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Right after performing our indicative valuation of NetEnt we have arrived at an implied share price tag of €6.42. This valuation of the target excludes the cost synergies which are anticipated to be worth around €280M. If we account for the synergy premium our implied share cost for NetEnt will be €7.56. The deal value per share is essentially €7.61 which is incredibly close to our valuation. The deal is anticipated to bring about €280M of cost savings by means of rationalisation of operations. It is also anticipated to have a good impact on EPS via income synergies in 2021.

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