Bookmaker Pointsbet still a challenging story - Jefferies

PointsBet Holdings

28/02/2023 03:51

(Updates with Jefferies comments)
    ** Shares of Pointsbet Holdings Ltd  PBH.AX  slump as much
as 5.5% to A$1.375, their lowest since Dec. 29
    ** Corporate bookmaker posts HY EBITDA loss of A$149.1 mln
($100.5 mln ) vs A$126 mln a year ago
    ** Expects normalised EBITDA loss of between A$77 mln and
A$82 mln for second half of FY23
    ** Brokerage Jefferies say the 'significant' EBITDA miss
reflects higher costs across the board
        ** Says Pointsbet remains a challenging story, with
continuing cash losses in the foreseeable future
  
    ** Stock posts its biggest intraday pct fall since Feb 17
    ** Stock down 2% this year as of last close
 
 ($1 = 1.4843 Australian dollars)

 (Reporting by Poonam Behura and Rishav Chatterjee in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))