Edison Investment Research - Gamesys Group (GYS) Gamesys Group - A strong end to the debut year of the larger group

Report

Edison Investment Research

Kate Heseltine

Gamesys Group - A strong end to the debut year of the larger group

Gamesys has reported a positive pre-close trading update. Strong momentum continued into Q420 and management now expects FY20 pro forma revenue and adjusted EBITDA will be at or above the upper end of current market expectations. We increase our FY21 and FY22 adjusted EBITDA forecasts by 4–6% due to higher revenue growth from a larger active customer base, and a higher and stable EBITDA margin that reflects ongoing investment in growing a sustainable business with a focus on responsible gambling. On our new forecasts, the free cash flow (FCF) yield for FY21e is 10.1% and the dividend yield is 3.0%.

12/01/2021 3 EN

Underlying

Gamesys Group

JPJ Group is an online gaming holding company. Through its subsidiaries, Co. is engaged in providing bingo, casino and other games to its customers. Co. operates in three segments: Vera&John, which consists of the online casino operations of various brands, including Vera&John and InterCasino; Jackpotjoy, which consists of the real money and social gaming operations of the Jackpotjoy, Starspins, and Botemania brands; and The Mandalay, which consists of the operations of various online bingo websites operated off the Dragonfish platform and the operations of affiliate portal websites.

See profile

GB00BZ14BX56 London Stock Exchange United Kingdom

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.

See profile

Analysts

Kate Heseltine

Other Reports on these Companies

Edison Investment Research

Gamesys Group - Termination of coverage

Edison Investment Research is terminating coverage on Gamesys Group (GYG), Mutares (MUX) and MedservRegis (MDS). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

December 29, 2021 December 29, 2021 1 EN

EQS Group AG

Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc

The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc 30-Sep-2021 / 13:42 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and ...

September 30, 2021 September 30, 2021 1 EN

EQS Group AG

Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc

The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc 28-Sep-2021 / 14:35 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and ...

September 28, 2021 September 28, 2021 1 EN

AGBA - A transformational deal

On 18 April, AGBA announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller is privately-owned but has been independently valued at US$3.2bn. AGBA’s management is using a US$4bn valuation for the combined entity, in which AGBA shareholders will own 20% and Triller shareholders 80%. Triller recorded FY23 revenues of US$45m on 450m user accounts and 2.2m creators but is loss-making. In FY23, AGBA reported revenues of US$54m and 400,000+ clients. The combined group expects synergies from expanding and marketing to Tri...

14h / 27m 14h / 27m 1 EN

Sean Conroy

Sean Conroy

Biodexa Pharmaceuticals - In a period of transition

FY23 was a transitional year for Biodexa, following the restructuring announced in March 2023 into a therapeutic company from a drug delivery specialist, and the implementation of cost-saving initiatives in light of the macroeconomic environment. The pipeline expansion primarily de-risks the business, partially fulfilled with the acquisition of lyn kinase activator tolimidone, for type 1 diabetes (T1D), in late 2023. Management estimates gross cash of £5.97m at end-FY23 to provide a runway into Q424, past the planned Phase IIa trial initiation for tolimidone. The next catalyst will likely be t...

18h / 36m 18h / 36m 1 EN

Toby Thorrington

Toby Thorrington

Norcros - Sale of Johnson Tiles UK agreed

Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well-covered dividend. We retain our estimates and value the shares at 246p, implying c 30% upside.

April 25, 2024 April 25, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Gamesys Group - A strong end to the debut year of the larger group

Gamesys Group - Termination of coverage

Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc

Form 8.3 - The Vanguard Group, Inc.: Gamesys Group plc

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe