Bernstein sees Cirsa as 'gold mine' for value creation, starts with 'outperform'

Cirsa Enterprises SAU

01/09/2025 08:17

** Bernstein initiates coverage of Spanish gambling operator Cirsa Enterprises CIRSA.MC with "outperform" rating and PT of 20.2 euros, seeing it as a "gold mine" for value creation

** "The beauty of its business model lies in its omnichannel strategy, with robust opportunities via online expansion, notably in LatAm," says Bernstein

** Cirsa's digital transformation, coupled with selective acquisitions and continuous product innovation, could make it well positioned to capitalise on evolving consumer preferences and regulatory landscapes, it adds

** Bernstein expects the company's EBITDA to grow in the high single digits in the coming years

** After Cirsa's recent IPO, the broker values it at a 30% discount to peer Lottomatica LTMC.MI

** Barclays and Deutsche Bank also initiated coverage of Cirsa with "overweight" and "buy" ratings, respectively

 (Reporting by Joao Manuel Mauricio)

 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))