JPJ Group plc - Raising FY19 forecasts by c 3%
JPJ’s standalone H119 revenues increased by 14% to £169.5m, with an adjusted EBITDA of £54.0m. Including Gamesys, pro-forma H119 revenues were £265.6m. This was above our expectations due to another exceptional performance in the Vera&John division, which grew revenues by 58%. As expected, the UK (both JPJ and Gamesys) and Sweden continue to suffer the impact of rising taxes and restrictive regulations. The Gamesys acquisition is due for completion in Q319 and we raise our FY19 pro-forma forecasts by c 3%. Our FY20 and FY21 forecasts remain broadly unchanged. JPJ trades at 7.0x EV/EBITDA and 5.6x P/E for FY20, at the low end of the peer 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.
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