Online casino gambling concept with smartphone

Aspire Global

Stockholm: ASPIRE

Market CapSEK3594.6m

Last Close SEK77.3

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 30 regulated markets across Europe, the US, South America and Africa.

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Investment summary

Aspire Global’s (AG’s) Q221 strong organic revenue growth of 21.6% y-o-y and the contribution of Sports (consolidated from the start of Q420) produced another all-time high in quarterly revenue and EBITDA, with an enhanced margin of 17.7% versus 16.1% in Q220. There was quarter-on-quarter revenue growth across all divisions. We upgraded our EBITDA forecasts for FY21 and FY22 by 7%.

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 23.1 77.4
2020A 161.9 27.1 18.4 32.6 23.2 11.9
2021E 214.9 36.5 32.4 59.8 12.7 9.0
2022E 241.4 42.7 35.7 68.5 11.0 8.4
Industry outlook

AG is exposed to favourable growth trends. First, the online gaming market is enjoying structural growth due to increasing global wealth, internet/mobile penetration and regulation. The geographic markets to which AG currently has some exposure are forecast to grow gross gaming revenue (GGR; ie customer wagers less their winnings) from US$37.6bn in 2019 to US$69.1bn by 2025 (source: H2 Gambling Capital). Secondly, online gaming markets are highly competitive with differing levels of regulation. These combine to make the operation of an online gaming brand challenging, particularly when working across many geographies.

Last updated on 17/09/2021
Content on Aspire Global
Aspire Global – Accelerating growth
Consumer | Update | 23 August 2021
Online casino gambling concept with smartphone
Consolidation in online gambling. Will investors profit?
Consumer | Edison TV | 3 August 2021
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Share price graph
Balance sheet
Forecast net cash (€m) 15
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 20.6 23.7 105.0
Relative* 23.5 17.2 53.0
52-week high/low SEK79.0/SEK32.8
*% relative to local index
Key management
Tsachi Maimon CEO
Motti Gil CFO