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EQS-News News vom 19.04.2017

Edison Investment Research Limited: Edison issues initiation on Game Digital (GMD)

EQS-News: Edison Investment Research Limited / Key word(s): Research Update

19-Apr-2017 / 10:13 GMT/BST

London, UK, 19 April 2017

Edison issues initiation on Game Digital (GMD)

Game Digital (GMD) is a market leader in video gaming with an enviable 32% average share of its two markets. It is executing a major change of strategy aimed at a fuller, experience-based relationship with its customer group, which should bring reduced dependence on the cyclicality of the games market. For the moment management is focused on the transition, while the balance sheet, and hence the dividend yield, is well protected.

We value the shares on three metrics: peer comparison, DCF (using a high 15% cost of capital to factor in execution risk) and sum of the parts, in which we separate out the cyclical and growth elements of the business. These give a valuation range of 88-100p with a blended valuation of 93p. This implies an FY17e P/E multiple of 34x, which is unlikely to be seen soon: the shares represent an opportunity on a medium-term view.

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All reports published by Edison are available to download free of charge from its website

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

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