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

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