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TSG

The Stars Group

$29.35

0.4 (1.38%)

, SKYAY

Sky

$0.00

(0.00%)

18:31
04/21/18
04/21
18:31
04/21/18
18:31

The Stars Group to acquire Sky Betting & Gaming for $4.7B

The Stars Group (TSG) announced that it has agreed to acquire Sky Betting & Gaming from CVC Capital Partners and Sky plc (SKYAY) in a cash and stock transaction valued at $4.7B, of which $3.6B is payable in cash and the remainder is payable in approximately 37.9M newly-issued common shares. The new shares will represent approximately 20% of The Stars Group's issued and outstanding common shares giving effect to the transaction and the anticipated acquisitions of CrownBet and William Hill Australia. Substantially all of the common shares issued to the sellers will be subject to certain transfer restrictions for a minimum of six months, subject to customary exceptions. The transaction values SBG at a multiple of 12.8x unaudited adjusted LTM EBITDA, including expected run-rate cost synergies3. The Stars Group estimates that the transaction will be neutral to adjusted earnings per share on a diluted basis in the first full year following its completion and have a positive impact thereafter. The Stars Group's Board of Directors unanimously approved the transaction. The Stars Group currently anticipates completing the transaction in the third quarter of 2018.

TSG

The Stars Group

$29.35

0.4 (1.38%)

SKYAY

Sky

$0.00

(0.00%)

TSG The Stars Group
$29.35

0.4 (1.38%)

SKYAY Sky
$0.00

(0.00%)

02/27/18
RBCM
02/27/18
NO CHANGE
RBCM
RBC says 21st Century Fox may let Comcast go ahead without counter-bid for Sky
After Comcast (CMCSA) proposed a cash offer for Sky (SKYAY) at a 16% premium to 21st Century Fox's (FOX) existing takeover bid, RBC Capital analyst Steven Cahall said that while he does not "profess to know the minds of the Murdochs" on the matter, he is inclined to think that Fox may let Comcast go ahead with its bid as the deal will no longer be "financially opportunistic" as it would have been. Adding that he was surprised Disney's (DIS) original deal for Fox included the Sky stake, Cahall said he's also "inclined to say" that Disney management "can live without Sky" and that the story is "unchanged, and arguably cleaner," without Sky. The analyst, who contends that Disney and Fox are best off letting Comcast "swoop in on Sky," has a Top Pick rating on Disney and an Outperform rating on 21st Century Fox.
02/28/18
02/28/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Celgene (CELG) downgraded to Hold from Buy at SunTrust by analyst Yatin Suneja after the company received a refusal to file letter from the FDA on ozanimod for relapsing forms of multiple sclerosis. Suneja said that following pipeline setbacks in late 2017, ozanimod was central to his "bull thesis to re-accelerate growth" and provide "much needed diversification away from myeloma." Given the delay, he lowered his ozanimod peak sales estimate to $3.5B from $5B. The refusal to file letter could result in a 24-month or longer delay for ozanimod's launch in relapsing forms of multiple sclerosis, Suneja said. 2. Frontier Communications (FTR) downgraded to Hold from Buy at Jefferies by analyst Scott Goldman. With the dividend now suspended and EBITDA stabilization "still a work in progress," the shares have no near-term catalyst, Goldman said. He believes "significant challenges" remain for Frontier following the dividend suspension. 3. Comcast (CMCSA, CMCSK) downgraded to Neutral from Outperform at Macquarie by analyst Amy Young, who cited uncertainty around the M&A playbook and increased net leverage. Young said Comcast's intention to acquire Sky (SKYAY) diversifies its portfolio and increases international revenues to 25% of total from 9% currently, but exposes it to satellite TV, which faces secular pressures. The analyst views the 12x price tag for Sky as high, questions the synergies, and believes the unpredictability could cap near-term upside. 4. e.l.f. Beauty (ELF) downgraded to Market Perform from Outperform at BMO Capital by analyst Shannon Coyne, who cited the "near-term challenges in the mass category" and heightened competition yielding further pressure on results and the stock in the near term. The analyst also points to the management having lowered its expectations for the 3rd time in 6 months, adding that it may take some time for investor confidence to return. Despite the downgrade, the analyst believes that e.l.f "has material white space in existing and new retailers" as well as an "unmatched strong value proposition." 5. Maxim Integrated (MXIM) downgraded to Neutral from Outperform at Macquarie by analyst Srini Pajjuri, who said shares have significantly outperformed the SOX index year-to-date and believes healthy fundamentals are now backed in, combined with some M&A premium. Pajjuri believes further upside is limited on a fundamental basis and believes comps will get tougher in the second half of 2018 and sees risk of higher volatility in Consumer as Samsung GS9 builds fade. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/07/18
WELS
03/07/18
NO CHANGE
WELS
Wells Fargo expects bidding war for Sky
Wells Fargo analyst Marci Ryvicker expects a bidding war for Sky (SKYAY). The analyst believes Sky appears to be more accretive to Disney (DIS)-Fox (FOXA) but more strategic for Comcast (CMCSA; CMCSK). Ultimately, Ryvicker thinks the latter with win but not without a fight from Disney/Fox.
03/14/18
MACQ
03/14/18
UPGRADE
MACQ
Outperform
Sky upgraded to Outperform from Neutral at Macquarie
Macquarie analyst Guy Peddy upgraded Sky (SKYAY) to Outperform from Neutral after he raised his FY19/20 and FY20/21 EPS by about 16% due to the lower EPL costs. His valuation analysis suggests the current 1075p offer from 21st Century Fox (FOXA) "materially undervalues" Sky and even Comcast's (CMCSA) indicative offer at 1250p "fractionally undervalues" it, Peddy tells investors. What happens next is up to Comcast and Disney (DIS), as Fox is just an intermediary, he added. Peddy raised his price target on Sky shares to 1450p, as he believes tension between those two could lift the offer price at least 10% above his fair value estimate of 1287p.

TODAY'S FREE FLY STORIES

CRBP

Corbus Pharmaceuticals

$7.80

2.65 (51.46%)

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MDT

Medtronic

$97.45

0.99 (1.03%)

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DUK

Duke Energy

$80.52

0.45 (0.56%)

14:37
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Duke says natural gas combined cycle plant at Sutton continues to operate safely »

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KRYS

Krystal Biotech

$17.00

0.45 (2.72%)

14:36
09/20/18
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Conference/Events
Krystal Biotech management to meet with William Blair »

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U.S. Household net worth rose »

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PENN

Penn National

$32.37

0.16 (0.50%)

, PNK

Pinnacle Entertainment

$33.42

0.09 (0.27%)

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PENN

Penn National

$32.37

0.16 (0.50%)

PNK

Pinnacle Entertainment

$33.42

0.09 (0.27%)

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Conference/Events
Morgan Stanley household products analyst holds analyst/industry conference call »

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ALB

Albemarle

$106.69

1.2 (1.14%)

14:27
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09/20
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Albemarle analyst commentary  »

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AMZN

Amazon.com

$1,947.74

21.47 (1.11%)

14:23
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ACAD

Acadia

$18.47

3.36 (22.24%)

14:21
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LUV

Southwest

$62.95

-0.16 (-0.25%)

14:20
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Periodicals
Former Southwest employee alleges racial discrimination, Dallas News says »

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ARRY

Array BioPharma

$14.75

-0.015 (-0.10%)

14:20
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09/20
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Array BioPharma says EU approves BRAFTOVI, MEKTOVI combo »

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  • 01

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AMZN

Amazon.com

$1,948.94

22.67 (1.18%)

14:19
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14:19
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Periodicals
Amazon unveils Echo Auto to bring Alexa to cars »

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  • 26

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

14:17
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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

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14:16
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NYSE market internals summary »

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AMZN

Amazon.com

$1,949.08

22.81 (1.18%)

14:15
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Periodicals
Amazon unveils Fire TV Recast »

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GE

General Electric

$12.44

-0.42 (-3.27%)

, EXC

Exelon

$43.32

0.09 (0.21%)

14:13
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Periodicals
Exelon Generation COO confirms GE blade issue in Bloomberg interview »

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GE

General Electric

$12.44

-0.42 (-3.27%)

EXC

Exelon

$43.32

0.09 (0.21%)

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AMZN

Amazon.com

$1,947.47

21.2 (1.10%)

14:11
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Periodicals
Amazon's new Echo Show has Hulu, Meal Kits capabilities »

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  • 26

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LYV

Live Nation

$52.28

-0.41 (-0.78%)

14:10
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Call buyers in LiveNation as shares rally off session lows »

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AMZN

Amazon.com

$1,945.80

19.53 (1.01%)

14:05
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Hot Stocks
Amazon highlights new Alexa Presentation software »

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NTES

NetEase

$216.27

11.57 (5.65%)

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NetEase call volume above normal and directionally bullish »

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AMZN

Amazon.com

$1,944.93

18.66 (0.97%)

, DLB

Dolby

$68.99

0.5 (0.73%)

14:01
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Periodicals
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AMZN

Amazon.com

$1,944.93

18.66 (0.97%)

DLB

Dolby

$68.99

0.5 (0.73%)

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FB

Facebook

$165.20

2.14 (1.31%)

, TWTR

Twitter

$29.80

0.27 (0.91%)

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Periodicals
Facebook, Twitter, Alphabet to leave technology sector of S&P 500, WSJ says »

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FB

Facebook

$165.20

2.14 (1.31%)

TWTR

Twitter

$29.80

0.27 (0.91%)

GOOG

Alphabet

$1,185.00

14.03 (1.20%)

GOOGL

Alphabet Class A

$1,189.17

14.51 (1.24%)

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ACAD

Acadia

$18.77

3.66 (24.22%)

13:59
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Acadia analyst commentary  »

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GLW

Corning

$36.24

0.98 (2.78%)

13:57
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Corning analyst commentary  »

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