Cirsa to exceed 2,000 million sales with record profitability
Thursday 13 de June 2024 / 12:00
⏱ 1 min read
(Barcelona).- Cirsa gaming group has good prospects for this year. The company, owned by the Blackstone fund, reported yesterday at a meeting with analysts and bondholders in London that it plans to surpass the barrier of 2,000 million euros in revenue this year and set a record with the gross operating result (ebitda).
These good forecasts reinforce the potential of the Catalan company at a key moment, as it once again works on an eventual listing on the stock market.
To investors, Cirsa highlighted the diversification of the business with the results of the first quarter. Spain represents 41% of income, followed by Italy (27%), Panama (9%), Mexico (8%), and Colombia (7%), among others. Casinos account for 47% of turnover, while slot machines in Spain account for 27%, those in Italy represent 5% and online betting, 10%.
The Catalan group's turnover will be between 2,110 million (+6%) and 2,160 million (+8%) in 2024. For its part, leverage will be reduced to levels considered normal, such as 3.6 times or 3.8 times the ebitda. The operating cash flow objective remains at 50% of EBITDA.
During the session in London, Cirsa's senior staff reported on the eventual debut on the trading floor. “Today, going public remains an option and its execution and more specifically its possible dates depend on market conditions to ensure an optimal valuation of the company,” the presentation states.
The Catalan multinational gaming company hired three coordinating banks a few weeks ago to explore the operation. These are Deutsche Bank, Barclays and Morgan Stanley. Sources from the firm acknowledged that the company has already begun preparations, although without having a defined calendar. In recent months, some investment banks had placed the company's value close to 6 billion. The company already made moves to go public in 2017.
Categoría:Others
Tags: CIRSA,
País: Spain
Región: EMEA
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