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Gaming Innovation Group Q1: Postive surprise with EBIT 22% above consensus - SEB

GIG reported strong results with an EBIT margin of 19.7% (2.1pp vs SEB of 17.6%), and operating cash flow of EUR 13.2m - a strong figure compared to historical cash flow. Platform sales grew 52% organically with an EBITDA margin of 36% ( SEBe: 22%). EBIT was about EUR 1m above consensus and should warrant a positive revision. We reiterate our mid-point of SEK 41 per share.

GIG reported strong results with an EBIT margin of 19.7% (2.1pp vs SEB of 17.6%), and operating cash flow of EUR 13.2m - a strong figure compared to historical cash flow. Platform sales grew 52% organically with an EBITDA margin of 36% ( SEBe: 22%). EBIT was about EUR 1m above consensus and should warrant a positive revision. We reiterate our mid-point of SEK 41 per share.
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