Edison Investment Research - Aspire Global (ASPIRE) Aspire Global - Accelerating growth

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Edison Investment Research

Kate Heseltine

Aspire Global - Accelerating growth

Aspire Global’s (AG’s) Q221 results showed improving revenue momentum, with quarter-on-quarter revenue growth across all divisions, and an expansion in group EBITDA margin. The results reflect the benefits of its wider portfolio of services versus its peers, enabling the individual divisions to win more business from both new and existing clients in more geographies, as well as an increasing number of new cross-platform deals. We upgrade our EBITDA forecasts for FY21 and FY22 by 7%, leading to an increase in our DCF-based valuation of 10% to SEK110/share.

23/08/2021 9 EN

Underlying

Aspire Global

Aspire Global Plc is a Malta-based Business to Business (B2B) service provider for the online gaming market. The Company provides an advanced solution combining a robust platform, interactive games, and a set of comprehensive operational services. it operates through two segments: B2B and Business to Customer (B2C). It offers its B2B partners a full-service solution for launching and operating online casinos. It operates several proprietary casino brands, such as Karamba and Hopa, based on the same operational setup and technical platform that is offered to partners. Its IGaming solutions include customer relation management (CRM), licenses, payment and risk, account manager, regulations and compliance, and analysis.

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MT0001530105 Nasdaq Nordic Stockholm Malta

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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Aspire Global - Accelerating growth

Aspire Global - Termination of coverage

Aspire Global - Exceeding management’s FY21 guidance

Aspire Global - Exceeding management’s FY21 guidance

Actinogen Medical - Funding in place to complete XanaMIA Phase IIb

Games Workshop Group - Sigmar the fourth

Datatec - Encouraging H1 across all divisions

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