Edison Investment Research - Aspire Global (ASPIRE) Aspire Global - Strong new customer and geographic pipeline

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Edison Investment Research

Kate Heseltine

Aspire Global - Strong new customer and geographic pipeline

Aspire Global (AG) reported a strong FY20 and a good start to FY21, with January trading volumes 34% ahead of the average for Q120. FY20 EBITDA (at a margin of 16.7%) exceeded consensus expectations. Strong revenue growth in B2B Core was complemented by record performances from recent acquisitions Pariplay (B2B Games) and BtoBet (B2B Sports). Across B2B (68% of group total) there is a consistent message that new industry-leading partners (eg Betfair, William Hill and Rush Street Interactive) and increasing geographic coverage (the US, Colombia and Russia) are driving organic growth and laying the foundations for future growth in immature markets. AG’s strong free cash flow is reflected in the year-end cash position ex-player deposits of €22.7m (FY19: €23.5m) despite outflows for M&A (€17.7m) and internal investment (€8.7m). The April 2021 €27.5m bond maturity is funded by one-year €10m bridging loans from shareholders and cash in hand ahead of the March 2022 loan receipt from a related company.

19/02/2021 3 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

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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 - Strong new customer and geographic pipeline

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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