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Gaming Innovation Group: Showing ability to generate cash - SEB

Solid performance for both Media and Platform, the latter surprising with an EBITDA margin of 36% (vs. -6% in Q1/22). In total GIG reported 19% organic growth, driven by Platform that grew 52% organically which was helped by large setup fees for the new Enterprise Solution product. Operating cash flow was EUR 13.2m in the quarter, very strong considering FY 2022 was EUR 31m. We reiterate our SOTP-based mid-point of SEK 41.

Solid performance for both Media and Platform, the latter surprising with an EBITDA margin of 36% (vs. -6% in Q1/22). In total GIG reported 19% organic growth, driven by Platform that grew 52% organically which was helped by large setup fees for the new Enterprise Solution product. Operating cash flow was EUR 13.2m in the quarter, very strong considering FY 2022 was EUR 31m. We reiterate our SOTP-based mid-point of SEK 41.
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