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Gaming Innovation Group: Promising outlook reflected in guidance - SEB

GIG delivered a strong report, better than expected on all lines. Organic growth was 20%, marking the 12th consecutive quarter of above 20% organic growth. The company guides for FY/23 sales of EUR 125-130m and EBITDA margin of 47-50%, implying EBITDA of EUR 59-65m and EBITDA growth of 81-100% y/y. We raise our SOTP valuation mid-point to SEK 42 (41), supported by our DCF valuation of SEK 43.

GIG delivered a strong report, better than expected on all lines. Organic growth was 20%, marking the 12th consecutive quarter of above 20% organic growth. The company guides for FY/23 sales of EUR 125-130m and EBITDA margin of 47-50%, implying EBITDA of EUR 59-65m and EBITDA growth of 81-100% y/y. We raise our SOTP valuation mid-point to SEK 42 (41), supported by our DCF valuation of SEK 43.
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