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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 98,74 105,19 110,45
Sales growth (%) -16,4 6,5 5
EBITDA 36 46 51
EBITDA margin (%) 36,4 44,1 46
EBIT adj. 22 36 39
EBIT adj. margin (%) 22,1 34,5 35,2
Pretax profit 0 20 28
EPS -0,02 0,13 0,18
EPS growth (%) -96,2 N/A 47
EPS adj. -1,51 0,21 0,24
DPS N/A N/A N/A
Dividend per share 0 0 N/A
EV/EBITDA (x) 5,1 3,5 2,7
EV/EBIT adj. (x) 8,3 4,5 3,5
P/E (x) N/A 3,8 2,58
P/E adj. (x) N/A 2,3 2
EV/sales (x) 1,84 1,56 1,25
FCF yield (%) -12,9 28,3 43,9
Le. adj. FCF yld. (%) -14,9 25,9 41,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,3 2,2 1,4
Le. adj. ND/EBITDA (x) 2,8 2 1,4
EURm 2025 2026e 2027e
Sales 98,74 105,19 110,45
COGS 0 0 0
Gross profit 99 105 110
Other operating items -63 -59 -60
EBITDA 36 46 51
Depreciation and amortisation -11 -3 -3
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -1 -1 -1
EBITA 25,03 43,37 47,52
EO Items N/A N/A N/A
Operating EO items -5 -2 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -9 -11 -9
EBIT 16,35 32,23 38,84
Net financial items -16 -12 -11
Pretax profit 0 20 28
Tax -3 -3 -3
Net profit -3 17 25
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -3 17 25
EPS -0,02 0,13 0,18
EPS adj. -1,51 0,21 0,24
Total extraordinary items after tax 78 -1 0
Leasing payments -1 -1 -1
Tax rate (%) 1524,9 14,2 12
Gross margin (%) 100 100 100
EBITDA margin (%) 36,4 44,1 46
EBITA margin (%) 25,4 41,2 43
EBIT margin (%) 16,6 30,6 35,2
Pre-tax margin (%) 0,2 18,8 25,7
Net margin (%) -2,6 16,1 22,6
Year N/A N/A N/A
Sales growth (%) -16,4 6,5 5
EBITDA growth (%) -29,6 29,3 9,6
EBITA growth (%) -40,8 73,3 9,6
EBIT growth (%) -51,5 97,2 20,5
Net profit growth (%) -114,9 -757,6 47
EPS growth (%) -96,2 N/A 47
Profitability N/A N/A N/A
ROE (%) 15 -148,9 260,9
ROE adj. (%) 419,5 -258,8 351,8
ROCE (%) 1,8 19,7 28,2
ROCE adj. (%) 14,7 31,5 36,9
ROIC (%) -346,6 38,2 43,4
ROIC adj. (%) -422,7 39,6 43,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 41 48 51
EBITDA adj. margin (%) 41,9 45,7 46
EBITDA lease adj. 40 47 50
EBITDA lease adj. margin (%) 40,6 44,4 44,8
EBITA adj. 31 45 48
EBITA adj. margin (%) 30,9 42,8 43
EBIT adj. 22 36 39
EBIT adj. margin (%) 22,1 34,5 35,2
Pretax profit Adj. 14 33 37
Net profit Adj. -72 29 34
Net profit to shareholders adj. -72 29 34
Net adj. margin (%) -73,1 28 30,4
EURm 2025 2026e 2027e
EBITDA 36 46 51
Goodwill 44 42 42
Net financial items -16 -12 -11
Other intangible assets 51 48 45
Paid tax -3 -2 -3
Tangible fixed assets 7 6 6
Non-cash items 6 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 24 32 37
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 30 31 32
Change in working capital 9 -3 0
Fixed assets 133 127 126
Operating cash flow 33 29 37
Inventories 0 0 0
Capex tangible fixed assets -1 -1 -1
Receivables 18 21 22
Capex intangible fixed assets -10 -7 -8
Other current assets 0 0 0
Acquisitions and Disposals -30 -3 0
Cash and liquid assets 3 6 2
Free cash flow -8 18 28
Total assets 155 155 150
Dividend paid 0 0 0
Shareholders equity -20 -3 22
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -1 -2 -2
Total equity -20 -3 22
Other non-cash items N/A N/A N/A
Other changes in net debt 11 3 0
Long-term debt 0 6 66
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 5 4 4
Total other long-term liabilities 6 4 4
Short-term debt 116 95 5
Accounts payable 12 10 11
Other current liabilities 35 37 37
Total liabilities and equity 155 155 150
Net IB debt 118 100 73
Net IB debt excl. pension debt 118 100 73
Net IB debt excl. leasing 113 96 69
Capital employed 101 103 98
Capital invested 98 97 95
Working capital -29 -26 -26
Year N/A N/A N/A
Market cap. diluted (m) 64 64 64
Net IB debt adj. 118 100 73
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 182 164 138
Total assets turnover (%) 61,5 68 72,5
Working capital/sales (%) -24,3 -26 -23,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -592,3 -3437,2 333,2
Net debt / market cap (%) 183 155,6 114,1
Equity ratio (%) -12,8 -1,9 14,7
Net IB debt adj. / equity (%) -592,3 -3437,2 333,2
Current ratio 0,13 0,19 0,46
EBITDA/net interest 2,2 3,7 4,8
Net IB debt/EBITDA (x) 3,3 2,2 1,4
Net IB debt/EBITDA lease adj. (x) 2,8 2 1,4
Interest coverage 5,8 85,1 N/A
EURm 2025 2026e 2027e
Shares outstanding adj. 135 135 135
Diluted shares adj. 135 135 135
EPS -0,02 0,13 0,18
Dividend per share 0 0 N/A
EPS adj. -1,51 0,21 0,24
BVPS -0,15 -0,02 0,16
BVPS adj. -0,86 -0,69 -0,48
Net IB debt/share 0,87 0,74 0,54
Share price 5,2 5,2 5,2
Market cap. (m) 64 64 64
P/E (x) N/A 3,8 2,58
EV/sales (x) 1,84 1,56 1,25
EV/EBITDA (x) 5,1 3,5 2,7
EV/EBITA (x) 7,3 3,8 2,9
EV/EBIT (x) 11,1 5,1 3,5
Dividend yield (%) 0 0 0
FCF yield (%) -12,9 28,3 43,9
Le. adj. FCF yld. (%) -14,9 25,9 41,4
P/BVPS (x) -3,24 -22,12 2,92
P/BVPS adj. (x) -0,56 -0,69 -0,98
P/E adj. (x) N/A 2,3 2
EV/EBITDA adj. (x) 4,4 3,4 2,7
EV/EBITA adj. (x) 6 3,7 2,9
EV/EBIT adj. (x) 8,3 4,5 3,5
EV/CE (x) 1,8 1,6 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -11,8 -7,2 -7,8
Capex/depreciation 1,2 4,4 4,3
Capex tangibles / tangible fixed assets 21,4 12,7 16,6
Capex intangibles / definite intangibles 19,9 14,3 16,9
Depreciation on intang / def. intang 18 3 4
Depreciation on tangibles / tangibles 7,06 1,46 1,7

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

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Main shareholders - Gaming Innovation Group

Main shareholders Share capital % Voting shares % Verified
Juroszek family 29.1 % 29.1 % 26 May 2026
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