Submitted by: Submitted by xdrwse
Views: 318
Words: 3542
Pages: 15
Category: Business and Industry
Date Submitted: 11/18/2012 04:31 AM
Summary:
Preface: P3
Overview of the company’s background and business P4
Business Analysis
Sectorial environment P6
Business Positioning P8
The financial policy P10
Profitability P11
Financial structure P13
Financial flexibility P15
Analysis of the Share price P16
Conclusion P18
Appendix P19
Preface:
I had to choose a company in the ISEQ (Irish stock exchange), When I choose Paddy Power, I was thinking about a Spirit company who make the Paddy and the Powers whiskey! , So when I read the FS of Paddy Power, I was surprised that they don’t speak about whiskey. Indeed, Paddy Power is an Irish bookmaker.
I choose to continue my analysis on Paddy Power because the company has an interesting business that is not as developed in France than in Ireland or UK.
For this financial analysis I use the most recently published FS with is 2010
The 2011 results are not yet available but, all the FS was easily found on Paddy power web site (See Appendix Paddy Power financial report 2010)
* Overview of the company’s background and business.
Paddy Power was founded in 1988 by the merger of three existing Irish bookmakers. From the outset the company took an unconventional approach to betting and adopted a commitment to offer greater value and fairness to customers who had for too long suffered from the whims and self-interest of a staid oligopoly. The meteoric rise of the company then and the continued strong growth of more recent years indicate it’s a formula that the customer appreciates.
As at February 2010, Paddy Power operated a total of 356 retail outlets (209 in Ireland, 8 in Northern Ireland and 139 in Great Britain. Almost two thirds of Paddy Power’s profits were generated outside of Ireland in 2010. Paddy Power is the third largest online bookmaker and sixth largest online gaming business in Britain and Ireland and, at the current trajectory, they will have more shops in...