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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 2025 2026e 2027e
Sales 101 110 115
Sales growth (%) -14,1 8 5
EBITDA 36 48 50
EBITDA margin (%) 35,2 43,7 43,4
EBIT adj. 19 35 37
EBIT adj. margin (%) 18,3 32,2 32,3
Pretax profit 4 25 30
EPS 0,03 0,16 0,2
EPS growth (%) N/A N/A 21,2
EPS adj. 0,08 0,22 0,26
DPS 0 0 N/A
EV/EBITDA (x) 6,2 4,1 3,3
EV/EBIT adj. (x) 12 5,5 4,4
P/E (x) 26,8 4,6 3,8
P/E adj. (x) 9 3,4 3
EV/sales (x) 2,18 1,78 1,42
FCF yield (%) -10,6 21,6 31,9
Le. adj. FCF yld. (%) -12,1 20 30,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,3 1,9 1,2
Le. adj. ND/EBITDA (x) 3,3 1,8 1,1
EURm 2025 2026e 2027e
Sales 101 110 115
COGS 0 0 0
Gross profit 101 110 115
Other operating items -66 -62 -65
EBITDA 36 48 50
Depreciation and amortisation -9 -4 -4
of which leasing depreciation -1 -1 -1
EBITA 27 44 46
EO Items 0 0 0
Impairment and PPA amortisation -9 -9 -9
EBIT 18 35 37
Net financial items -14 -10 -7
Pretax profit 4 25 30
Tax -1 -3 -4
Net profit 4 22 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 4 22 27
EPS 0,03 0,16 0,2
EPS adj. 0,08 0,22 0,26
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) 13,7 12 12
Gross margin (%) 100 100 100
EBITDA margin (%) 35,2 43,7 43,4
EBITA margin (%) 26,8 40,1 39,9
EBIT margin (%) 18,2 32,2 32,3
Pre-tax margin (%) 4,4 22,9 26,4
Net margin (%) 3,8 20,1 23,3
Year N/A N/A N/A
Sales growth (%) -14,1 8 5
EBITDA growth (%) -30 34,2 4,1
EBITA growth (%) -35,7 61,6 4,5
EBIT growth (%) -45,2 90,6 5,6
Net profit growth (%) -80 477,1 21,2
EPS growth (%) N/A N/A 21,2
Profitability N/A N/A N/A
ROE (%) -30 23613,9 109,2
ROE adj. (%) -98,3 32901,7 144,6
ROCE (%) 4,9 22,5 28,4
ROCE adj. (%) 12,4 30,2 36,5
ROIC (%) 21,7 36,6 39,9
ROIC adj. (%) 21,7 36,6 39,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 36 48 50
EBITDA adj. margin (%) 35,2 43,7 43,4
EBITDA lease adj. 35 47 49
EBITDA lease adj. margin (%) 34,4 43 42,7
EBITA adj. 27 44 46
EBITA adj. margin (%) 26,8 40,1 39,9
EBIT adj. 19 35 37
EBIT adj. margin (%) 18,3 32,2 32,3
Pretax profit Adj. 13 34 39
Net profit Adj. 13 31 35
Net profit to shareholders adj. 13 31 35
Net adj. margin (%) 12,4 28,1 30,8
EURm 2025 2026e 2027e
EBITDA 36 48 50
Goodwill 44 44 44
Net financial items -14 -10 -7
Other intangible assets 54 48 42
Paid tax -3 -3 -4
Tangible fixed assets 7 7 7
Non-cash items 4 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 23 35 39
Total other fixed assets 28 29 31
Change in working capital 3 0 0
Fixed assets 133 128 124
Operating cash flow 26 35 39
Inventories 0 0 0
Capex tangible fixed assets -1 -1 -1
Receivables 21 22 23
Capex intangible fixed assets -9 -5 -6
Other current assets 0 0 0
Acquisitions and Disposals -26 -6 0
Cash and liquid assets 4 8 4
Free cash flow -11 22 33
Total assets 158 158 151
Dividend paid 0 0 0
Shareholders equity -11 11 38
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -1 -2 -2
Total equity -11 11 38
Other non-cash items 17 6 0
Long-term debt 88 71 36
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 5 5 5
Total other long-term liabilities 2 2 2
Short-term debt 30 24 24
Accounts payable 13 14 15
Other current liabilities 31 31 31
Total liabilities and equity 158 158 151
Net IB debt 119 92 61
Net IB debt excl. pension debt 119 92 61
Net IB debt excl. leasing 114 87 56
Capital employed 112 111 103
Capital invested 108 103 99
Working capital -22 -22 -22
Year N/A N/A N/A
Market cap. diluted (m) 103 102 102
Net IB debt adj. 119 92 61
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 221 195 164
Total assets turnover (%) 62,4 69,2 74,4
Working capital/sales (%) -20,5 -20,4 -19,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1085,8 828 161,4
Net debt / market cap (%) 116,2 90,1 59,8
Equity ratio (%) -6,9 7 25,1
Net IB debt adj. / equity (%) -1085,8 828 161,4
Current ratio 0,35 0,44 0,39
EBITDA/net interest 2,5 4,7 7,3
Net IB debt/EBITDA (x) 3,3 1,9 1,2
Net IB debt/EBITDA lease adj. (x) 3,3 1,8 1,1
Interest coverage 11,6 N/A N/A
EURm 2025 2026e 2027e
Shares outstanding adj. 135 135 135
Diluted shares adj. 135 135 135
EPS 0,03 0,16 0,2
Dividend per share 0 0 N/A
EPS adj. 0,08 0,22 0,26
BVPS -0,08 0,08 0,28
BVPS adj. -0,81 -0,6 -0,36
Net IB debt/share 0,88 0,68 0,45
Share price 8,35 8,35 8,35
Market cap. (m) 102 102 102
P/E (x) 26,8 4,6 3,8
EV/sales (x) 2,2 1,8 1,4
EV/EBITDA (x) 6,2 4,1 3,3
EV/EBITA (x) 8,1 4,4 3,6
EV/EBIT (x) 12 5,5 4,4
Dividend yield (%) 0 0 0
FCF yield (%) -10,6 21,6 31,9
Le. adj. FCF yld. (%) -12,1 20 30,3
P/BVPS (x) -9,37 9,2 2,7
P/BVPS adj. (x) -0,94 -1,26 -2,12
P/E adj. (x) 9 3,4 3
EV/EBITDA adj. (x) 6,2 4,1 3,3
EV/EBITA adj. (x) 8,1 4,4 3,6
EV/EBIT adj. (x) 12 5,5 4,4
EV/CE (x) 2 1,8 1,6
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 10,4 5,9 5,9
Capex/depreciation 1,4 2 2,1
Capex tangibles / tangible fixed assets 18,8 15,8 16,7
Capex intangibles / definite intangibles 17,3 11,4 13,6
Depreciation on intang / def. intang 13,7 6,4 7,3
Depreciation on tangibles / tangibles 5,7 2,4 2,4

Equity research

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Media

Gentoo Media - Company presentation with CFO Mads Haugegaard Albrechtsen & Head of IR Sebastian Mortensen
Gentoo Media - Company presentation with Group CEO Jonas Warrer

View more media

Main shareholders - Gaming Innovation Group

Main shareholders Share capital % Voting shares % Verified
Juroszek family 29.1 % 29.1 % 18 Nov 2025
Kjetil Myrlid Aasen 5.4 % 5.4 % 30 Apr 2025
Andre Lavold 5.0 % 5.0 % 16 Dec 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