Prior trading day's closing price unless otherwise

development, investment in the Hard Rock Digital partnership, UK Gaming noted.

Duty and investment in a new Brazil partnership.

Before any changes are reflected by the new higher-than-consensus

guidance, valuation was already undemanding at c5x EV/EBITDA for FY26E.

Before reflecting today's update, our previously published SOTP highlighted

a 715p share price value (>100% upside potential), comprising: 1) 425p core

business value; 2) 285p value of stakes (Caliplay, Hard Rock Digital etc.);

3) 5p cash. Note also that, in only year two, the new >€270m guidance

for FY26E now sits within the medium-term target EBITDA range (€250m-

€300m).

Detail

1H trading: 'Excellent' performance in the US, as well as previously flagged

strength in Mexico, Colombia and some European markets drives the 1H

outperformance. The well-established performance trend in the Americas

has continued to accelerate through May and June. Playtech now expects

1H26 EBITDA of >€155m.

2H outlook. Investment in 2H26E means that annualising the 1H