Candy Blitz

What is Candy Blitz?

In its currently ongoing takeover of Evoke Bally’s Intralot will retain the remaining 20% of 888Africa and will stay active in management.

Ahlberg agrees the €16.4 million valuation is attractive, with a deferred consideration of around €10.4 million that reduces the immediate cash burden.

Corfai Capital Managing Partner and Founder Ben Robinson is even more bullish on the price, pointing to the circumstances in which GiG was able to acquire the business.

What is Candy Blitz?

Spectrum blames Evolution’s “ineffective complaince procedures”, noting these activities appeared to go undetected by the supplier.

“In our judgment, Evolution’s ineffective compliance procesures have allowed these situations to develop and therefore need prompt reevaluation and enhancement in order to comply fully with the terms of the contracts,” the report reads.

“Evolution may be unwittingly susceptible to having its games played through third-party operators, in violation of its contracts…”

What is Candy Blitz?

Many top gaming stocks have underperformed relative to the broader market in recent years, and most of the M&A activity has been facilitated by private equity and other institutions that can more readily capitalise on depressed valuations. There had been hope that rates would start to fall and help alleviate those pressures.

“Publicly traded valuations are a reflection of the current interest rate environment,” Chad Beynon, lead gaming analyst for Macquarie, told iGB. “Whether it’s a long-term financial model on a growth company, you’re going to discount that back at a higher rate, or if it’s just a standard four-wall business, the cash flows in a higher interest rate environment are worth less.”

According to data from Yahoo Finance, the resort and casino sector is -41% over the last five years, and the overall gambling sector, which includes major sportsbooks and online operators, is +7%; the benchmark S&P 500 index, by comparison, is +71% during that span.