The problems with Will Hill's new playtech casino and its new former-CPays casinos have been well documented here over the past months. I found it very amusing to read these news briefs today regarding Playtech's 27% decline this week in its share price:
Shares in Playtech Limited have lost more than 23% of their value this morning after the company said it expects full year trading to fall below current market expectations following a slower than anticipated start to the William Hill Online (WHO) business, as well as the impact of the global economic slowdown on several licensees.
LONDON, July 22 (newratings.com) - Analysts at Deutsche Bank downgrade Playtech Ltd (P2L) from "buy" to "hold." The target price has been reduced from 630p to 420p.
In a research note published this morning, the analysts mention that the company has guided to 2Q results short of the estimates. Playtechs weak performance is attributable to slower-than-expected integration of its William Hill Online joint venture, the analysts add. The companys core business is also likely to be negatively impacted going forward by the difficult conditions in the poker segment, Deutsche Bank says. The adjusted EPS for F2009 and F2010 have been reduced from 0.49 to 0.38 and from 0.59 to 0.45, respectively.