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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 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 faces many counterparties and some customers on the B2B side are smaller firms with low levels of solidity). Although the SEK 450 million bond has been refinanced with more favourable terms and matures in 2024, this still means that there are some financial risks involved.

Financials

EURm 2023 2024e 2025e
Sales 127 126 144
Sales growth (%) 40,8 -0,9 14,9
EBITDA 52 62 72
EBITDA margin (%) 41,2 49 49,5
EBIT adj. 27 43 55
EBIT adj. margin (%) 21,1 34,6 38,1
Pretax profit 11 33 46
EPS 0,02 -0,25 0,3
EPS growth (%) -19,3 -1275,2 -220,3
EPS adj. 0,1 -0,19 0,35
DPS 0 0 0
EV/EBITDA (x) 6,8 6,4 5
EV/EBIT adj. (x) 13,3 9,1 6,4
P/E (x) 100,7 -8,6 7,1
P/E adj. (x) 22,2 -11,2 6
EV/sales (x) 2,82 3,14 2,45
FCF yield (%) -6,4 -1,5 6,7
Le. adj. FCF yld. (%) -8 -2,2 6,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,6 1,8 0,9
Le. adj. ND/EBITDA (x) 1,5 1,8 0,9
EURm 2023 2024e 2025e
Sales 127 126 144
COGS -1 0 0
Gross profit 126 126 144
Other operating items -73 -64 -73
EBITDA 52 62 72
Depreciation and amortisation -14 -10 -8
of which leasing depreciation -2 -1 -1
EBITA 38 52 64
EO Items -1 0 0
Impairment and PPA amortisation -13 -9 -9
EBIT 26 43 55
Net financial items -14 -10 -9
Pretax profit 11 33 46
Tax -4 -3 -6
Net profit 8 30 40
Minority interest 0 0 0
Net profit discontinued -5 -63 0
Net profit to shareholders 3 -33 40
EPS 0,02 -0,25 0,3
EPS adj. 0,1 -0,19 0,35
Total extraordinary items after tax -1 0 0
Leasing payments -2 -1 -1
Tax rate (%) 31,1 10,1 12
Gross margin (%) 99,1 100 100
EBITDA margin (%) 41,2 49 49,5
EBITA margin (%) 30,2 41,4 44,2
EBIT margin (%) 20,2 34,5 38,1
Pre-tax margin (%) 8,9 26,3 31,8
Net margin (%) 6,2 23,6 28
Year N/A N/A N/A
Sales growth (%) 40,8 -0,9 14,9
EBITDA growth (%) 61 17,8 16,1
EBITA growth (%) 84,3 35,7 22,8
EBIT growth (%) N/A 69,8 26,8
Net profit growth (%) 37,6 280,5 36,1
EPS growth (%) -19,3 -1275,2 -220,3
Profitability N/A N/A N/A
ROE (%) 3,5 -73,3 223,6
ROE adj. (%) 20,7 -54,1 272,2
ROCE (%) 7,4 23,2 41,1
ROCE adj. (%) 15,6 28,9 48,9
ROIC (%) 17 32,9 52,4
ROIC adj. (%) 17,5 32,9 52,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 54 62 72
EBITDA adj. margin (%) 42,2 49 49,5
EBITDA lease adj. 51 60 70
EBITDA lease adj. margin (%) 40,4 48,1 48,7
EBITA adj. 40 52 64
EBITA adj. margin (%) 31,2 41,4 44,2
EBIT adj. 27 43 55
EBIT adj. margin (%) 21,1 34,6 38,1
Pretax profit Adj. 25 42 55
Net profit Adj. 21 38 49
Net profit to shareholders adj. 16 -24 49
Net adj. margin (%) 16,9 30,5 34,1
EURm 2023 2024e 2025e
EBITDA 52 62 72
Goodwill 41 45 45
Net financial items -14 -10 -9
Other intangible assets 63 58 49
Paid tax -2 -2 -6
Tangible fixed assets 131 0 0
Non-cash items -21 29 0
Right-of-use asset 0 0 0
Total other fixed assets 4 10 10
Cash flow before change in WC 15 79 57
Fixed assets 239 113 104
Change in working capital 30 -42 -4
Inventories 0 0 0
Operating cash flow 46 37 53
Receivables 19 23 28
Capex tangible fixed assets -3 -1 -2
Other current assets 0 0 0
Capex intangible fixed assets -20 -18 -6
Cash and liquid assets 15 4 7
Acquisitions and Disposals -40 -22 -26
Total assets 273 139 139
Free cash flow -18 -4 19
Shareholders equity 92 -2 38
Dividend paid 0 0 0
Share issues and buybacks 10 25 0
Minority 0 0 0
Total equity 92 -2 38
Leasing liability amortisation -4 -2 0
Long-term debt 75 84 69
Other non-cash items -23 -29 26
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 5 3 2
Total other long-term liabilities 34 16 16
Short-term debt 19 29 3
Accounts payable 17 10 11
Other current liabilities 31 0 0
Total liabilities and equity 273 139 139
Net IB debt 83 112 67
Net IB debt excl. pension debt 83 112 67
Net IB debt excl. leasing 78 109 64
Capital employed 190 114 112
Capital invested 175 110 105
Working capital -30 13 17
Year N/A N/A N/A
Market cap. diluted (m) 275 283 288
Net IB debt adj. 83 112 67
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 357 395 355
Total assets turnover (%) 55,5 61,1 104
Working capital/sales (%) -11,4 -6,7 10,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 89,4 -5254,2 174
Net debt / market cap (%) 30,4 39,9 23,3
Equity ratio (%) 33,9 -1,5 27,6
Net IB debt adj. / equity (%) 89,4 -5254,2 174
Current ratio 0,51 0,68 2,57
EBITDA/net interest 3,7 5,9 7,8
Net IB debt/EBITDA (x) 1,6 1,8 0,9
Net IB debt/EBITDA lease adj. (x) 1,5 1,8 0,9
Interest coverage 19,2 19,6 137,9
EURm 2023 2024e 2025e
Shares outstanding adj. 128 132 135
Diluted shares adj. 130 134 136
EPS 0,02 -0,25 0,3
Dividend per share 0 0 0
EPS adj. 0,1 -0,19 0,35
BVPS 0,71 -0,02 0,28
BVPS adj. -0,09 -0,78 -0,41
Net IB debt/share 0,64 0,84 0,49
Share price 24,7 24,7 24,7
Market cap. (m) 271 280 286
P/E (x) 100,7 -8,6 7,1
EV/sales (x) 2,82 3,14 2,45
EV/EBITDA (x) 6,8 6,4 5
EV/EBITA (x) 9,3 7,6 5,5
EV/EBIT (x) 14 9,1 6,4
Dividend yield (%) 0 0 0
FCF yield (%) -6,4 -1,5 6,7
Le. adj. FCF yld. (%) -8 -2,2 6,6
P/BVPS (x) 2,98 -132,81 7,52
P/BVPS adj. (x) -24,31 -2,68 -5,15
P/E adj. (x) 22,2 -11,2 6
EV/EBITDA adj. (x) 6,7 6,4 5
EV/EBITA adj. (x) 9 7,6 5,5
EV/EBIT adj. (x) 13,3 9,1 6,4
EV/CE (x) 1,9 3,5 3,2
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 18,1 15,2 5,2
Capex/depreciation 2 2,3 1,2
Capex tangibles / tangible fixed assets 2 N/A N/A
Capex intangibles / definite intangibles 32,5 31,1 11,7
Depreciation on intang / def. intang 18 14 13
Depreciation on tangibles / tangibles 0,45 N/A N/A

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 25.9 % 25.9 % 29 Nov 2024
Kjetil Myrlid Aasen 5.4 % 5.4 % 26 Sep 2024
Andre Lavold 4.7 % 4.7 % 26 Sep 2024
Jesper Ribacka 4.1 % 4.1 % 31 Aug 2024
Symmetry Invest A/S 3.0 % 3.0 % 27 Jun 2024
Henrik Persson Ekdahl 2.1 % 2.1 % 26 Sep 2024
Riskornet AB 2.0 % 2.0 % 26 Sep 2024
Avanza Pension 1.9 % 1.9 % 26 Sep 2024
Egil Stenshagen 1.9 % 1.9 % 28 Jun 2023
Hans Michael Hansen 1.8 % 1.8 % 26 Sep 2024
Source: Holdings by Modular Finance AB