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Bragg Gaming Group


C$268.8m market cap

C$2.05 last close

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.

Investment summary

Bragg Gaming’s core asset is Oryx Gaming, a fast-growing online B2B gaming solution provider. It has limited exposure to sports and therefore revenues should be relatively secure in the light of fixture cancellations. 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.

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 0.87 151.9 N/A
2021E 40.9 6.1 3.8 2.02 65.4 N/A
Industry outlook

According to H2 Gambling Capital (H2GC), the global online gaming market has grown at a c 10% CAGR over the past 10 years and amounted to c £40bn gross gaming revenues in 2018. Driven largely by the opening of the US market, H2GC estimates online growth of 7% CAGR to 2023 (pre COVID-19 impact). As Oryx continues to gain market share, we would expect the business to grow significantly faster than the sector, across all its major markets, particularly from newly regulating markets such as the US and Latin America.

Last updated on 14/01/2021
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 37.6 133.0 831.8
Relative* 33.2 113.5 800.4
52-week high/low C$2.0/C$0.2
*% relative to local index
Key management
Ronen Kannor CFO
Adam Arviv Interim CEO
Yaniv Spielberg Business Development Director