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ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson

Busy Q2, but uncertainty remains

Q2 supported by Euros and Copa America, but note tough comps. Minor revisions; we arrive near the low-end of '24e EBITDA target. Stay away for now; a better entry should come.

ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson

Uncertain outlook - keep HOLD

Soft Q1 margin and rev-share NDC intake making us cut '24e and '25e adj. EBITA by 2% and 4%. Keep HOLD on uncertain outlook and limited valuation support.

ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson

Mind the comps

Q1e: 12% pro forma revenue decline y-o-y on notably tough comps. We cut '25e North America growth, weighing 6% on '25e-'26e EBITA. Maintain HOLD – keep awaiting a better entry point.

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - All aboard the rev-share train

Q3 miss does not deflate our optimism Solid outlook remains, limited adj. EBITA revisions Retain BUY at 8x ‘23e EV/EBITA

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Reiterated 2022 targets is reassuring

Q3: miss on numbers, partly due to more rev-share We expect limited revisions on reiterated targets Share should outperform slightly today

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - NFL season is here, and FIFA 23 as well

Q3e to show 38% top line growth and 26% EBITA margin Small total revisions in ‘22e-‘24e on offsetting factors We remain BUYers and highlight the rev-share value

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Short-term pain, long-term gain

Q2 miss, but many short-term effects once again Limited ’22e estimate revisions – ’23e-’24e up slightly Keep BUY – appealing entrepreneurial story

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Margin miss will likely send the share down

Q2 sales beat driven by paid media, miss on adj. EBITDA We expect negative cons revisions of 2-5% Share likely to come down in line with expected revisions

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Remember the seasonality

Slower sports season in Q2, Futbin is Q4-heavy Minor adj. EBITA estimate changes ‘22e-‘24e Overlooked gem, quality growth at 10x ‘23e EV/EBITA

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Reassuring outlook

Impressive sales given short-term impacts Strong outlook reiterated, but costs seem to have risen Retain BUY at 9x ‘23e EV/EBITA

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Strong outlook should lift the share today

Q1 sales beat but margins slightly below Solid trading update and raised organic growth guidance Expect the share to outperform today

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Strong Q1 awaits and M&A pace remains

Multiple tailwinds – Q1’22e sales +67% y-o-y CSB and Futbin acquisitions included in estimates Years of growth ahead at attractive multiples, BUY

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