Aspire Global - ‘Yet another record quarter’
Aspire Global’s (AG’s) Q121 results highlighted strong broad-based organic revenue growth (+35.6% y-o-y) complemented by improving sequential growth from recent M&A, which led to an impressive expansion in EBITDA margin (+230bp y-o-y to 17.8%). Through Q121, AG’s enhanced and more integrated offering enabled it to execute well on its strategy of expanding to more regulated markets, attracting new customers and growing sales to existing partners. We upgrade our FY21 and FY22 revenue and EBITDA forecasts by 4%, leading to an increase in our DCF-based valuation to SEK100 per share, upside of 41% from the current share price.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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