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Hybridan Small Cap Feast - 11September 2024
11th September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Bivictrix Therapeutics (BVX.L) has delisted from AIM What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet***...
Hybridan Small Cap Feast - 30 July 24
30th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Mining, Minerals & Metals Plc (MMM.L) has completed the acquisition of Georgina Energy Plc and will now be trading on the London Stock Exchange under the name Georgina Energy plc (GEX.L). Georgina is an early-stage well redevelopment company which has ...
- Emily Liu
Hybridan Small Cap Feast: 2 April 2024
2nd April 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
Hybridan Small Cap Feast - 05 Feb 2024
5th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
Gaming Realms: 2 directors
Two Directors at Gaming Realms bought/maiden bought 552,988 shares at between 35p and 35p. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...
- Richard Gill
- CFA
Gaming Realms – Full Year Results
Gaming Realms is a creator and licensor of innovative games for mobile, operating in the UK, US, Canada and Europe. Flagship brand Slingo® is a popular and unique game genre combining elements of slots, bingo and table gameplay. These games are licensed by some of the world’s biggest online gaming operators, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games using the company's proprietary Remote Game Server p...
- Richard Gill
- CFA
Gaming Realms - Interim Results Update
Strong numbers posted for H1 2021, in line with expectations Revenues for the six months to 30th June 2021 rose by 50% to £7.7 million. This was mainly driven by the Licensing division, where revenues grew by 73% to £5.8 million. This was complimented by a 7% revenue increase in the smaller Social Publishing division to £1.9 million. Boosted by the operational gearing, adjusted EBITDA profits (before share option and related charges) grew by 144% to £3.1 million. Pennsylvania launch an...
- Richard Gill
- CFA
Gaming Realms - Full Year Results & Valuation Update
Gaming Realms is a creator and licensor of innovative games for mobile, operating in the UK, US, Italy and Canada. Flagship brand Slingo® is a popular and unique game genre combining elements of slots, bingo and table gameplay. These games are licensed by some of the world’s biggest online gaming operators, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games using the company's proprietary Remote Game Server pl...
- Richard Gill
- CFA
Gaming Realms - Valuation Update
Gaming Realms is a creator and licensor of innovative games for mobile, with operations in the UK, U.S. and Canada. Flagship brand Slingo® is a highly popular and unique game genre which combines elements of slot, bingo and table gameplay. These games are licensed by some of the biggest online gaming operators in the world, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games & Relax Gaming using the company's p...
- Richard Gill
- CFA
Gaming Realms - Update
Gaming Realms is a creator and licensor of innovative games for mobile, with operations in the UK, U.S. and Canada. Through its unique IP and brands, Gaming Realms brings together media, entertainment and gaming assets in new game formats. Focus on high margin licensing operations Following the disposal of its remaining real money gaming (RMG) operations in July 2019 Gaming Realms is now focusing on becoming a leading licensor of games to the global gaming industry. The licensing division ...
- Richard Gill
- CFA
Gaming Realms - Update
Gaming Realms is a creator and licensor of real money and social games with operations in the UK, U.S. and Canada. The business was set up by the team behind Cashcade Ltd, creator of bingo brand Foxy Bingo and which was sold to PartyGaming for just under £96 million in 2009. Disposal of real money B2C assets complete and cash received Gaming Realms has completed the disposal of its real money gaming business Bear Group Limited to a subsidiary of Oslo Bors listed River iGaming plc, as well ...
- Richard Gill
- CFA
Gaming Realms - Re-Initiation of Coverage. Conviction Buy
Gaming Realms is a developer, publisher and licensor of real money and social games with operations in the UK, U.S. and Canada. The business was set up by the team behind Cashcade Ltd, creator of bingo brand Foxy Bingo, which was sold to PartyGaming for just under £96 million in 2009. Strategy focused on exploiting valuable range of IP Gaming Realms has developed and acquired a host of popular games, including the flagship “Slingo” brand. The focus is upon exploiting this IP across its rea...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Update: Strategic partnership to maximise agency value
Gaming Realms has announced a strategic partnership with the Ayima digital marketing agency whereby it is injecting its QuickThink Media (QTM) assets in return for a 10% stake valued at £540k. The rationale for the deal is to allow Gaming Realms’ management to further focus on its core strength, being the development and publishing of mobile optimised social and real money games, while also strengthening QTM’s outlook by placing it within a growing complementary business.
Update: Building momentum
Gaming Realms’ 2015 final results show a business that continues to build momentum, as revenues more than doubled to £21.2m (2014 pro forma: £9.8m). Growth is being driven by its real money and social gaming (including licensing) verticals, which were up 362% and 294%, respectively. Gaming Realms also recently announced that it has extended its licensing deal with Scientific Games to land-based gaming machines as part of its strategy of taking the Slingo brand into adjacent markets. 2015 adj...
Update: New funding to support growth plans
Gaming Realms has announced it has conditionally raised c £1.55m (gross) of additional funding to support its product launches and platform development. Executive directors have taken 1.6m of the 7.7m new subscription shares (at 20p per share). The company also gave an update on its early-year trading, which showed continued positive momentum.
Update: Refocusing to play to its strengths
Gaming Realms has announced that it has reached agreements to sell its third-party platform-driven bingo skins and associated websites (excluding bingoport.co.uk) for a total consideration of £2.9m. It will now focus its investments on higher-margin owned IP (such as its Slingo brand) delivered through its own platform. We have adjusted our forecasts to reflect the disposals and our revised view of the timing of additional Slingo game launches. As a result, we have reduced our 2016e EBITDA fore...
Outlook: A platform for growth
Powered by its own proprietary platform, Gaming Realms’ aim is to become a meaningful player in the entertainment-led, real-money gambling and social gaming markets. After a period of heavy investment in platform development and marketing, its Q315 trading update reported that revenues are ramping up as expected (up 48% on Q215), with the company set to deliver a step change in profitability in FY16. Its FY16e EV/EBITDA is 11.3x, falling to 4.3x for 2017e, a material discount to the sector.
Update: Slingo ticks all the boxes
The $18m acquisition of the popular Slingo brand, platform and related assets is an important step for Gaming Realms. It takes it into the US and brings in a social games portfolio, with significant potential for growth and already crossing over into real-money gaming. Product and marketing investment pushes our target break-even date out to early 2016, but we then forecast a rapid scaling in group profits. A 2017e EV/EBITDA of only 4.4x suggests material share price upside once the recent share...
Update: Playing for real
With the building blocks in place, Gaming Realms is now rapidly scaling up, demonstrating that there is plenty of room in the UK online casino and bingo market for an innovative new entrant. Final results were as expected, Q115 KPIs were encouraging and our profit forecasts are unchanged. The 2016e EV/EBITDA is 8.5x, falling to only 5.4x for 2017e. Management’s track record and marketing skills underpin our confidence in the material upside potential for Gaming Realms.
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