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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 123 115 131
Sales growth (%) 38,6 -6,2 13,3
EBITDA 55 49 61
EBITDA margin (%) 45 42,2 46,6
EBIT adj. 38 31 44
EBIT adj. margin (%) 30,7 27,3 33,9
Pretax profit 24 19 37
EPS -0,3 0,12 0,24
EPS growth (%) -276,8 -138,4 N/A
EPS adj. -0,24 0,17 0,29
DPS 0 0 0
EV/EBITDA (x) 5,1 5,5 3,8
EV/EBIT adj. (x) 7,5 8,5 5,2
P/E (x) N/A 10,7 5,2
P/E adj. (x) N/A 7,3 4,2
EV/sales (x) 2,29 2,33 1,75
FCF yield (%) -3,9 4,3 20,4
Le. adj. FCF yld. (%) -5,3 3,5 19,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,1 2 1
Le. adj. ND/EBITDA (x) 2,1 2 0,9
EURm 2024 2025e 2026e
Sales 123 115 131
COGS 0 0 0
Gross profit 123 115 131
Other operating items -68 -67 -70
EBITDA 55 49 61
Depreciation and amortisation -9 -8 -8
of which leasing depreciation -1 -1 -1
EBITA 46 40 53
EO Items 0 0 0
Impairment and PPA amortisation -9 -9 -9
EBIT 38 31 44
Net financial items -14 -13 -7
Pretax profit 24 19 37
Tax 0 -3 -4
Net profit 24 16 32
Minority interest 0 0 0
Net profit discontinued -64 0 0
Net profit to shareholders -41 16 32
EPS -0,3 0,12 0,24
EPS adj. -0,24 0,17 0,29
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) -0,1 14,5 12
Gross margin (%) 100 100 100
EBITDA margin (%) 45 42,2 46,6
EBITA margin (%) 37,6 34,8 40,5
EBIT margin (%) 30,6 27,3 33,9
Pre-tax margin (%) 19,3 16,1 28,2
Net margin (%) 19,3 13,8 24,8
Year N/A N/A N/A
Sales growth (%) 38,6 -6,2 13,3
EBITDA growth (%) 32,5 -12,1 25,4
EBITA growth (%) 26,3 -13,1 31,8
EBIT growth (%) 39,2 -16,4 40,6
Net profit growth (%) -0,1 -33,1 103,7
EPS growth (%) -276,8 -138,4 N/A
Profitability N/A N/A N/A
ROE (%) -98,6 -921,2 144,4
ROE adj. (%) -77,7 -1425,4 183,2
ROCE (%) 16,3 17 30,9
ROCE adj. (%) 21,9 24,1 38,3
ROIC (%) 33 32,7 46
ROIC adj. (%) 33,1 32,7 46
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 55 49 61
EBITDA adj. margin (%) 45 42,2 46,6
EBITDA lease adj. 54 48 60
EBITDA lease adj. margin (%) 44,2 41,5 46
EBITA adj. 46 40 53
EBITA adj. margin (%) 37,6 34,8 40,5
EBIT adj. 38 31 44
EBIT adj. margin (%) 30,7 27,3 33,9
Pretax profit Adj. 32 27 45
Net profit Adj. 32 25 41
Net profit to shareholders adj. -32 25 41
Net adj. margin (%) 26,3 21,3 31,5
EURm 2024 2025e 2026e
EBITDA 55 49 61
Goodwill 44 44 44
Net financial items -14 -13 -7
Other intangible assets 62 53 44
Paid tax 0 -3 -4
Tangible fixed assets 0 4 4
Non-cash items -1 11 0
Right-of-use asset 0 0 0
Total other fixed assets 24 21 22
Cash flow before change in WC 41 44 49
Fixed assets 130 121 114
Change in working capital -8 -6 0
Inventories 0 0 0
Operating cash flow 33 38 49
Receivables 27 27 28
Capex tangible fixed assets -1 -1 -1
Other current assets 0 0 0
Capex intangible fixed assets -22 -6 -6
Cash and liquid assets 11 22 13
Acquisitions and Disposals -17 -23 -6
Total assets 169 170 155
Free cash flow -7 7 35
Shareholders equity -10 6 39
Dividend paid 0 0 0
Share issues and buybacks 25 0 0
Minority 0 0 0
Total equity -10 6 39
Leasing liability amortisation -2 -1 -1
Long-term debt 89 84 41
Other non-cash items -17 13 6
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 3 3 3
Total other long-term liabilities 3 1 1
Short-term debt 33 34 28
Accounts payable 16 15 17
Other current liabilities 33 27 27
Total liabilities and equity 169 170 155
Net IB debt 115 98 59
Net IB debt excl. pension debt 115 98 59
Net IB debt excl. leasing 111 96 56
Capital employed 116 127 111
Capital invested 105 105 98
Working capital -22 -16 -16
Year N/A N/A N/A
Market cap. diluted (m) 167 170 170
Net IB debt adj. 115 98 59
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 281 268 228
Total assets turnover (%) 55,7 68 80,2
Working capital/sales (%) -21,1 -16,5 -12,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1184,3 1580 152,7
Net debt / market cap (%) 69,4 58,5 35
Equity ratio (%) -5,7 3,7 24,9
Net IB debt adj. / equity (%) -1184,3 1580 152,7
Current ratio 0,47 0,64 0,58
EBITDA/net interest 4 3,8 8,2
Net IB debt/EBITDA (x) 2,1 2 1
Net IB debt/EBITDA lease adj. (x) 2,1 2 0,9
Interest coverage 25,6 14,1 N/A
EURm 2024 2025e 2026e
Shares outstanding adj. 132 135 135
Diluted shares adj. 134 136 136
EPS -0,3 0,12 0,24
Dividend per share 0 0 0
EPS adj. -0,24 0,17 0,29
BVPS -0,07 0,05 0,28
BVPS adj. -0,87 -0,67 -0,37
Net IB debt/share 0,86 0,73 0,43
Share price 13,6 13,6 13,6
Market cap. (m) 165 168 168
P/E (x) N/A 10,7 5,2
EV/sales (x) 2,29 2,33 1,75
EV/EBITDA (x) 5,1 5,5 3,8
EV/EBITA (x) 6,1 6,7 4,3
EV/EBIT (x) 7,5 8,5 5,2
Dividend yield (%) 0 0 0
FCF yield (%) -3,9 4,3 20,4
Le. adj. FCF yld. (%) -5,3 3,5 19,6
P/BVPS (x) -17,23 27,21 4,39
P/BVPS adj. (x) -1,42 -1,85 -3,39
P/E adj. (x) N/A 7,3 4,2
EV/EBITDA adj. (x) 5,1 5,5 3,8
EV/EBITA adj. (x) 6,1 6,7 4,3
EV/EBIT adj. (x) 7,5 8,5 5,2
EV/CE (x) 2,4 2,1 2,1
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 18,4 6,3 6
Capex/depreciation 2,8 0,9 1,1
Capex tangibles / tangible fixed assets N/A 35,1 36,4
Capex intangibles / definite intangibles 34,9 11,2 14,7
Depreciation on intang / def. intang 12 14 16
Depreciation on tangibles / tangibles N/A 9,88 9,3

Equity research

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Media

Gaming Innovation Group - Company presentation with Board Member Hessi Mocca
Gaming Innovation Group - Company presentation with Head of IR Hessi Mocca

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Main shareholders - Gaming Innovation Group

Main shareholders Share capital % Voting shares % Verified
Juroszek family 27.0 % 27.0 % 4 Apr 2025
Kjetil Myrlid Aasen 5.4 % 5.4 % 31 Dec 2024
Andre Lavold 5.0 % 5.0 % 24 Jan 2025
Jesper Ribacka 4.1 % 4.1 % 31 Aug 2024
Dan Castillo 2.0 % 2.0 % 31 Dec 2024
Avanza Pension 1.9 % 1.9 % 31 Dec 2024
Symmetry Invest A/S 1.9 % 1.9 % 31 Dec 2024
Henrik Persson Ekdahl 1.8 % 1.8 % 31 Dec 2024
Hans Michael Hansen 1.8 % 1.8 % 31 Dec 2024
Per Grieg Jr 1.5 % 1.5 % 31 Dec 2024
Source: Holdings by Modular Finance AB