22.01.2018
Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Situation in recent months has not materially changed: As a reminder, 20 digital sportsbetting licensees are currently operating in Germany (GVC is one of them) and paying a gaming tax equalling 5% of wagers. Conversely, online gaming is prohibited under the current interstate treaty. However, operators, including GVC, still offer digital games under the protection of EU law – and pay a 19% VAT on such revenues to the German state. In recent months, three German Courts have ruled that the ban on digital gaming is unconstitutional, but a fourth (the Court of Leipzig) has expressed the opposite opinion. This has meant that the move towards better regulation of gaming, which was largely expected to take place this year, is slowing down.
● Meeting of the Länder on 1-2 February unlikely to be conclusive: On 1 and 2 February, the representatives of the Länder – the German federal states – will meet and should discuss gaming regulation, among other topics. We believe that the biggest “risk” is that they confirm the status quo on digital gaming. While that could appear on paper as a negative, we believe it would be a non-event in practice. We do not anticipate any sizeable operator withdrawing from the market, as all companies would still be able to claim that their activities are compliant with EU rules. Furthermore, we struggle to believe that Germany will easily give up on the VAT intake. Ultimately, over the longer term, we think Germany will fully legalise digital gaming.
● Risks are limited, as German gaming is c6-8% of GVC-LCL EBITDA: We think that the risks that German regulation ends up significantly harming GVC are extremely limited. In any event, once GVC and LCL merge, we calculate that German gaming would represent only between 6% and 8% of the new group’s EBITDA in 2018 – less than half of the contribution German gaming was making to GVC as a stand-alone company. We remain buyers of the shares.
9479
trotz_deutschland-unsicherheit_bwin-mutter_gvc_bleibt_fur_berenberg_ein_buy
Aktien auf dem Radar:Polytec Group, Immofinanz, Palfinger, Warimpex, Flughafen Wien, Austriacard Holdings AG, EVN, Rosgix, S Immo, Erste Group, Österreichische Post, Cleen Energy, Marinomed Biotech, Pierer Mobility, RBI, Addiko Bank, SW Umwelttechnik, Oberbank AG Stamm, Agrana, Amag, CA Immo, Kapsch TrafficCom, OMV, Telekom Austria, Uniqa, VIG, Wienerberger, Mercedes-Benz Group.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)195080
inbox_trotz_deutschland-unsicherheit_bwin-mutter_gvc_bleibt_fur_berenberg_ein_buy
Warimpex
Die Warimpex Finanz- und Beteiligungs AG ist eine Immobilienentwicklungs- und Investmentgesellschaft. Im Fokus der Geschäftsaktivitäten stehen der Betrieb und die Errichtung von Hotels in CEE. Darüber hinaus entwickelt Warimpex auch Bürohäuser und andere Immobilien.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
22.01.2018, 3843 Zeichen
22.01.2018
Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Situation in recent months has not materially changed: As a reminder, 20 digital sportsbetting licensees are currently operating in Germany (GVC is one of them) and paying a gaming tax equalling 5% of wagers. Conversely, online gaming is prohibited under the current interstate treaty. However, operators, including GVC, still offer digital games under the protection of EU law – and pay a 19% VAT on such revenues to the German state. In recent months, three German Courts have ruled that the ban on digital gaming is unconstitutional, but a fourth (the Court of Leipzig) has expressed the opposite opinion. This has meant that the move towards better regulation of gaming, which was largely expected to take place this year, is slowing down.
● Meeting of the Länder on 1-2 February unlikely to be conclusive: On 1 and 2 February, the representatives of the Länder – the German federal states – will meet and should discuss gaming regulation, among other topics. We believe that the biggest “risk” is that they confirm the status quo on digital gaming. While that could appear on paper as a negative, we believe it would be a non-event in practice. We do not anticipate any sizeable operator withdrawing from the market, as all companies would still be able to claim that their activities are compliant with EU rules. Furthermore, we struggle to believe that Germany will easily give up on the VAT intake. Ultimately, over the longer term, we think Germany will fully legalise digital gaming.
● Risks are limited, as German gaming is c6-8% of GVC-LCL EBITDA: We think that the risks that German regulation ends up significantly harming GVC are extremely limited. In any event, once GVC and LCL merge, we calculate that German gaming would represent only between 6% and 8% of the new group’s EBITDA in 2018 – less than half of the contribution German gaming was making to GVC as a stand-alone company. We remain buyers of the shares.
9479
trotz_deutschland-unsicherheit_bwin-mutter_gvc_bleibt_fur_berenberg_ein_buy
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Warimpex
Die Warimpex Finanz- und Beteiligungs AG ist eine Immobilienentwicklungs- und Investmentgesellschaft. Im Fokus der Geschäftsaktivitäten stehen der Betrieb und die Errichtung von Hotels in CEE. Darüber hinaus entwickelt Warimpex auch Bürohäuser und andere Immobilien.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
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