Financial Decision Making - AS2

Company Report: Playtech Plc.

Submitted By: Sandeep Bholah Module Name: Financial Decision Making

NILE ID: 18424794 Module Code: FINM036-SUMAI-1718

Date of Submission: 16 September 2018 Module Leader: Mr. Arvind Harris

Word Count: 2726 Words

 Table of Contents

Table of Contents ................................................................................................................. 2

List of Tables......................................................................................................................... 3

List of Figures ....................................................................................................................... 4

1. Introduction ................................................................................................................... 5

2. Performance Analysis of Playtech plc using Financial Ratios .................................. 6

3. A Critical Analysis of Playtech Plc. as portrayed by the media ............................. 13

4. Corporate Governance of Playtech Plc. .................................................................... 13

5. Board and Governance Structure ............................................................................. 14

6. Asset Price & Evaluation of investment suitability of Playtech Plc. ...................... 15

7. Recommendation & Conclusion ................................................................................ 17

8. List of references ......................................................................................................... 18

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 List of Tables
Table 1: 5-year Operating Profit Margin comparison ......................................................... 6
Table 2: 5-year ROE comparison ........................................................................................... 7
Table 3: 5-year ROCE comparison ........................................................................................ 8
Table 4: 5-year Dividend Cover comparison......................................................................... 9
Table 5: 5-year DPS Growth comparison............................................................................ 10
Table 6: 5-year Current Ratio comparison ......................................................................... 11
Table 7: 5-year Quick Ratio comparison ............................................................................. 11
Table 8: 5-year Gearing Ratio comparison ......................................................................... 12
Table 9: Board Members as at 31 December 2017 ............................................................. 14
Table 10: Board Members as at 1 September 2018 ............................................................ 14

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 List of Figures
Figure 1: Playtech plc revenue breakdown ........................................................................... 5
Figure 2: Profitability Ratios .................................................................................................. 6
Figure 3: Operating Profit Margin trend .............................................................................. 6
Figure 4: ROE trend ................................................................................................................ 7
Figure 5: ROCE trend ............................................................................................................. 8
Figure 6: Financial Health Indicators .................................................................................... 9
Figure 7: Dividend Cover trend.............................................................................................. 9
Figure 8: Growth Indicators ................................................................................................. 10
Figure 9: DPS Growth trend ................................................................................................. 10
Figure 10: Current Ratio trend ............................................................................................ 11
Figure 11: Quick Ratio trend ................................................................................................ 12
Figure 12: Gearing Ratio trend ............................................................................................ 12
Figure 13: Net Asset Value per share ................................................................................... 15
Figure 14: Net Asset ............................................................................................................... 15
Figure 15: Earnings per Share Growth ............................................................................... 16
Figure 16: Share Price History ............................................................................................. 16
Figure 17: Share Price Variance .......................................................................................... 16

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1. Introduction
Playtech plc (PTEC) is a UK public limited company listed in the London Stock Exchange
(LSE) that develop and license software for online and machine-based gaming and gambling
platforms. The Company was founded in 1999 and currently has its headquarters in the Isle of
Man, United Kingdom.

The company offer “casino, poker, bingo, live games, sports betting, binary options, mobile,
social gaming, lottery, server-supported terminals, as well as casual and fixed odds games”
(MarketLine, 2018). The firm also offers “customer support, financial services, fraud
prevention, hosting services, payment advisory services, poker and bingo network
management, live dealer services and marketing services” (MarketLine, 2018).

Playtech has 5,800 employees as of 31 December 2017 and has major offices in the UK, Isle
of Man, British Virgin Islands, Israel, Estonia, Bulgaria, Romania, Cyprus, Antigua, Italy
among others. (Playtech Annual Report, 2017). The main competitors of Playtech are: Boxhill
Technologies plc, GAN plc, GVC Holdings plc, Intralot S.A. and Webis Holdings plc
(MarketLine, 2018).

A revenue of (Euro) €807.1 million was reported by the firm for the fiscal year ending in
December 2017 (FY2017), which exhibits a growth of 14% over FY2016 (Playtech Annual
Report, 2017). Figure 1 below shows a breakdown of the revenue within the different divisions
of the company.

Figure 1: Playtech plc revenue breakdown

Source: Playtech Annual Report (2017)

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2. Performance Analysis of Playtech plc using Financial Ratios
Financial Ratios provide a fast and relatively simple technique of assessing the financial
performance and health of a firm (McLaney & Atrill, 2016). The ratios on their own are pretty
meaningless as such a comparison of the ratios over a certain period of time and with another
company in the same industry is necessary to analyse the investment feasibility and to provide
valuable insights about the company (Quinn, 2011). The profitability, liquidity and financial
gearing ratios gives a factual and accurate indication of the financial condition of a firm
(Fridson & Alvarez, 2011) and thus has been chosen for analysis in this report.

2.1 Profitability Measurement

Figure 2: Profitability Ratios

Source: morningstar.co.uk (2018)

2.1.1 Operating Profit Margin Ratio

Table 1: 5-year Operating Profit Margin comparison
Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc 0.26 0.28 0.24 0.28 0.22 0.26
Operating Profit
Margin (%) GVC Holdings plc 0.21 0.20 0.20 -0.04 0.08 0.13
Source: morningstar.co.uk (2018)

'Operating Profit Margin (%)' by 'Fiscal

year'
Operating Profit Margin (%)

0.3

0.2

0.1

0
2013 2014 2015 2016 2017
Fiscal year

Figure 3: Operating Profit Margin trend

Source: Own Chart, morningstart.co.uk (2018)

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The operating profit margin for Playtech plc for FY2017 was 0.22% which is a very weak
performance compared to the previous years, indicating only 0.22 cents of operating profit
remaining for every € of sales generated on average. This is despite the Gross Profit Margin
increasing from 27.24% in FY2016 to 30.74% in FY2017, which signifies an increase in sales
revenue. A glance through the financial statements of the company shows an increase of 23%
in operating expenses in FY2017, which may be the cause of the decrease in operating profit
margin. GVC Holdings plc which is a competitor of Playtech plc shows a negative value in the
year FY2016, which signifies an operating loss and a low value of 0.08 in 2017. Hence this
shows that Playtech plc is performing substantially better than its competitor.

2.1.2 Return on Equity Ratio

Table 2: 5-year ROE comparison
Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc 68.09 15.65 12.78 16.56 20.49 26.71
ROE (%)
GVC Holdings plc 12.33 27.92 17.80 -18.12 -2.93 7.40
Source: morningstar.co.uk (2018)

'ROE (%)' by 'Fiscal year'

80
70
60
50
ROE (%)

40
30
20
10
0
2013 2014 2015 2016 2017
Fiscal year

Figure 4: ROE trend

Source: Own Chart, morningstar.co.uk (2018)

The Return on Equity (ROE) for Playtech plc was at a high value of 68.09% in FY2013 before
decreasing to 15.65%. The high value in 2013 is probably due to a buyback of shares or a
decrease of the goodwill. With a relatively increasing ROE in the following years, a value of
20.49% is observed in FY2017 which is attributed to a cancelling of 5,280,000 shares as part
of a share buyback that occurred in FY2016 for a sum of €49,829,000. A comparison with
GVC Holdings plc, shows that Playtech is worthier of investment compared to its competitor.

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2.1.3 Return on Capital Employed (ROCE) Calculation
Table 3: 5-year ROCE comparison
Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc 51.92 12.66 8.34 11.89 15.56 20.07
ROCE (%)
GVC Holdings plc 8.42 26.53 17.78 -8.64 8.42 10.50
Source: morningstar.co.uk (2018)

'ROCE (%)' by 'Fiscal year'

60

50

40
ROCE (%)

30

20

10

0
2013 2014 2015 2016 2017
Fiscal year

Figure 5: ROCE trend

Source: Own Chart, morningstar.co.uk (2018)

The Return on Capital Employed (ROCE) complements the ROE ratio with the addition of the
company’s debt liabilities thereby emphasising on the profitability of the company from its
available capital. In case of Playtech plc, a high ROCE is noted in the FY2013, which showed
that Playtech plc could extract more income out of every unit of capital employed. But a
significant decrease in the ROCE in the following years before reaching a value of 15.56% in
FY2017 showed that the company is not making efficient use of its capital and suggest a slow
growth. As for GVC Holdings plc, the ROCE had a negative value in FY2016 before reaching
a value of 8.42 in FY2017 which is less than Playtech, indicating that the latter has a better
growth.

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2.1.4 Dividend Cover Ratio

Figure 6: Financial Health Indicators

Source: morningstar.co.uk (2018)

Table 4: 5-year Dividend Cover comparison

Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc 6.92 2.21 1.91 1.08 2.17 2.86
Dividend Cover (x)
GVC Holdings plc 0.81 0.46 1.16 0.00 0.00 0.49
Source: morningstar.co.uk (2018)

'Dividend Cover (x)' by 'Fiscal year'

8
7
6
Dividend Cover (x)

5
4
3
2
1
0
2013 2014 2015 2016 2017
Fiscal year

Figure 7: Dividend Cover trend

Source: Own Chart, morningstar.co.uk (2018)

With a dividend cover of 6.92 times in 2013, a significant decline is seen up to FY2016.
Thereafter, an improvement is seen in the dividen cover ratio in FY2017 with a value of 2.17.
This might have made Playtech plc a risky business in the eyes of investors, nonetheless with
a dividend cover of 2 times being considered reasonable, Playtech has a major advantage over
its rival GVC Holdings plc which had a dividend cover of 0.00 for two consecutive years
already i.e. FY2016 – 2017.

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2.1.5 Dividend per Share (DPS) Growth

Figure 8: Growth Indicators

Source: morningstar.co.uk (2018)
Table 5: 5-year DPS Growth comparison
Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc -0.05 0.05 0.12 0.10 0.13 0.07
DPS Growth (%)
GVC Holdings plc 0.05 0.74 0.15 0.00 0.00 0.19
Source: morningstar.co.uk (2018)

'DPS Growth' by 'Fiscal year'

0.14
0.12
0.1
0.08
DPS Growth (%)

0.06
0.04
0.02
0
-0.02 2013 2014 2015 2016 2017

-0.04
-0.06
Fiscal year

Figure 9: DPS Growth trend

Source: Own Chart, morningstar.co.uk (2018)

A DPS Growth of a negative value i.e. -0.05 is observed in FY2013, indicates a decline in the
growth of dividend per share pay-out. This situation was reversed as from the following year,
till FY2017 where the highest value of 0.13% was observed. As the DPS is the most
straightforward figure which interest an investor as it is an income for the shareholders due to
owning shares of a stock, an increasing DPS value is a good way for a company to signal strong
performance to its shareholders. A glance at GVC Holdings plc shows a high DPS growth in
FY2014 and a drastic decline, with the DPS Growth not defined in the FY2016 and FY2017.
Hence this signifies a better performance for Playtech plc compared to its competitor.

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2.2 Liquidity Measurement
2.2.1 Current Ratio

Table 6: 5-year Current Ratio comparison

Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc 5.06 7.23 4.92 2.66 1.43 4.26
Current Ratio
GVC Holdings plc 1.01 0.94 0.90 0.77 1.31 0.99
Source: morningstar.co.uk (2018)

'Current Ratio' by 'Fiscal year'

8
7
6
Current Ratio

5
4
3
2
1
0
2013 2014 2015 2016 2017
Fiscal year

Figure 10: Current Ratio trend

Source: Own Chart, morningstar.co.uk (2018)

Playtech plc had a peak current ratio of 7.23:1 in FY2014. This very high ratio may suggest
that excessive liquid assets are tied up and not being utilised effectively. However, this situation
has improved as a value of 1.43 was achieved in FY2017. Although there is a year over year
decline in the current ratio of the firm, this may not be a matter of concern and the quick ratio
may provide a better clue if there is a problem. As for GVC Holdings plc, an improvement in
its current ratio was noted with a value of 1.31:1 in FY 2017 compared to FY2016. Hence it is
observed that Playtech plc is more “liquid” than its rival.

2.2.2 Quick Ratio

Table 7: 5-year Quick Ratio comparison

Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc 4.93 7.10 4.81 2.55 1.38 4.15
Quick Ratio
GVC Holdings plc 0.87 0.72 0.63 0.61 1.24 0.81
Source: morningstar.co.uk (2018)

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 'Quick Ratio' by 'Fiscal year'
8
7
6
5
Quick Ratio

4
3
2
1
0
2013 2014 2015 2016 2017
Fiscal year

Figure 11: Quick Ratio trend

Source: Own Chart, morningstar.co.uk (2018)

Playtech plc’s quick ratio attained a value of 1.38:1 in FY2017 which does not indicate any
liquidity problems. A similar observation can be made with its competitor GVC Holdings plc
who has an improved quick ratio in FY2017 following years of decline in its liquidity.

2.3 Capital Structure

2.3.1 Gearing Ratio
Table 8: 5-year Gearing Ratio comparison
Fiscal Year 2013 2014 2015 2016 2017 Average
Playtech plc 0.00 28.31 36.42 43.25 35.46 28.69
Gearing Ratio (%)
GVC Holdings plc 6.97 4.82 18.35 28.85 23.0 16.40
Source: morningstar.co.uk (2018)

'Gearing Ratio' by 'Fiscal Year'

50
45
40
Gearing Ratio (%)

35
30
25
20
15
10
5
0
2013 2014 2015 2016 2017
Fiscal Year

Figure 12: Gearing Ratio trend

Source: Own Chart, morningstar.co.uk (2018)

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Playtech plc had a gearing ratio of 0.00% in FY2013, the level of gearing then increased
significantly reaching a peak value of 43.25% in FY2016, which signifies that Playtech has
been borrowing heavily and this trend can increase the risk of the business becoming insolvent.
Nevertheless, a decrease in the gearing ratio is noted in FY2017, which is still significantly
high in comparison with GVC Holdings plc. A high gearing ratio for Playtech plc can signifies
a considerable financial burden, with commitment to pay interest charges and to make capital
repayments.

3. A Critical Analysis of Playtech Plc. as portrayed by the media

The latest headline of Playtech is the sale of its 10% share in Israeli international financial firm,
Plus500, for an estimated sum of £176 million. This sale is for rerouting its funds to finance a
debt of approx. €1 billion incurred due to the acquisition of Snaitech (Reuters, 2018b). Snaitech
is Italy’s leading gambling operators and this is Playtech’s largest acquisition to date. Italy and
UK are the largest gambling markets in Europe and Snaitech has one of Italy’s biggest betting
and gaming networks with an estimated 1,600 Snai betting shops (The Times, 2018a). This
new acquisition is meant to boost Playtech to a whole new level after issuing two profit
warnings in a time frame of ten months, due to its shares falling by 47 percent between the two
warnings (The Times, 2018b).

The profit warnings are due to new entrants in the Chinese markets with aggressive pricing
causing a decline of almost €70 million in its Asian revenues and also partly due to a police
crackdown operation in betting houses in Malaysia which has caused a slowdown (The Times,
2018c). Furthermore, Jason Ader, the founder of SprinOwl Asset Management which currently
has a stake of $100 million in Playtech plc has called for the company to sell off its financial
services business and to target only the gaming sector (Reuters, 2018c).

While the recent media portrayal of Playtech plc does not paint a positive image of the firm
due to falling share prices, the recent acquisitions may suggest the growth intensions of the
company which can be attractive for investors looking for a long-term capital benefit.

4. Corporate Governance of Playtech Plc.

Board members and the management team of a publicly listed company is governed by a legal
framework known as Corporate Governance in the interest of stakeholders and shareholders
altogether because it is their funds which is at stake. The objective of Corporate Governance is
to enforce a tight control on the executives working in the firm so as to prevent them from

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abusing of their positions to commit offensive activities such as fraud, abuse of power and
money laundering. As such, board members are themselves responsible for the establishment
of a virtuous governance framework in compliance with the appropriate legislation. Corporate
Governance explores a range of areas including but not limited to: effective business
leadership, sound board structure, risk management, setting up a good internal control team
and a good rapport with external auditors (FRC UK, 2016).

The Board of Directors of Playtech plc are entirely committed to achieve and uphold the highest
ethics of Corporate Governance (Playtech Annual Report, 2017).

5. Board and Governance Structure

Playtech Plc. is governed by a board consisting of 7 members. As at 31 December 2017, the

Board consisted of the Non-executive Chairman, the Chief Financial Officer, four independent
Non-executive Directors and Mr. Mor Weizer occupying the post of Chief Executive Officer
since May 2007 (Playtech Annual Report, 2017). The UK Corporate Governance Code (2016)
requires a number of different committees to be held to assess the different criteria of the
company, Table 9 below shows the different board members and their attendance in the
different committees held.
Table 9: Board Members as at 31 December 2017

Source:Playtech plc Annual Report (2017)

The board meetings were held regularly, with 9 meetings scheduled and held in FY2017 and
all the required committees regarding Audit, Remuneration, Nominations and Risk stipulated
in the UK Corporate Governance Code being held. It can be further observed that, the firm has
also complied with other requirements of the code regarding director rotation, as such as at 1
September 2018 a change in the structure of Playtech’s board members (Reuters, 2018a) is
shown in Table 10.

Table 10: Board Members as at 1 September 2018

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 Source: Reuters (2018)

6. Asset Price & Evaluation of investment suitability of Playtech Plc.

Net Asset Value Per Share

Figure 13: Net Asset Value per share

Source: morningstar.co.uk (2018)

Figure 14: Net Asset

Source: morningstar.co.uk (2018)

The net asset value per share as a key performance parameter recovered to 92.34c in 2017 after
a plunge in 2016 which is an increase of 362%. The Net Assets Value (NAV) was €1,344.27m
in 2017 an increase of 25% from the value 2016.

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 Figure 15: Earnings per Share Growth
Source: Source: morningstar.co.uk (2018)

The earnings per share growth in FY2017 was 28.85% a decrease of 8.75% from the previous
year as shown in Figure 15 above. As such Playtech plc’s profits on a per share basis have
seen a decline which may not be favourable for investors and future investments if this trend
continues in the future.

Current Market Share Price

Figure 16: Share Price History

Source: London Stock Echange (2018)

Figure 17: Share Price Variance

Source: London Stock Exchange (2018)

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The current market share price of Playtech plc was 495.90 on last close, which is 13 September
2018 and was trading at a high of 505.40 the following day which represented an increase of
1.92% with a volume of 178,152.

7. Recommendation & Conclusion

Following an in-depth analysis of Playtech plc financial performance with considerable

emphasis being laid on its latest available audited financial statements ending December 2017
and annual report of FY2017, it can be observed that the firm has been able to achieve a
promising growth throughout the years. The different parameters evaluated namely the
profitability, liquidity and capital structure of the company shows that the latter is evidently
profitable, reliable in its dividend pay-out and liquid. Areas which needs improvement is the
financial gearing. Nevertheless, unfavourable market conditions in Asia, specifically China and
Malaysia have greatly impacted its share price which has seen a decline ever since. Playtech
plc maintains that there are still commercial benefits in that region and intends to provide
incentives in an attempt to promote its contents in China with the release of multiple gaming
contents.

Even though Playtech may seem a low-reward investment presently, major strategic moves by
the firm such as the latest acquisition of BetBuddy (PlayTech, 2018b), a partnership with
Warner Bros. (Playtech, 2018d) to license and develop DC-featured films and series into games
franchise and its expansion into the UK racecourse market (Playtech, 2018c) shows that the
company into ways to boost its sales and profitability in the foreseeable future. As such,
Playtech has immense growth and investment in Playtech can be rewarding in the long run.

As such the appointment of a Financial Director is of prime importance for the company so
that the growth plans of the latter can be realised, keeping all the key parameters such as the
gearing and liquidity within control and eventually providing viable return to shareholders and
future investors.

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8. List of references

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https://www.frc.org.uk/directors/corporate-governance-and-stewardship/uk-corporate-
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Exchange. [online] Available at:
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https://www.playtech.com/news/playtech-acquires-betbuddy [Accessed 5 Sep. 2018].
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racecourse-market [Accessed 5 Sep. 2018].
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Team Up For Exclusive DC-Branded Film And TV Content Deal. [online] Available
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idUKKCN1LN1XN [Accessed 4 Sep. 2018].

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14. Thetimes.co.uk (2018b). Profits fall at Playtech. [online] Available at:
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8kpnhwcs8 [Accessed 4 Sep. 2018].
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Snaitech. [online]. Available at: https://www.thetimes.co.uk/article/playtech-places-
biggest-bet-on-deal-for-italian-gambling-firm-8sqmbzcnm [Accessed 4 Sep. 2018].
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