companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

GiG Software

DNB Carnegie Access: GiG Software: Betsson acquires Canadian assets – News comment

GiG Software P.L.C. completes the transfer of SDR

Redeye: GiG Software (Q4 Review): Strong growth outlook remains, but from a lower base

DNB Carnegie Access: GiG Software: 2026 visibility gets better – Q4 review

DNB Carnegie Access: GiG Software: Strong commercial pipeline – Q4 initial take

GiG Software P.L.C: Fourth Quarter and Year Ended 31 December 2025 Financial Results

DNB Carnegie Access: GiG Software: Announces multi-brand deal in the UK

GiG Software P.L.C: GiG deepens UK market position with Platform and Sportsbook migration deal

GiG Software P.L.C: Notice of Results and Investor Presentation

DNB Carnegie Access: GiG Software: Growing into the game – Initiating coverage

GiG Software P.L.C: Share Purchases by GiG CEO

GiG Software P.L.C: Q4 2025 and year-end trading update

GiG Software P.L.C: GiG strengthens UK footprint with ITV Win platform deal

Redeye: GiG Software (Q3 Review) - Solid results and positive outlook

GiG Software P.L.C: Q3 2025 Financial Results

GiG Software P.L.C: GiG Commences Trading on the US OTCQX Best Market Under Ticker Symbol "GIGXF"

GiG Software P.L.C: Share Purchases by GiG CEO and CFO

GiG Software P.L.C: Share Purchases by GiG CEO and Director

Redeye: GiG Software - Strengthened balance sheet and focus on larger clients

GiG Software P.L.C: Q2 2025 Financial Results

Bulletin from the Extraordinary General Meeting of GiG Software P.L.C.

GiG Software P.L.C: GiG expands UK SportX portfolio, launching partner Betzone's sportsbook upgrade

First North Stockholm

Gig Software operates in the IT sector. The company provides cloud-based services as well as system services and service to the iGaming industry, which includes online casinos and online odds. The technical developments are based on proprietary platforms, and the company owns and manages a number of B2C gaming products. Gig Software was created through a spin-off of the Gaming Innovation Group in 2024.

To follow up on @IsoValas’s excellent summary, here are a couple more slides from the presentation. Revenue and EBITDA are ticking steadily upwards, driven by acquisitions. Regarding the Q3 results, it is also worth noting the seasonality: QoQ growth has been practically flat every year. According to the company’s expectations, Q4 is set to be strong again.  Cash flow looks great. The CEO mentioned in the webcast that if they generate 15 MEUR in EBITDA, he expects a cash flow of 10-11 MEUR from that (bond interest expenses already deducted). The company is finally able to use its generated cash flow freely now that there is no software side to finance. According to my back-of-the-envelope calculations, Gentoo’s FCF yield is now around 10%, which is quite reasonable for a company growing organically at a rate of about 15%. (note: the “investing” section in the image includes significant acquisitions)  GIG Software has indeed been split into its own company. There are likely not enough enthusiastic owners here to warrant a separate thread for the software side, so below is a short snapshot of their reported Q3 results. Tldr: the business is progressing as expected, and for next year, revenue is still expected to exceed 44 MEUR with an EBITDA of 10M. 10 MEUR in cash, and cash flow breakeven is expected in Q3/25.

Gentoo’s Q4/24 earnings report yesterday. The train is chugging along:   Good:  Healthy overall picture: 16th consecutive time revenue is at ATH and 18% organic YoY growth. Full-year organic growth 17%. They expect double-digit organic growth this year as well. More detailed guidance will come in the Q1 report. No major headwinds from Google updates, nor are problems expected in the near future. Overall good performance in 2024 vs. competitors. The Chairman of the Board mentioned buybacks as one option for cash flow allocation.  Bad:  EBITDA dropped to 40% (full year 46%), and consequently, cash flow also suffered; clearly, “extra” marketing was invested at the expense of profitability to reach the lower end of the revenue guidance. According to the CEO, they will stick to the familiar 45-50% EBITDA going forward, which naturally also weakens revenue growth compared to this quarter. Rev share (most valuable revenue) accounted for only 51% of revenue, presumably for the same reason as above. According to the CEO, this will also return to the normal level of approx. 60% in the future. Top5 websites flat YoY, growth came from smaller sites. Casinotopsonline, in particular, is still having problems. In the report, they tried to spin this as growth coming from a broad front and not being entirely dependent on the largest sites. But this doesn’t inspire confidence, and it’s a bit hard to believe in strong sustainable growth when some of the spearhead products are struggling. On the other hand, there’s hidden upside here if and when they get, for example, casinotops up and running, which seems to be a priority project for the CEO.  Among analysis firms, ABG and Carnegie (edit: now also Redeye) have already published their updated forecasts, with 2025 averages of 14% revenue growth at 45% EBITDA. EV/EBITDA for these is around 5, and if they can convert approximately 2/3 of this into cash flow as per their comments, the FCF yield is clearly double-digit. The market doesn’t really believe in the company’s future, and peers trade at significantly higher multiples:  Major owner Juroszek has plenty of confidence, having bought another 700k shares and now owning over 18% of the company.

mb.cision.com              3110784.pdf    1565.97 KB                            The report is out, in line with preliminary data. Revenue 30.4m (+35% y-y, of which 12% is organic) and EBITDA 14m. Just some random thoughts of my own without much structuring. The quarter’s revenue was impacted by about 1.5m due to player-favorable match results. Guidance was reiterated, which means over 35m revenue and 35% y-y growth for the final quarter of the year. The share of rev share dropped slightly in the quarter but should return to over 60% levels in the future. The share of rev share contracts is perhaps the biggest factor explaining the recent performance difference compared to competitors. CEO Warner also mentioned in the webcast that, depending on the contract, G2 gets 40-50% of the lifetime losses in rev share agreements. This is in line with my previous estimate, and one could say it’s not a bad deal. Of course, most new depositors only generate one-time income, and I’ve read estimates that 70% of deposits are front-loaded, but the tails can be long. Peers $Ctm and $Betco, which issued profit warnings, have been playing a more short-sighted US state regulation-enabled CPA game, which is now backfiring as sports regulation is in a relatively mature stage and casino regulation is completely frozen. Ctm is pivoting to the sweepstakes market, which according to my gut feeling is also a growth prospect for G2 regarding the US. So G2 hasn’t participated in the US hype, but has entered the market more strongly through the KafeRocks acquisition. According to Warner, the market is quite difficult, but they are satisfied with their progress there. America currently accounts for 21% of revenue, so they aren’t too dependent on that market. One of the most interesting opportunities in the industry at the beginning of next year is the Brazilian market becoming regulated, which Warner spoke about as a factor requiring work but also creating business opportunities. Regulation regarding the tax paid by players on winnings over 400 USD will likely drive the highest-value players to Curacao-licensed games. However, there are over a hundred license applications in the market, and competition among operators for customers should bring good business for affiliates. Even though the US market is difficult, one can expect a decent performance from Gentoo, especially in the context of the industry. Management seems to have a clear view of the next steps on the roadmap and where growth can be captured. Drivers are still growth in the sports vertical, Ag rollout to new local markets, and cost savings from the Titan integration. Diversification across multiple markets and sites combined with rev share makes the business less volatile. Profitability and cash flow will be more straightforward and good now after the split. When asked about next year’s guidance, Warner spoke about the company’s aim to continue growing faster than the market (+10%) and his personal hope for it to be organically closer to 20%. The share price development has certainly been miserable, and holding these small caps with non-existent liquidity feels painful in this market. However, the fundamentals are roughly as follows: organic growth over 15%, EBITDA margin around 48%, cash flow from EBITDA around 80% (from memory). On the negative side, of course, is the GiG capitalization that came with the split, and there is now 90m of debt on the balance sheet. This is now trading at about 5.5x this year’s EBITDA. Betco is still trading at 8x the current year’s EBITDA and Gambling.com at roughly the same 8x. In my opinion, G2 should close at least that relative discount because of the higher rev share, better growth, and better margins. Let’s see how it goes.

Juroszeks have now increased their stake to 29%. Management is buying too.  Yet the market keeps selling $G2M lower. Is there any news from Brazil or another key market that explains this pressure?

Trading is indeed sluggish. More active on earnings report days, my own shares were already sold after the Q4 report. Q1:  Flagship assets saw lukewarm 5% YoY growth, excl. casinotopsonline which is still in trouble Headwind from strict Brazilian regulation, player pool there decreased by 90% On the Paid side, experiments with weak profitability are being phased out, number of sites decreases to 70; Paid turned back to growth in March and continued growing in April-May In the call, it was mentioned that 2m+ was lost from both Brazil and the Paid side shutdowns, it remained unclear whether it meant revenue or EBITDA Focus on strong brand assets that Google gives more visibility to Revenue share and value of deposits at a healthy level Cost cuts, 8-10 MEUR savings expected 2025 outlook: revenue flat and 40-45% EBITDA, growth concentrated in H2  Analysts’ updated 2025 forecasts:      ABG Carnegie Red Eye     Revenue 115 121 120   EBITDA 49 49 50   EBITDA % 42% 40% 42%   Fair value - 26 SEK 34 SEK    So, a small decrease in sales and EBITDA across the board. For 2026, analysts forecast 10-14% revenue and 12-25% EBITDA growth. We are dependent on management’s comments here. With these forecasts, EV/EBITDA 2025 ~5.5, competitors Betco 9 and Gambling com 8. Links to reports:  ABG  Carnegie  Red Eye The IR Director and a board member made small purchases of 10k and 9k shares after the earnings report at 13-14 SEK.

Gambling.com reported preliminary figures for fiscal year 2024 today Let’s quickly look at them and compare them with g2m, as I believe Gambling.com is perhaps the closest peer, also in terms of size.  $Gamb’s revenue was $127.1 million and $g2m’s was €124.6 million. $Gamb’s operating profit (EBITDA) was $48 million and $g2m’s was €55.7 million. Gambling’s revenue guidance midpoint is $172 million and EBITDA is $68 million, of which $14.5 million comes from the acquired Odds Holdings. If we assume Oddsjam’s revenue to be approximately $30 million, organic revenue growth is about 12% and EBITDA growth is roughly at the same level. $g2m guided for double-digit organic growth and assumed stable margins. With 12% growth, revenue would be approximately €140 million and EBITDA approximately €63 million. We can see that organic growth is very similar, and $g2m has better margins. The valuation difference between these peers is interesting. $g2m’s EV is approximately €360 million and $gamb’s is about $630 million (assuming approximately $100 million in debt, which should become clear from tomorrow’s full report). $g2m’s EV/EBITDA is approximately 5.5 and $gamb’s is about 9.2.  As can be seen from the valuation, these growth companies are not receiving undue affection. I haven’t found any fundamental reasons for the valuation difference between the two, so I continue to watch g2m’s sluggishness, hoping the gap will close.

The recent weakness in the share price seems to be largely unjustified. The caravan moves on and the dogs bark.                  MFN – 25 Oct 24              Gentoo Media - Trading update for Q3-2024    Following the industry's active developments in recent weeks, Gentoo Media is providing a trading update for Q3 2024. Third-quarter 2024 revenues are expected to end at EUR 30.4 million with an EBI...

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