Gentoo Media: let’s roll! (BUY - initiation of coverage)
We initiate coverage of Gentoo Media with a price target (PT) of SEK 35.5/share and a BUY rating, offering 44% upside. Gentoo Media is a marketing company, which provides affiliate services to iGaming companies. The company runs over 150 specialised websites, where it provides the rankings of online casino and sportsbetting operators, as well as helpful industry information and instructions for iGaming users. The company offers a unique opportunity for investors to bet on the fast-growing iGaming market, without being directly exposed to the online betting business. We like the company for its superior EBITDA margin, its high level of organic growth, and the opportunity to conduct M&A at attractive prices in a highly fragmented market. Gentoo is trading currently at 5.3x 2025E EV/EBITDA and 9.4x 2025E P/E, on our estimates, or 31% and 26% discounts to its global iGaming peers, on the consensus.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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