Yesterday, Tuesday, the shares of CODERE began trading more than 13% more than the price at which they started the trading day. Several factors explain the important recovery in the price of the multinational: we review them below.
Codere's shares continue to recover and since last week it has now been seven days in a row with significant increases in the price of its shares, with yesterday Tuesday April 14 being an outstanding day with an increase in the value of the security of more than 13%. How to explain this quality jump in a context of uncertainty like the current one? We review some of the most common responses reflected in the specialized press:
1) A general recovery in the sector: especially on the UK Stock Exchange, the value of the shares of listed gaming companies has not stopped rising for fifteen days. Companies like William Hill, 888 or Flutter Entertainment have risen around 40% recovering much of what was lost in early March.
2) The global situation of the Stock Market implies that the market has already discounted any crisis scenario that may be approaching. The actions of the majority of listed companies, regardless of the sector, have already touched ground in mid-March and experts point out that even sectors such as tourism or energy, with great threats still present depending on the evolution of the pandemic, have already seen what worse at the price level of their shares.
3) In the case of Codere, the progressive improvement of the data on infections and deaths in countries such as Spain and Italy encourages us to think that a return to normal escalation could be about to begin and that means reopening the gaming venues, which especially in these two countries they generate the majority of revenues in the operator's offline channel.
4) The experts consider that the company has managed well the global crisis situation and the measures that have been taken -especially going to a refinancing process through loans such as the one carried out in Mexico and carrying out an ERTE in Spain- they are considered a lesser evil that guarantees the survival of the company.
5) Optimism about the resumption of sports competitions, which would open Codere the possibility of continuing its expansion through the online channel, where sports betting is its main activity in the game offer.
With yesterday's rise, the revaluation in the last seven days of Codere reaches 27%. In spite of everything, it should be remembered that since the beginning of the year it had lost half its value, so there is still another 25% to recover.
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