Building for the long term

Media still growing ~20% organically despite a 'softer' quarter. P&S weighing on revisions, but strong pipeline limits l-t cuts. Trading at 6.8x '24e EV/EBITDA, 6% below peers avg.

Q1 miss, but solid start to Q2

Approaching the split with a solid Q1e

12% organic growth on tough P&S comps while we expect an acceleration from Q2. Trading at ~6x '24e EV/EBITDA, 15% below peers avg.

Clockwork growth

Media still shining, with 24% org. sales and 19% FTD growth. Platform & Sportsbook pipeline doubled since end of Q3'23. Set for split before end of Q2 - trading at ~5x '24e EV/EBITDA.

Delivering ~20% organic growth like clockwork

Strong earnings growth continues

Q4e: 8% org. top line growth on tough comps & low Oct SB margin. Earnings growth remains very strong, adj. EBITA up 61% y-o-y. '24e EV/EBITDA of ~5x, 14% below peer group median.

Full speed ahead

Solid report, solid '23 guidance

New Platform & SB CEO announced

AskGamblers sweetens the pot

Q2 to keep ~20% organic growth driven by both divisions. Margins continue to increase, 42% '23e-'25e adj. EBITA CAGR. '23e EV/EBITDA of ~7x, 11% below peer group median.

CEO stepping down

Improving cash conversion continues

Strong platform performance drove 19% org. growth. Outlook remains strong – limited adj. EBITDA revisions. Share is trading at '23e EV/EBITA below 7x.

Solid start to the year

Momentum continues

We expect a decent set of Q1 results, with the continued momentum driven by both divisions.

If one becomes two

GiG to potentially be split. We look closer at each division, and industry peers. 43% '22e-'25e adj. EBITA CAGR at 8x '23e EV/adj. EBITA.