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19 February 2010

PartyGaming rise, broker ups to "buy" - 18th February 2010

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Shares in online gambling group PartyGaming add 2.1 percent after Oriel Securities raises its recommendation on the firm to "buy" from "hold", saying it looks undervalued, citing its growth potential.

The broker says based on its forecasts of $158 million of EBITDA in 2010, the shares are trading on an adjusted price earnings ratio of 13.2 times and 8.7 times EBITDA.

"This is an undemanding rating for a growth stock which is active in entering new regions," it says.

"The group is also well positioned to participate in the consolidation of the online gaming sector with clearance from the U.S. Department of Justice and around $120 million of cash resources to pursue M&A opportunities."

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