We're posting up notes from the Sohn Canada Investment Conference 2015 (Capitalize For Kids.) Next up is Daniel Lewis from Orange Capital who pitched a long of Amaya.
Daniel Lewis' Capitalize For Kids Presentation
- Global event-driven, top 10 positions make up 60% of fund
- Long Amaya
- 40% EBITDA margin
- Reverse merger
- 8.4Bn EV
- 70% global market share of poker market
- Most revenue is regulated
- High barriers to entry
- Different possible verticals such as casino or sports betting online
- C$1Bn EBITDA in FY2018
- $575MM in 2014, almost double in 4 years
- Catalyst: US regulation approval, deleveraging through FCF
- Risks: AMF investigation, Russia, currency, and leverage
Be sure to check out the rest of the presentations from the Capitalize For Kids Conference.
Thursday, October 1, 2015
Daniel Lewis' Sohn Canada Presentation: Long Amaya
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