Edison Investment Research - Gaming Realms (GMR) Flash note: Investing to grow

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Edison Investment Research

Flash note: Investing to grow

Gaming Realms' maiden interims showed strong growth in new depositing players, as management invests heavily in marketing and product/platform development with the aim of taking a meaningful share of the online bingo and casino market. As discussed in our recent Initiation report, we believe there is plenty of room for an innovative new market entrant with an experienced management team. Despite a bounce in the share price, the 2017e EV/EBITDA is only 4.0x, suggesting plenty of medium-term upside.

16/06/2014 1 EN

Underlying

Gaming Realms

Gaming Realms is a developer, publisher and licensor of mobile games. Co.'s principal activities is that of an online bingo and casino operator, the provision and marketing of interactive bingo and casino services to customers in the U.K. and social gaming on Facebook and mobile to customers in the U.S. and Europe. Co. has three reportable segment. The social publishing provides freemium games to the U.S. and Europe. Licensing includes IP brand and content licensing to partners in the U.S. and Europe. The real money gaming products and marketing services operates Co.'s brands and provides other digital marketing services to both gaming and non-gaming clients in the U.K.

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GB00BBHXD542 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.

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