Aspire Global

Stockholm: ASPIRE

SEK2646.8m market cap

SEK57 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) reported a strong FY20 and a good start to FY21, with January trading volumes 34% ahead of the average for Q120. FY20 EBITDA (at a margin of 16.7%) exceeded consensus expectations. Strong revenue growth in B2B Core was complemented by record performances from recent acquisitions Pariplay (B2B Games) and BtoBet (B2B Sports). Across B2B (68% of group total) there is a consistent message that new industry-leading partners (eg Betfair, William Hill and Rush Street Interactive) and increasing geographic coverage (the US, Colombia and Russia) are driving organic growth and laying the foundations for future growth in immature markets. AG’s strong free cash flow is reflected in the year-end cash position ex-player deposits of €22.7m (FY19: €23.5m) despite outflows for M&A (€17.7m) and internal investment (€8.7m). The April 2021 €27.5m bond maturity is funded by one-year €10m bridging loans from shareholders and cash in hand ahead of the March 2022 loan receipt from a related company.

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Share price graph
Price performance
Actual 26.1 46.3 238.9
Relative* 22.4 35.0 182.6
52-week high/low SEK65.3/SEK10.8
*% relative to local index
Key management
Tsachi Maimon CEO
Motti Gil CFO