Analysts Divided On bwin.party Performance

Analysts Daniel Stewart & Co has revised down its forecast for bwin.party poker revenue for full year 2012 by 21 percent. The move comes in the wake of an analysts call with the company after it published lower poker revenues in its interim report yesterday.

The company said, “The most significant changes are a decrease to our forecasts for Poker by 21% to €188m for FY12 and by 27% to €192m for FY13 a reflection of the difficult trading conditions in Poker across the industry where ring-fenced markets are reducing liquidity pools.”

However the company also stated it retained its 8.5x EBITDA multiple for its target price which drops slightly to 173p from 177p.

The share price at the time of writing was up 2.4 percent to £1.24.

Elsewhere a number of analysts have made known their target price for bwin.party recently with the only constant being the divergence of opinion.

Numis’ target price remains unchanged after today’s analyst call at 300p as does Panmure Gordon (target price 165p) and Investec (105p).

Deutsche Bank had a pre-analysts call target price of 195p and Morgan Stanley 210p.

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