SBC News Voice of the Sports Betting Industry
Ahead of its annual general meeting set for 14 May, The Irish Examiner reports that Paddy Power governance is expected to continue to return its surplus cash to investors in the coming years. In March Paddy Power governance announced that it planned to return a dividend of €390 million, representing 12% of its current market value.
Paddy Power who were labelled by news source Business Insider as one of Europe’s top performing stocks, have outlined continued cash returns to investors as the operator has not identified attractive acquisition or investment opportunities for its cash surplus.
The Irish Examiner notes that Paddy Power investors could reap a potential €800 million surplus dividend.
Whilst Paddy Power is set continue to payback its surplus to investors, ahead of its May AGM the operators senior management noted that planned future cash return would not compromise the operator’s future growth strategy.
Asset Management and finance firm Davy Stockbrokers upgraded Paddy Power to outperform status, pointing that the operator had good scope to optimise its performance and expand its services. The firm further noted that Paddy Power had been e-invigorated” by its management changes and new structures put in place by new CEO Andy McCue
