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Bragg Gaming Group


Market CapC$362.8m

Last Close C$18.3

Bragg Gaming Group (formerly Breaking Data Corp) is a Toronto-based B2B online gaming holding company. The core asset is Oryx Gaming, a predominantly European B2B online gaming platform.

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Investment summary

Bragg’s Q120 results demonstrated strong revenue growth (44% y-o-y), adjusted EBITDA margin expansion (to 8.7%) and improved free cash flow generation. Operationally, it continues to win new customers in new geographies and enhance product functionality, which should continue to improve the customer offer, drive growth and de-risk the business. Management has reiterated FY20 guidance for revenue and EBITDA growth of at least c 32% and 349%, respectively, vs FY19. The key drivers of share price performance will be continued strong operating performance and financing the Oryx deferred consideration, part due in September 2020.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 0.8 (0.4) (0.3) (0.86) N/A N/A
2019A 26.6 1.2 (1.0) (2.04) N/A N/A
2020E 36.6 5.4 2.1 0.87 1407.7 N/A
2021E 40.9 6.1 3.8 2.02 606.3 N/A
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (15.7) (22.1) 510.0
Relative* (16.5) (26.8) 368.8
52-week high/low C$30.3/C$2.9
*% relative to local index
Key management
Ronen Kannor CFO
Adam Arviv Interim CEO
Yaniv Spielberg Business Development Director

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