Media remains the (growing) cash cow
GiG Media delivered 19% FTD growth despite tough comps from the World Cup in Q4'22; we highlight the impressive growth in the Nordics of 12% (which is a relatively mature market), and 64% growth in Rest of Europe. Also, the organic top line and EBITDA growth of 24% and 40%, respectively, are notably consistent and make us raise our '24e-'25e top line by 3-6%, and EBITDA by 5-9% on greater conviction in GiG's organic growth target of ~20% (on group level, new divisional targets are to be set). Furthermore, we emphasise the favourable mix, with the high-margin Publishing segment keeping its momentum, delivering 100% organic FTD, plus a continuously strong performance for AskGamblers, adding more confidence to our EBITDA estimates. Given the impressive performance of AskGamblers, we are encouraged to see more M&A in the division, and we have high hopes for a successfull integration of KaFe Rocks.
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