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Originally Posted by antchev
Looks like there are a lot of people long on TSG itt.
I don't hold a position on TSG. I declare this.
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I don't know where you get your numbers from. I prefer using official documents.
Me too.
You quote their Q4 2018 results. Indeed, poker was down 10% yoy (much less on cc, fwiw).
Now, let's remind ourselves what you said a few posts up (emphasis mine)
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in constant double digit decline year over year.
So, you
specifically mention a "constant" trend, not a single quarterly result. So I responded to that and corrected your error.
We can go through the numbers together. Let's look at the rest of the year: Q3 was -3.9% (slightly positive on cc), Q2 +6.9%, Q1 +12.4% (both much less cc. In fact, it was a pretty dull year on a constant currency, they suffered some big fx swings).
For the year as a whole, it was +1.1%, as I mention. $886 to $877 million. You'll find that in the document you are quoting. Either you haven't read the document, or you're purposefully cherry picking.
edit: actually just seen that you can see this number on literally the next slide of the deck.
Full year 2016 to 2017, growth was 3.7%. (from $846 million). As mentioned. So online poker has grow about 5% over the last two years.
In fact, you have cherry picked the only quarterly double-digit decline in
12 quarters to make the argument of
constant double digit decline.
Now, if you'd like to talk about the reasons for the Q4 drop, we can do that too.
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You both conveniently left out that they took on an additional huge debt in the Sky acquisition to achieve this and now are close to $7 bln. in debt. And TSG market cap is $4.66bln. as of today.
I didn't conveniently leave out anything. You seem to be assuming that I'm constructing some argument. I'm not. I'm just correcting a couple of inaccuracies in this thread.
In this case, I was actually correcting (or perhaps, adding some context/colour) to someone responding to you, pointing out that much of their non-poker growth in 2018 has been inorganic.
Sounds like you have an axe to grind, but you've picked on the wrong person to try and argue with.
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Stop reading PR statements, start reading and understanding financial reports. Like I said, it's all in there.
So just to be clear, my day to day job is reading and understanding financial reports, and writing about them.
Last edited by Hood; 03-21-2019 at 06:06 AM.