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Third party research

Gaming Innovation Group: Momentum continues - ABG

Gentoo Media

This is a third party research report and does not necessarily reflect our views or values

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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.
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