BRSL Brightstar Lottery PLC

$BRSL The company has bought back ~20M shares over the last year. Let’s suppose the company decided to temporarily suspend its dividend for a period of 4 years and divert 100% of that cost savings ($170M)to more buybacks. They could in essence buy the entire share count in that 4-year span. I’m not saying they would do this, but don’t think for a second that PE (Private Equity) is not aware of this. Just block out the BS noise, be patient and accumulate.

$BRSL At this point, you have to wonder what it is we don't know. Assuming there is nothing nefarious going on or if Agostini is selling their stake (both extremely unlikely), buying shares at these levels equates to stealing. Agostini owns 47% or ~86M shares. The remaining share count could be bought for $950M at current levels and they take over the company. Agostini would assume the $550M in cash that BRSL has thus reducing their cash outlay to about $400M. Install a more efficient and cost-effective management team and synergize the company with their current portfoilio and they'll get this company for a song. I'm not looking a gift horse in the mouth. Adding.

$BRSL Yield at 9% is very attractive, looks really safe too, no value trap here. God knows why the share price is this low, it’s not like the expenses were unexpected, just the cost of doing business. Upcoming capital wall in 2028 is no cause for concern and will secure €500 million a year for a decade. Seems like it’s all under control.

$BRSL Added. Still holding up well. A break below 9.66 would invalidate my short-term long idea. Tight stop loss set.

$BRSL Slowly climbing. Looks like the bottom might be in - although I’ve said it now so there’s bound to be a sweep.

$BRSL Please explain: De Agostini owns 85.5M shares or 46% of the stock. Assuming a 180M share count (after Q2 buybacks), it would cost De Agostini another $945M to buy the remaining shares. De Agostini would assume BRSL's cash ($550M) position thus reducing their actual cash outlay to ~$400M. They would eliminate the dividend thus saving $165M in annual payments. They would own the remainder of the company for NOTHING after ~2 years just by stopping the dividend. BRSL's 3-year cash generation is forecasted at $7.1B through 2028. Projected FCF stands at $400M per annum and likely much higher as licensing costs are cleared and Optima cost-savings initiative is implemented. Sacking the management team alone would save them another $40M+ per year. De Agostini certainly could synergize BRSL with some of their current holdings thus expanding BRSL's global footprint. Yet here we are under $10 and a seemingly endless supply of stock is pelting the market. Clearly, I am missing something.

$BRSL It is my understanding that the enormous cash expenditures are because of the Italian lotto license, and that once that is paid this company will be a heavy cash generating machine (until renewal comes up in 7 years). This means that the strong cash flow will not only cover operating expenses, but also cover the divvy very well. Am I incorrect in my belief? If so, someone please speak up and set me straight.

$BRSL Who keeps selling this off below $10???? Are they still buying back their shares down here? Is anyone else continuing to add shares?

$BRSL Brightstar Lottery priced €500 mln of 4.875% senior secured notes due 2032 at 99.360% of par.Settlement is expected on Sept. 17, subject to customary closing conditions.The company plans to use proceeds to fund its tender offer for Regulation S interests in outstanding 2.375% senior secured notes due 2028, repay revolver borrowings and cover fees and expenses.The notes are to be listed on Euronext Dublin's Official List and admitted to trading on its Global Exchange Marke