Paddy Power Betfair continues to fade down the back straight

Paddy Power sponsored steeplechase

Paddy Power sponsored steeplechase

Updating investors PPB governance maintains that its group full-year EBITDA guidance remains at the £445-465 million range, which will include the recent M&A cost of U.S. fantasy sports operator DRAFT for $20 million.

Paddy Power Betfair also noted that earnings per share climbed 23% to 181.1p, with dividends per share up 25% from 52p to 65p.

Paddy Power Betfair shares fell 5.4 percent, hitting their lowest in almost two years and taking two-day losses to 10 percent of market value.

A total of 10 analysts have released a research note on Paddy Power Betfair.

Paddy Power Betfair Plc (LON:PPB) opened at 7210.00 on Monday.

The fact that CEO Corcoran have played a crucial part in last year's merger between Paddy Power and the betting exchange provider Betfair made the departure look illogical at a time when the integration of Paddy Power and Betfair has not been fully completed yet.

Online gaming revenues - poker et al - eased 3% to £120mln, with the company acknowledging that it needs to invest in its gaming product in order to achieve market growth rates.

"Our customers and shareholders are already seeing benefits from efficiencies and investments".

Mr Corcoran said that customers enjoyed £30 million of extra benefits in better odds, more generous offers and loyalty bonuses in the first half of the year. Peel Hunt's price objective indicates a potential upside of 32.45% from the stock's previous close. Numis Securities Ltd restated an "add" rating and issued a £100 ($130.23) target price on shares of Paddy Power Betfair Plc in a research note on Wednesday, May 3rd.

Among the day's biggest movers, PostNL fell 5.1 per cent after the Dutch postal company said full-year profits would come in at the lower end of expectations due to regulatory changes.

"On the positive side, good deal for the sale of Aletti and good operating trends with fees growing 15 percent year-on-year and net interest income in line with expectations", said KBW analysts. Whilst we expect online gaming growth to improve, competition remains high and we continue to be mindful of external regulatory headwinds facing the business, particularly further online taxes in the United Kingdom and Australia.

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