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Poker.co.uk - Poker News Archive

Wednesday 5th September 2007

Internet Gaming Firm Sees Shares Downgraded

Shares in Austrian online gaming firm Bwin, a company with online sportsbetting, casino and poker interests, have been demoted from 'hold' to 'sell' by analyst Alfred Reisenberger of CAIB Research, with the target price also slashed from �23 to �15.

In a research note published this week, the analyst argues that the company�s second quarter results reinforce the fact that business is unsteady.

Although Bwin�s net income for the half-year ending on June 30 rose to �4.3 million, compared to net losses of �27.1 million in the same period last year, this growth is not seen to be significant enough by Reisenberger.

CAIB Research also forecasts that the company will see losses in 2007-2008 due to a small dip in gross gaming revenues in 2007 and a considerable increase in personnel expenses.

�

Source: OnlineCasinoNews

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