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 o...