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PLTK - Playtika: Cheap Valuation But Capital Allocation Will Be Key
Playtika Holding Corp.
2024-06-20 11:03:20 ET
Summary
Playtika continues to see declining revenues, despite its recent acquisitions.
Despite a significant increase in marketing spend this year, management’s guidance points to growth remaining flat versus the prior year.
Shares trade at a cheap valuation, and management has begun returning capital to shareholders through dividends and buybacks.
The weakening of its balance sheet due to future acquisitions as well as lower margins due to higher marketing spend are the risks I see with this investment.