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:AT&S, Flughafen Wien, Bajaj Mobility AG, Kapsch TrafficCom, Polytec Group, Austriacard Holdings AG, OMV, CPI Europe AG, CA Immo, RBI, Strabag, Uniqa, Lenzing, Erste Group, DO&CO, ATX NTR, FACC, Wienerberger, VIG, ATX TR, ATX Prime, ATX, Amag, EuroTeleSites AG, SBO, SW Umwelttechnik, Telekom Austria, Wolford, Rosenbauer, BKS Bank Stamm, BTV AG.
(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
Frequentis
Frequentis mit Firmensitz in Wien ist ein internationaler Anbieter von Kommunikations- und Informationssystemen für Kontrollzentralen mit sicherheitskritischen Aufgaben. Solche „Control Center Solutions" entwickelt und vertreibt Frequentis in den Segmenten Air Traffic Management (zivile und militärische Flugsicherung, Luftverteidigung) und Public Safety & Transport (Polizei, Feuerwehr, Rettungsdienste, Schifffahrt, Bahn).
>> Besuchen Sie 55 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
Was noch interessant sein dürfte:
Hello bank! 100 Weekend: Royal Dutch die komplette Woche im Minus
Inbox: Wienwert-Mutter drückt Bedauern aus, Investoren droht Verlust in sehr hohem Ausmaß
Inbox: Wienwert: WW Holding mit Entschuldigung und Klarstellungen
BSN Watchlist Weekend: Covestro 9 Tage im Plus
Weekend: Unser Robot zum Dow: Year-to-Date Boeing nach 3 Wochen die Nr.1 #bsngine #fintech
Inbox: Junge BKS-Aktien werden zu 16,70 Euro angeboten
Inbox: AT&S, FACC u.a. für den “WirtschaftsOskar” nominiert
Inbox: Steinhoff beschafft sich Kapital über Aktienverkauf
Inbox: Wienwert-CEO klagt "Die Presse" wegen "kreditschädigenden Falschinformationen"
Wiener Börse Party #1140: ATX leicht schwächer, AT&S im Mix mit Glas, LPKF Laser & Börse Online gesucht und die Lärmverschmutzung nervt
1.
Würfel, Glück, Glücksspiel, Casino, Glücksspiel, gaming, Spiel, http://www.shutterstock.com/de/pic-169942937/stock-photo-close-up-of-businessman-throwing-dice-gambling-concept.html
Aktien auf dem Radar:AT&S, Flughafen Wien, Bajaj Mobility AG, Kapsch TrafficCom, Polytec Group, Austriacard Holdings AG, OMV, CPI Europe AG, CA Immo, RBI, Strabag, Uniqa, Lenzing, Erste Group, DO&CO, ATX NTR, FACC, Wienerberger, VIG, ATX TR, ATX Prime, ATX, Amag, EuroTeleSites AG, SBO, SW Umwelttechnik, Telekom Austria, Wolford, Rosenbauer, BKS Bank Stamm, BTV AG.
Frequentis
Frequentis mit Firmensitz in Wien ist ein internationaler Anbieter von Kommunikations- und Informationssystemen für Kontrollzentralen mit sicherheitskritischen Aufgaben. Solche „Control Center Solutions" entwickelt und vertreibt Frequentis in den Segmenten Air Traffic Management (zivile und militärische Flugsicherung, Luftverteidigung) und Public Safety & Transport (Polizei, Feuerwehr, Rettungsdienste, Schifffahrt, Bahn).
>> Besuchen Sie 55 weitere Partner auf boerse-social.com/partner
Die Useletter "Morning Xpresso" und "Evening Xtrakt" heben sich deutlich von den gängigen Newslettern ab.
Beispiele ansehen bzw. kostenfrei anmelden. Wichtige Börse-Infos garantiert.
Newsletter abonnieren
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
Private Investor Relations Podcast #29: Eva Reuter, Stefan Marin und ein Barista-Sample live von der Invest in Stuttgart
Herzlich willkommen zum Private Investor Relations Podcast. Dieser Kanal auf audio-cd.at ist presented by CIRA, EY und wikifolio mit dem investierbaren Austria 30 Private IR Portfolio. Heute habe i...
Otto Wagner
Moderne Architektur
1902
Anton Schroll
Fabrizio Strada
Strada
2025
89books
Joan van der Keuken
Achter Glas
1957
C. de Boer jr.