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Rank Group (LON:RNK) aims to be the UK’s leading omni-channel gaming operator and, as outlined at its capital markets day, the strategies for its Venues and Digital verticals are clearly interlinked. With an open architecture platform, Digital is well positioned to leverage the existing retail customer base and a single wallet (piloting in autumn 2017) could be a game changer for Grosvenor digital. Meanwhile, the core Venues businesses are being reinvigorated and remain highly cash generative. With its progressive dividend policy and potential online upside, Rank’s calendar 6.9x 2017e EV/EBITDA appears low.
Digital is the growth driver
Rank’s digital strategy hinges on its ability to leverage its dominance in retail bingo and casino. The Bede gaming platform has enabled a much better product offering, including new games from third-party suppliers, live casino and the introduction of a highly successful sportsbook. Across the division, recent KPI performance is encouraging, with Grosvenor digital reporting a 46% y-o-y increase in actives and Mecca digital average revenue per user (ARPU) increasing by 30% y-o-y. The single wallet is due to be piloted in autumn 2017 and could be a game changer.
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