contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

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

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


dnb-carnegie-access-gig-software-focus-should-be-on-underlying-revenue-q1-preview

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

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.

A small tracking position of this has been in the portfolio. Valuation multiples have not been high, but nevertheless seemingly justified considering today’s earnings report data, i.e., underperformance relative to expectations. A very illiquid stock. I own this from the Norwegian stock exchange, where the company is carrying out a delisting. It’s probably smart to sell and buy back from Sweden, but does anyone know what happens if one still owns shares at the time of delisting?

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.

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.

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.

Inderes              Gentoo Media - Mandatory notification of trade - Inderes    MJ Foundation Fundacja Rodzinna, a company related to Mateusz Juroszek, Board Member and primary insider of Gentoo Media Inc. (Gentoo) has today acquired 115,604 shares in Gentoo at a price ...                             Sharing this as well: insiders are buying even at premium prices. Hopefully that eager seller has finally finished offloading their shares and we’ll see some positive price development for a change.

GiG Software

DNB Carnegie has published a new commissioned research report on GiG Software. To access the full report and subscribe to future updates, visit https://access.dnbcarnegie.com/companies/1613Information...

<div class="mfn-preamble"><p><strong>DNB Carnegie has published a new commissioned research report on GiG Software.</strong></p></div><div class="mfn-body"><p>&nbsp;To access the full report and subscribe to future updates, visit <a href="https://access.dnbcarnegie.com/companies/1613" rel="noopener">https://access.dnbcarnegie.com/companies/1613</a></p></div><div class="mfn-footer mfn-6fcd5977fc3f"><p><strong class="mfn-heading-1">Information</strong><br>This is a press release from DNB Carnegie. For information about DNB Carnegie commissioned research, see <a href="https://access.dnbcarnegie.com/" rel="noopener">https://access.dnbcarnegie.com/</a>, or contact our commissioned research team at <a href="mailto:cr@carnegie.se" rel="noopener">cr@carnegie.se</a>.</p></div><div class="mfn-footer mfn-about mfn-f597257b14ff"><p><strong class="mfn-heading-1">About Us</strong><br>DNB Carnegie is the leading and independent Nordic investment and private bank. Our operations within Corporate Finance, Securities and Research, Private Banking and Wealth Management are among the market leaders within their respective sectors. Together, they build an unbeatable combination of integrated knowledge, guiding our clients towards better business. DNB Carnegie operates in six countries and has more than 800 employees.</p></div>