Gaming Innovation Group: Momentum continues - ABG

We expect a decent Q1 print driven by both divisions
'23e-'25e adj. EBITA cut by 4-3% on slightly higher other opex
'23e EV/EBITDA of 6.5x, 7% below peer group median


Q1e: 19% org. growth and 43% adj. EBITDA margin

We forecast Q1 normalised sales and adj. EBITDA of EUR 28m and 12.2m, respectively, corresponding to sales growth of 48% y-o-y (19% organically) and a normalised adj. EBITDA margin of 43%. Sequentially, we estimate platform sales to be flattish following weaker seasonality after a strong Q4 including the WC, partly offset by underlying growth on the continued addition of new signings. In Media, we expect 13% q-o-q growth, mainly on the addition of AskGamblers from Feb'23 and onwards. On opex, we expect limited opex changes sequentially following the savings programme, offset by a small increase in normalised marketing due to higher media revenue.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/gaming-innovation-group/Equity-research/2023/4/gaming-innovation-group---momentum-continues/