Normalised revenues came in at EUR 18m, which is +29% y-o-y, 3.7% below ABGSC 19m and 4.2% below Factset consensus 19m. Adj. EBITDA was EUR 6m, which is -8.2% vs ABGSC 6m and -3.4% vs Factset consensus 6m. Looking forward, January has developed positively with revenues up 20% compared to the same period last year (24% adjusted for terminated white-labels), where Factset cons. estimated -3% for the full Q1'22. Furthermore, we note that the Betsson contract recently was renewed, which de-risks the case.
Expect minor cons. est. revisions before Sportnco
At a first glance, we expect consensus to raise estimates for Q1’22 due to better than expected performance in January ‘22 sales. Still, Factset consensus expects 18.5% sales growth y-o-y in 2022e, thus we expect minor revisions for the full year. The company reiterates its financial targets of achieving annual double-digit growth and an EBITDA margin above 40% in 2025 but will revise its targets following the Sportnco acquisition. Assuming the Sportnco acquisition is completed in Q1, we then expect consensus to raise sales and EBITDA in accordance with the acquisition.
Sportnco acquisition fits perfectly in GiG
As we interpret that GiG have had a lacking sportsbook performance, the acquisition of Sportnco should strengthen GiG’s offering, and bring several synergies, e.g. new market licenses. Thus, we look forward to the revised financial targets when the acquisition is completed.
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