gain, as is the case of so many other Spanish firms, its business in Latin America has grown beyond the plans, and the activity in Spain has kept stable.
The company is returning to levels previous to the crisis, considering the incomes per bets in Latin America. And this magnitude supposes an 80% of Codere turnover. Besides, this region offers considerable expansion opportunities in the slot business, with high return fees.
As positive factors, UBS analysts mention the strenght of their balance and the estability of its share structure which, after some hardships in the past, is based in the participation of 67% belonging to Martínez family. They concluded: “The new target price includes the volatile Argentine regulation, but excludes the pending payments of 99 million euros in Mexico”.