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Cirsa has released its FY 2025 results. The company has consistently delivered better performance, thanks to its effective growth strategy of complementing organic growth with bolt-on acquisitions. Coupled with a diverse geographical mix, this strategy has enabled Cirsa to offset the headwinds from the LatAm operations. In 2025, the company placed an IPO on the Spanish stock exchange, which reduced the company's debt burden. Management has provided a constructive outlook for FY 2026, with the co...
European Entertainment Group released soft Q4/25 results on Friday. Revenues rose 2% y-o-y but adjusted EBITDA was down 16% owing to higher marketing investments, gaming taxes and advisory costs. Net leverage stood at 5.2x. We expect the FY 2026 results to be supported by growth in the Online Gaming and Game Development segments, which should drive modest deleveraging.
NWD's H1/25-26 results remained weak, weighed down by the decline in the property development segment on account of lower property deliveries. This was partly offset by slight earnings growth from the property investment segment. Core operating profit (excluding one-off items) decreased 18% y-o-y. The company reported another sizeable net loss of HKD 3.7 bn, driven by impairment losses. That said, the company would have registered net profit excluding non-cash impairments. FCF was negative, ...