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Gaming Innovation Group: Don’t get too attached to Q3 - SEB

We expect another solid quarter from GIG in Q3 and forecast sales of EUR 32m with adj. EBIT of EUR 7.5m (201% y/y EBIT growth). We believe AskGamblers will continue to deliver strong numbers and support the Media division. We adjust our SOTP-based mid-point value to SEK 47 (43) after updating peer multiples. GIG is now valued around 9-10x 2023E EV/EBITA with a 65% EBITA CAGR over 2022-25E and greatly improved cash flow.

We expect another solid quarter from GIG in Q3 and forecast sales of EUR 32m with adj. EBIT of EUR 7.5m (201% y/y EBIT growth). We believe AskGamblers will continue to deliver strong numbers and support the Media division. We adjust our SOTP-based mid-point value to SEK 47 (43) after updating peer multiples. GIG is now valued around 9-10x 2023E EV/EBITA with a 65% EBITA CAGR over 2022-25E and greatly improved cash flow.
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