Edison Investment Research - Aspire Global (ASPIRE) Aspire Global - Focused on B2B

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Edison Investment Research

Kate Heseltine

Aspire Global - Focused on B2B

Aspire Global (AG) has announced the proposed disposal of its B2C business. The sale will lead to AG becoming a focused B2B provider of iGaming solutions, which have recently generated higher rates of revenue growth and profitability than the B2C segment and therefore should be positive for AG’s valuation multiple. In addition, the resulting strong pro forma net cash position means AG is well placed to consider further M&A to extend its product and service offering, which has recently proven to be accretive to the group’s revenue growth profile and profitability. Our forecasts are unchanged ahead of the expected completion of the B2C transaction at the end of November 2021 and the Q321 results due on 4 November 2021. Our DCF-based valuation remains SEK110/share.

13/10/2021 2 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 - Focused on B2B

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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