Cirsa Enterprises : Play regulated games, win fat cash prizes
Cirsa is a global player in omnichannel gaming with a solid growth track record (EBITDA +13% CAGR 2005-24), above-peers profitability (33% EBITDA margin FY 24) and promising outlook (adj. net profit +30% CAGR 2024-28e) that has successfully scaled its Spanish business (#1 in slots and Casino) into a true leader in the Spanish-speaking world. The company was recently IPO’d to reduce its leverage to c.2.75x ND/EBITDA and provide a future exit strategy for Blackstone (7-year tenure). We initiate our coverage with an Outperform rating and a € 23/sh target valuation.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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