Aequitas Research - Scientific Games Corporation (SGMS) ... SG Lottery Pre-IPO

Report

Aequitas Research

Sumeet Singh

EUR 87.97 For Business Accounts Only

SG Lottery Pre-IPO

Scientific Games aims to raise around US$3.7bn (A$5bn) via selling a majority of its stake in SG Lottery (SGL) in an Australian IPO.

SGL runs a global lottery business supplying lottery products and services across the lottery ecosystem. It works with various governments globally who use its products and services to run their lotteries. As of FY20, SGL had more than 130 customers in over 50 countries. Revenue from North America and Europe accounted for 73% and 24% of its FY20 revenue, respectively.

SGL generates most of its sales from instant lottery products. It has supplied instant lottery products to 40 of the 46 US jurisdictions that sell instant lottery products and has sold instant lottery products to customers in approximately 50 countries. Its relationship with its top 10 customers have been ongoing for an average 35 years.

SGL has been reporting steady past growth and margins have been relatively stable as well.

11/10/2021 10 EN

Underlyings

Scientific Games Corporation

Scientific Games is a developer of technology-based products and services and associated content for the worldwide gaming, lottery and interactive gaming industries. The company's portfolio activities primarily includes supplying gaming machines and game content, casino-management systems and table game products and services to licensed gaming entities; providing instant and draw-based lottery products, lottery systems and lottery content and services to lottery operators; providing social casino solutions to retail consumers and regulated gaming entities; and providing a suite of digital real-money gaming and sports wagering solutions, distribution platforms, content, products and services.

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US80874P1093 NASDAQ Stock Market United States

SG Lottery

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Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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SG Lottery Pre-IPO

Vital Signs: Actionable charts

Scientific Games Corporation - December 2021 (LTM): Peer Snapshot

InsiderInsights Daily Ratings Report: March 11, 2022

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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