Update: Slingo ticks all the boxes
The $18m acquisition of the popular Slingo brand, platform and related assets is an important step for Gaming Realms. It takes it into the US and brings in a social games portfolio, with significant potential for growth and already crossing over into real-money gaming. Product and marketing investment pushes our target break-even date out to early 2016, but we then forecast a rapid scaling in group profits. A 2017e EV/EBITDA of only 4.4x suggests material share price upside once the recent share placing is digested, with interim results (late September) the next catalyst.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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