Edison Investment Research - Nektan (NKTN) Nektan - Successful fund-raising to fuel growth

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Edison Investment Research

Victoria Pease

Nektan - Successful fund-raising to fuel growth

Nektan is an innovative B2B mobile gaming platform provider, gaining positive momentum in Europe and the US. However, the business is still early stage, with Â£13.3m FY17 revenues accompanied by continued EBITDA losses. During 2017, Nektan secured a Â£2.5m loan from management and raised Â£1.76m via a placing and subscription of new shares. Depending on performance, we believe further fund-raising is possible. The dilution from the 2017 fund-raising has been mitigated by positive sentiment over subsequent management share purchases, as well as a new investor. In our view, profitable revenue growth and a move to positive EBITDA are necessary for a re-rating.

11/01/2018 2 EN

Underlying

Nektan

Nektan and its subsidiaries are engaged in internet or online gaming services; mobile software development; and commercial development in gaming business.

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GI000A12CYF8 Gibraltar

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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Analysts

Victoria Pease

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Edison Investment Research is terminating coverage on Nektan (NKTN). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

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Nektan - Successful fund-raising to fuel growth

Nektan plc - Successful fund-raising to fuel growth

Termination of coverage

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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