Investors cautious as Greek stalemate continues and Fed discusses ratesAs Greece edged closer to default and investors awaited the latest comments from Federal Reserve chair Janet Yellen on the possible timing of a US interest rate rise, leading shares fell back again.The eurozone crisis was again centre stage as the Bank of Greece warned of an uncontrollable crisis unless a deal was agreed with its creditors, while one of the country’s top negotiators warned it had no money to pay the €1.6bn due to the International Monetary Fund at the end of the month without an agreement.With just a hint of Churchill the management statement which accompanies today’s full year results highlights management’s focus on competition. We believe that Betfair is an excellent operator in a highly competitive market but that the valuation may have lost sight of quite how competitive.2014 results were at best fair. On an underlying basis earnings fell significantly and reflected a year of “transition” to the new superfast broadband technology, to be followed by “transformation” in 2015. There are many growth drivers, but a number of possible pitfalls. Valuation is fairly full and we believe that better opportunities for investment may arise, so we have a reduce recommendation. Continue reading...
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