Playtech (PTEC)

Up
Share Price:
397.20p
Market Cap:
£1,228.52m
Change Today:
14.80p
Sector:
Tourism and Leisure Services

Citi starts coverage of Playtech at 'buy'

By Michele Maatouk

Date: Wednesday 07 Jan 2026

LONDON (ShareCast) - (Sharecast News) - Citi initiated coverage of Playtech on Wednesday at 'buy' with a 355p price target, which it said implies around 34% upside.
Playtech is a B2B-focused content and services provider to the online gambling industry.

Citi said it believes the shares are undervalued, even when adjusting for a potential adverse outcome of the Evolution litigation. Sweden's Evolution has accused Playtech of hiring Black Cube, an Israeli private intelligence firm, to investigate it.

It announced in October last year that one of Playtech's subsidiaries had commissioned Black Cube to prepare a 2021 report that contained "highly inflammatory and knowingly false claims" about it.

"We see strong potential for Americas growth (FY25/26e Americas Revenue forecasts +4%/+8% above Visible Alpha consensus), with notable opportunity in the US as it invests in its Live product & capacity," Citi said.

It noted that 81% of Playtech's 1H25 B2B revenues were generated in regulated markets and said it believes greater earnings visibility and lower unregulated market risk warrant a premium to peers.

"Our FY25/26e group adjusted EBITDA forecasts are +6%/+6% versus Visible Alpha consensus," Citi said.

"Key risks include an adverse Evolution case outcome, regulatory tightening, slower US regulation, IP protection and cyber security," it added.

At 1100 GMT, the shares were up 2.3% at 272p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Playtech Market Data

Currency UK Pounds
Price 397.20p
Change Today 14.80p
52 Week High 427.60p
52 Week Low 232.00p
Volume 212,226
Shares Issued 309.29m
Market Cap £1,228.52m

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