Aspire Global

Stockholm: ASPIRE

SEK2963.6m market cap

SEK63.8 last close

Aspire Global is a leading B2B provider of iGaming solutions, offering partners all relevant products to operate a successful iGaming brand. It also owns/offers B2C online gaming brands, including Karamba. Aspire operates in 26 regulated markets across Europe, the US, South America and Africa.

Investment summary

Aspire Global (AG) is an online gaming technology, services and content company that offers its customers, online gaming operators, everything that is required to operate a successful iGaming brand. The global online gaming market is experiencing structural growth and AG’s leading technology and services help customers manage the many operational and regulatory complexities of online gaming, while minimising their investment and mitigating their increasing cost pressures. Its success is apparent in its increasing geographic presence (26 markets) and roster of leading online gaming brands. AG is trading at a significant discount to its larger peers; our DCF-based valuation points to a share price of SEK95.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 131.4 21.7 17.9 32.7 19.2 64.3
2020A 161.9 27.1 18.4 32.6 19.3 9.9
2021E 187.7 32.8 28.7 52.7 11.9 8.9
2022E 211.3 38.5 31.7 60.7 10.4 7.7
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Sector
Consumer
Share price graph
Balance sheet
Forecast net cash (€m) 8.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 12.3 38.7 247.9
Relative* 7.2 21.6 120.2
52-week high/low SEK65.3/SEK17.8
*% relative to local index
Key management
Tsachi Maimon CEO
Motti Gil CFO