随着 Entain 股价下跌,激进对冲基金多久才会再次介入?

Lea Hogg March 8, 2024

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随着 Entain 股价下跌,激进对冲基金多久才会再次介入?

全球体育博彩和游戏集团Entain PLC在周四经历了股价的显著下跌,下跌了4.87%,收于7.90英镑。尽管整体股市交投良好,富时100指数上涨0.17%,至7692.46点。

该公司的股价现在距离其52周最高价15.17英镑,相差了7.27英镑。该最高价是在5月10日达到的。这一下跌,是更广泛趋势的一部分,自2021年9月以来,Entain的股价已经下跌了惊人的64.5%。

激进投资者和公司治理

Entain一直受到其激进对冲基金投资者的关注,其中一些人在公司董事会任职。这些投资者来自Corvex Management LP,Dendur Capital,Sachem Head Capital Management和Eminence Capital,他们对Entain的股价表现以及其领导层的能力表示担忧。他们一直在公司中建立岗位,并对Entain在其核心市场的糟糕表现表示担忧。其监管机构已经对在线博彩行业进行了加强监管。

这些投资者还对管理层昂贵的交易提出了抱怨。一些熟悉这些激进投资者思想的内部人士表示,Entain正遭受“许多自己造成的伤害”。股东们也在对管理层的决策“失去信心”。

鉴于目前的形势,人们合理地想知道激进对冲基金将花费多长时间提出更多要求,进一步参与公司管理。

Entain的治理结构符合英国公司治理守则的要求,董事会鼓励,在业务的各个方面实施强有力的治理文化。然而,这些有影响力的投资者的不满可能导致公司战略方向发生重大变化。

这些投资者何时发表意见或提出更多要求的时间尚不确定。然而,鉴于他们在公司中的重要股权和过忘的担忧表达。众所周知,他们正在密切监控公司的业绩以保护他们的投资。

领导层的不确定性和众多挑战

Entain股价最近的下跌可以归因于几个因素。该公司2023财年全年业绩显示,由于对其传统土耳其业务进行的HMRC调查导致的5.85亿英镑罚款,净税后亏损为8.79亿英镑。这一系列一次性费用掩盖了净游戏收入(NGR)达到48.3亿英镑的同比增长11%的事实。

英国和荷兰两个最大市场的监管变化正在影响Entain的利润。在英国,将实施对在线老虎机游戏的新投注上限,而在荷兰,从第二季度开始提出了更严格的存款限制。这些变化可能会使今年的息税折旧及摊销前利润减少约4,000万英镑。

此外,公司仍在寻找继12月Nygaard-Andersen离任后的新常务总裁。这种领导层的不确定性也可能加剧股价的下沉压力。这是由代理首席执行官Stella David负责应对过去决策的后果,这么做为了努力稳定公司的地位,努力摆脱困境,为未来的增长打下的基础。

尽管面临这些挑战,仍出现了一些利好因素。Entain拥有像Coral、Ladbrokes和欧洲的bwin等成熟品牌。此外,该公司在线活跃客户增长23%,支持NGR的增长。此外,该公司在美国的合资企业BetMGM在2023年表现良好,年度净游戏收入(NGR)达到196亿美元,同比增长36%。

尽管Entain的股价受到监管变化、领导层不确定性和财务罚款的影响,但公司强大的品牌组合和不断增长的客户群体为人们带来了乐观情绪。然而,复苏之路可能充满挑战,因此Entain的状况值得股东和市场的密切关注。

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