Update: Playing for real
With the building blocks in place, Gaming Realms is now rapidly scaling up, demonstrating that there is plenty of room in the UK online casino and bingo market for an innovative new entrant. Final results were as expected, Q115 KPIs were encouraging and our profit forecasts are unchanged. The 2016e EV/EBITDA is 8.5x, falling to only 5.4x for 2017e. Management’s track record and marketing skills underpin our confidence in the material upside potential for 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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