Panmure Gordon issued a note on NetPlay TV PLC (AIM: NPT) after a flurry of news from the live interactive TV gambling specialist, reiterating its ‘buy’ stance and target price of 30 pence a share.
In the last few days, Netplay announced a £12.8 million share placing with investment company Directforce Trading, a strategic agreement with Playtech Ltd under which it will supply games to the Playtech network for five years as well as the launch of a retail offering with Stanleybet.
“We continue to see excellent growth opportunities for the business as it rolls out its converged gaming solutions. There is also potential upside due to the deal with Stanleybet and cash injection from new shareholder Directforce, and this should give new opportunities to invest,” the broker said in its note.
“We believe that the stock is not expensive given the underlying growth, which may be further enhanced by possible future deals,” it added.
NetPlay will be presenting at the Proactive Investors One2One Investor Forum 22 July 2009.