Media running steadily with >20% org. growth and 48% margin
Although Media sales came in slightly weaker than we expected, the margin was strong at 48%, which we find encouraging. We assess that activity may have been slightly dampened ahead of Euro 2024 and Copa America 2024, as well as caution over the large Google updates. Still, we are looking at an organic growth of 21%, which is of course strong. April continued in the same manner, up 19% organically y-o-y. The acquisitions seem to be performing well, and we note that AskGamblers entering into Sports Betting could even fuel an acceleration during the summer, while management says that KaFe Rocks is margin accretive already, which highlights the good cost control in GiG Media.
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