Wheel

How to play Wheel

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.

“On the numbers GiG has disclosed it looks cheap,” he says. “€16.4 million for 80% implies an EV of €20.5 million against roughly $50 million of run-rate NGR, 30% year-on-year growth and positive cash generation. €6m of cash on day one for a business generating $50 million of NGR tells you who needed the deal.”

How to play Wheel

The operator declined to comment on losing its spot in the FTSE 100, but recent sentiment from the senior management team has been positive in recent quarters as its turnaround efforts have shown green shoots amid growth returning to its core markets. This is despite various regulatory and tax headwinds across Europe.

In Q1 2025, the group reported double-digit digital growth, thanks to strong UK, Brazil and US online performances. The period marked Stella David’s first quarter in the full-time group CEO role.

David, at the time, said she was “optimistic but prudent” about Entain’s Q1 performance.  

About Wheel

Chelsea vs. Manchester United (Sunday, 4.30pm GMT kick-off)

Last season, in the corresponding fixture, Chelsea twice had goals correctly ruled out for a foul and then offside as Frank Lampard’s team were unable to prevent Ole Gunnar Solskjaer’s United team doing the league double over them.

This season, the two teams have only met once in competition, with a drab 0-0 draw at an empty Old Trafford all that has taken place to date between the two great rivals of the Premier League era.