The reason to hold this stock is the high asset value of the group in a hot property market.
There is a lot of business and balance sheet restructuring to be done that would benefit from being away from the public eye but, once complete, the price is a compact, good quality, highly cash generative company.
William Hill is clearly being pulled up by today's FT story about Ladbrokes.
It's a volatile high-roller casino which does not sit easily in such a small quoted company. We believe that it has more value as a 'trophy asset,' or to a group with genuine high-roller international reach.
It's a big number. But I suppose that's what William Hill takes in four days during the Cheltenham festival. And football betting, especially from Asia, is growing.
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