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Gentoo Media

Gentoo Media

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Gentoo Media is a B2B iGaming and sports betting affiliate company. It sells marketing services to other gambling B2C operators, enabling them to accumulate high-value First Time depositors. In addition, it has subscription revenues from its digital assets. Gentoo's footprint is global, and it has a significant portion of recurring revenue.

Sustainability information

We see regulatory risks (the firm could face litigation if it fails to comply with local laws and practices in the regions where it operates) and counterparty risk (it has many counterparties and some customers on the B2B side are smaller firms with low levels of solidity). Although the SEK 450m bond has been refinanced with more favourable terms and matures in 2024, this still means that there are some financial risks involved.

Financials

EURm 2024 2025e 2026e
Sales 123 102 112
Sales growth (%) 38,6 -16,6 9,3
EBITDA 55 38 51
EBITDA margin (%) 45 36,9 45,4
EBIT adj. 38 19 32
EBIT adj. margin (%) 30,7 18,6 28,8
Pretax profit 24 6 24
EPS -0,3 0,04 0,16
EPS growth (%) N/A N/A N/A
EPS adj. -0,24 0,1 0,22
DPS 0 0 0
EV/EBITDA (x) 3,9 5,6 3,6
EV/EBIT adj. (x) 5,8 11,1 5,6
P/E (x) N/A 17,7 4,9
P/E adj. (x) N/A 7,4 3,6
EV/sales (x) 1,77 2,07 1,62
FCF yield (%) -6,3 -0,6 23,8
Le. adj. FCF yld. (%) -8,6 -1,7 22,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,1 2,8 1,5
Le. adj. ND/EBITDA (x) 2,1 2,8 1,5
EURm 2024 2025e 2026e
Sales 123 102 112
COGS 0 0 0
Gross profit 123 102 112
Other operating items -68 -65 -61
EBITDA 55 38 51
Depreciation and amortisation -9 -10 -10
of which leasing depreciation -1 -1 -1
EBITA 46 28 41
EO Items 0 0 0
Impairment and PPA amortisation -9 -9 -9
EBIT 38 19 32
Net financial items -14 -13 -8
Pretax profit 24 6 24
Tax 0 0 -3
Net profit 24 6 21
Minority interest 0 0 0
Net profit discontinued -64 0 0
Net profit to shareholders -41 6 21
EPS -0,3 0,04 0,16
EPS adj. -0,24 0,1 0,22
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) -0,1 6,6 12
Gross margin (%) 100 100 100
EBITDA margin (%) 45 36,9 45,4
EBITA margin (%) 37,6 27 36,5
EBIT margin (%) 30,6 18,5 28,8
Pre-tax margin (%) 19,3 6,2 21,7
Net margin (%) 19,3 5,8 19,1
Year N/A N/A N/A
Sales growth (%) 38,6 -16,6 9,3
EBITDA growth (%) 32,5 -31,6 34,7
EBITA growth (%) 26,3 -40 47,8
EBIT growth (%) 39,2 -49,5 69,6
Net profit growth (%) -0,1 -75,2 262,3
EPS growth (%) N/A N/A N/A
Profitability N/A N/A N/A
ROE (%) -98,6 -85,2 327,7
ROE adj. (%) -77,7 -211 460,8
ROCE (%) 16,3 6,4 21,8
ROCE adj. (%) 21,9 14 29,6
ROIC (%) 33 24,8 36,3
ROIC adj. (%) 33,1 24,9 36,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 55 38 51
EBITDA adj. margin (%) 45 36,9 45,4
EBITDA lease adj. 54 37 50
EBITDA lease adj. margin (%) 44,2 36,1 44,7
EBITA adj. 46 28 41
EBITA adj. margin (%) 37,6 27 36,5
EBIT adj. 38 19 32
EBIT adj. margin (%) 30,7 18,6 28,8
Pretax profit Adj. 32 15 33
Net profit Adj. 32 15 30
Net profit to shareholders adj. -32 15 30
Net adj. margin (%) 26,3 14,3 26,8
EURm 2024 2025e 2026e
EBITDA 55 38 51
Goodwill 44 44 44
Net financial items -14 -13 -8
Other intangible assets 62 53 44
Paid tax 0 -2 -3
Tangible fixed assets 0 4 4
Non-cash items -1 14 0
Right-of-use asset 0 0 0
Cash flow before change in WC 41 37 40
Total other fixed assets 24 22 23
Change in working capital -8 -4 0
Fixed assets 130 123 115
Operating cash flow 33 33 40
Inventories 0 0 0
Capex tangible fixed assets -1 -1 -1
Receivables 27 22 23
Capex intangible fixed assets -22 -9 -8
Other current assets 0 0 0
Acquisitions and Disposals -17 -23 -6
Cash and liquid assets 11 10 14
Free cash flow -7 -1 25
Total assets 169 156 152
Dividend paid 0 0 0
Shareholders equity -10 -4 17
Share issues and buybacks 25 0 0
Minority 0 0 0
Leasing liability amortisation -2 -1 -1
Total equity -10 -4 17
Other non-cash items -17 10 6
Long-term debt 89 82 62
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 3 3 3
Total other long-term liabilities 3 2 2
Short-term debt 33 34 28
Accounts payable 16 13 14
Other current liabilities 33 26 26
Total liabilities and equity 169 156 152
Net IB debt 115 107 78
Net IB debt excl. pension debt 115 107 78
Net IB debt excl. leasing 111 105 75
Capital employed 116 114 109
Capital invested 105 103 95
Working capital -22 -18 -18
Year N/A N/A N/A
Market cap. diluted (m) 103 104 104
Net IB debt adj. 115 107 78
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 218 212 182
Total assets turnover (%) 55,7 63,2 72,9
Working capital/sales (%) -21,1 -19,4 -15,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1184,3 -2578,4 450,6
Net debt / market cap (%) 112,2 103,3 74,6
Equity ratio (%) -5,7 -2,7 11,3
Net IB debt adj. / equity (%) -1184,3 -2578,4 450,6
Current ratio 0,47 0,44 0,55
EBITDA/net interest 4 3 6,4
Net IB debt/EBITDA (x) 2,1 2,8 1,5
Net IB debt/EBITDA lease adj. (x) 2,1 2,8 1,5
Interest coverage 25,6 15,2 N/A
EURm 2024 2025e 2026e
Shares outstanding adj. 132 135 135
Diluted shares adj. 134 135 135
EPS -0,3 0,04 0,16
Dividend per share 0 0 0
EPS adj. -0,24 0,1 0,22
BVPS -0,07 -0,03 0,13
BVPS adj. -0,87 -0,75 -0,53
Net IB debt/share 0,86 0,8 0,58
Share price 8,6 8,6 8,6
Market cap. (m) 102 104 104
P/E (x) N/A 17,7 4,9
EV/sales (x) 1,8 2,1 1,6
EV/EBITDA (x) 3,9 5,6 3,6
EV/EBITA (x) 4,7 7,6 4,4
EV/EBIT (x) 5,8 11,1 5,6
Dividend yield (%) 0 0 0
FCF yield (%) -6,3 -0,6 23,8
Le. adj. FCF yld. (%) -8,6 -1,7 22,7
P/BVPS (x) -10,65 -25,03 6,05
P/BVPS adj. (x) -0,88 -1,02 -1,46
P/E adj. (x) N/A 7,4 3,6
EV/EBITDA adj. (x) 3,9 5,6 3,6
EV/EBITA adj. (x) 4,7 7,6 4,4
EV/EBIT adj. (x) 5,8 11,1 5,6
EV/CE (x) 1,9 1,9 1,7
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 18,4 9,7 8
Capex/depreciation 2,8 1,1 1
Capex tangibles / tangible fixed assets N/A 36,6 33,1
Capex intangibles / definite intangibles 34,9 16 17,6
Depreciation on intang / def. intang 12,3 16,6 19,9
Depreciation on tangibles / tangibles N/A 12,3 12,1

Equity research

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Media

Gentoo Media - Company presentation with Group CEO Jonas Warrer
Gaming Innovation Group - Company presentation with Board Member Hessi Mocca

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Main shareholders - Gaming Innovation Group

Main shareholders Share capital % Voting shares % Verified
Juroszek family 29.0 % 29.0 % 16 May 2025
Kjetil Myrlid Aasen 5.4 % 5.4 % 30 Apr 2025
Andre Lavold 5.0 % 5.0 % 24 Jan 2025
Jesper Ribacka 4.1 % 4.1 % 31 Aug 2024
Symmetry Invest A/S 1.9 % 1.9 % 31 Dec 2024
Avanza Pension 1.8 % 1.8 % 30 Apr 2025
Hans Michael Hansen 1.8 % 1.8 % 30 Apr 2025
Per Grieg Jr 1.5 % 1.5 % 30 Apr 2025
Dan Castillo 1.5 % 1.5 % 30 Apr 2025
Henrik Persson Ekdahl 1.2 % 1.2 % 30 Apr 2025
Source: Holdings by Modular Finance AB