Aug 09th 2012 - Edison Investment Research today published a report on Sportingbet (SBT.L, LSE:SBT, LON:SBT) entitled "Well On Course". In summary, the report says:
FY12 results are reported to be in line with expectations and we have marginally upgraded FY13 PBT as Australian synergies are coming through strongly. With the high-growth, regulated Australian business estimated to be worth 44-50p per share and Turkey disposal proceeds of c €126m still to come, the rating assigns nothing to the industry-leading European sport platform. Our SOTP is 36-66% above the current share price. European uncertainties remain but the cost base has been adjusted and the clouds are slowly lifting as more countries introduce licensing regimes, suggesting strong medium-term operating profit growth potential.
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