The company states that revenue in July was 12% above the average of H1, i.e. remaining close to the Q2 level. Supported by the ambition to launch sports betting and enter new markets in H2, we expect revenue to continue to improve sequentially in Q3 and Q4, whilst maintaining good cost control and a moderate pace of expansion. With the strong improvement in underlying profitability in Q2, we see a greatly improved earnings outlook for the remainder of the year and into 2021-22 with the EBIT margin expanding above 10%. The main swing factor remains how aggressively management choose to pursue growth in new markets.
Valuation update, DCF mid-point value SEK 13.7, SOTP range SEK 9.3-14.1
Our SOTP range, accounting for the value of the cash holding and the operation, based on multiples for listed peers and recent transactions is SEK 9.2-14.1 per share. For reference our DCF with a 10% WACC yields a range of SEK 11.5-16.4 with a mid-point of SEK 13.7 per share.
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