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Gaming Innovation Group: Ready, set, scale - SEB

Although results were a little short of our estimates, we recognise that the company is on the right trajectory. With restructuring and cost cuts being finalised, we expect the next leg to deliver growth, and profitability should be set to scale as it does. We find the long-term target of >40% EBITDA margin credible. We have made only minor estimate changes. Our DCF value range is updated to SEK 23-34 and our SOTP value is SEK 21 per share.

Although results were a little short of our estimates, we recognise that the company is on the right trajectory. With restructuring and cost cuts being finalised, we expect the next leg to deliver growth, and profitability should be set to scale as it does. We find the long-term target of >40% EBITDA margin credible. We have made only minor estimate changes. Our DCF value range is updated to SEK 23-34 and our SOTP value is SEK 21 per share.
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