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ENLABS

ENLABS

Fast growing player in online gaming and affiliation

Enlabs (previously Nordic Leisure) owns and manages companies in the gaming sector through two divisions: Online Gambling and Media. The gambling segment includes casino, betting, poker and bingo, and the media segment has a focus on online gaming. Enlabs is primarily focused on Eastern Europe and emerging markets, with both land-based betting shops and online casinos. The company's portfolio includes brands such as Optibet, GoldClubCasino, Best brands, Score24 and ComSkill Media. The company aims to grow organically and through acquisitions.

In addition to the growth of the underlying online gaming market, a shift from markets with illegal unregulated sales now becoming legal and regulated should benefit Enlabs. This change is due to regulatory measures combined with consumer awareness. Furthermore, Enlabs is financially positioned for more M&A in regulated emerging markets. We would expect higher operating margins if the new media vertical expands further.

Enlabs is facing regulatory risk when operating in the iGaming-industry both by owning and managing operators as well as within affiliation. The competiveness of the industry means that the company needs to keep improving its product offering to maintain active customers and to keep increasing the total amount of deposits. Additionally, sportsbook margins may decline depending on sports results as well as if customers find the odds favorable.

EURm 2019 2020e 2021e
Sales 40 49 57
Sales growth (%) 29,4 24,6 15,6
EBITDA 12 15 18
EBITDA margin (%) 29,2 31,2 31,7
EBIT adj 10 13 16
EBIT adj margin (%) 25,6 26,4 27,5
Pretax profit 9 13 16
EPS rep 0,15 0,2 0,24
EPS growth (%) 37 31,5 20,4
EPS adj 0,16 0,2 0,24
DPS 0 0 0
EV/EBITDA (x) 10,9 6,4 4,7
EV/EBIT adj (x) 12,5 7,5 5,4
P/E (x) 15,2 10,2 8,4
P/E adj (x) 14,2 10,2 8,4
EV/sales (x) 3,2 2 1,5
FCF yield (%) 5,6 8,5 10,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,5 -1,8 -2,2
EURm 2019 2020e 2021e
Sales 40 49 57
COGS -11 -14 -16
Gross profit 29 35 41
Other operating items -17 -20 -23
EBITDA 12 15 18
Depreciation on tangibles 0 0 0
Depreciation on intangibles -2 -2 -2
EBITA 9 13 16
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 9 13 16
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 9 13 16
Tax 0 -1 -1
Net profit 9 12 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 9 12 15
EPS 0,15 0,2 0,24
EPS Adj 0,16 0,2 0,24
Total extraordinary items after tax -0,7 0 0
Tax rate (%) 0,8 -5 -5
Gross margin (%) 72,6 71,7 72
EBITDA margin (%) 29,2 31,2 31,7
EBITA margin (%) 23,9 26,4 27,5
EBIT margin (%) 23,9 26,4 27,5
Pretax margin (%) 23,6 26,5 27,5
Net margin (%) 23,8 25,1 26,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 29,4 24,6 15,6
EBITDA growth (%) 23,2 32,9 17,6
EBIT growth (%) 35,4 37,6 20,4
Net profit growth (%) 37,5 31,5 20,4
EPS growth (%) 37 31,5 20,4
Profitability 2019 2020 2021
ROE (%) 26,4 26,8 24,9
ROE Adj (%) 28,3 26,8 24,9
ROCE (%) 25,7 26,9 25,3
ROCE Adj(%) 27,5 26,9 25,3
ROIC (%) 45,1 52,4 58,3
ROIC Adj (%) 48,2 52,4 58,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 12 15 18
EBITDA Adj margin (%) 30,9 31,2 31,7
EBITA Adj 10 13 16
EBITA Adj margin (%) 25,6 26,4 27,5
EBIT Adj 10 13 16
EBIT Adj margin (%) 25,6 26,4 27,5
Pretax profit Adj 10 13 16
Net profit Adj 10 12 15
Net profit to shareholders Adj 10 12 15
Net Adj margin (%) 25,5 25,1 26,2
EURm 2019 2020e 2021e
Other non cash items -3 0 0
Decrease in net IB debt 5 11 13
Balance Sheet (EURm) 2019 2020 2021
Goodwill 17 17 17
Indefinite intangible assets 0 0 0
Definite intangible assets 4 4 4
Tangible fixed assets 3 5 7
Other fixed assets 0 0 0
Fixed assets 25 26 28
Inventories 0 0 0
Receivables 3 4 5
Other current assets 0 0 0
Cash and liquid assets 19 30 43
Total assets 47 60 77
Shareholders equity 40 52 67
Minority 0 0 0
Total equity 40 52 67
Long-term debt 2 2 2
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 5 6 7
Other current liabilities 0 0 0
Total liabilities and equity 31 36 47
Net IB debt -17 -28 -41
Net IB debt excl. pension debt -17 -28 -41
Capital invested 23 24 27
Working capital -2 -2 -2
EV breakdown 2019 2020 2021
Market cap. diluted (m) 144 126 126
Net IB debt Adj -17 -28 -41
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 127 98 85
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 95,2 91,8 83,3
Capital invested turnover (%) 186,8 208,5 222,9
Capital employed turnover (%) 107,3 101,8 91,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,9 10,7 11,1
Working capital / sales (%) -3,9 -4 -3,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -42,9 -53,3 -60,4
Net debt / market cap (%) -13,7 -22,2 -32,3
Equity ratio (%) 84,9 86,8 87,9
Net IB debt adj. / equity (%) -42,8 -53,2 -60,3
Current ratio (%) 455,9 593,5 690,3
EBITDA / net interest (%) 9814,4 -133256,3 -481564,1
Net IB debt / EBITDA (%) -148,2 -181,4 -224,4
Interest cover (%) 8036,4 -112917 -417751,3
EBITDA 12 15 18
Net financial items 0 0 0
Paid tax 0 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC 12 15 17
Change in WC 1 0 0
Operating cash flow 12 15 17
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -4 -4
Acquisitions and disposals 0 0 0
Free cash flow 8 11 13
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
EURm 2019 2020e 2021e
Shares outstanding adj. 63 63 63
Fully diluted shares Adj 63 63 63
EPS 0,15 0,2 0,24
Dividend per share Adj 0 0 0
EPS Adj 0,16 0,2 0,24
BVPS 0,64 0,83 1,07
BVPS Adj 0,29 0,49 0,73
Net IB debt / share -0,3 -0,4 -0,6
Share price 2 2,01 2,01
Market cap. (m) 125 126 126
Valuation 2019 2020 2021
P/E 15,2 10,2 8,4
EV/sales 3,2 1,99 1,5
EV/EBITDA 10,9 6,4 4,7
EV/EBITA 13,4 7,5 5,4
EV/EBIT 13,4 7,5 5,4
Dividend yield (%) 0 0 0
FCF yield (%) 5,6 8,5 10,1
P/BVPS 3,59 2,4 1,87
P/BVPS Adj 7,8 4,09 2,75
P/E Adj 14,2 10,2 8,4
EV/EBITDA Adj 10,3 6,4 4,7
EV/EBITA Adj 12,5 7,5 5,4
EV/EBIT Adj 12,5 7,5 5,4
EV/cap. employed 3 1,8 1,2
Investment ratios 2019 2020 2021
Capex / sales 9 7,9 7,6
Capex / depreciation 169,1 165,1 179,6
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 83,9 91,8 102
Depreciation on intangibles / definite intangibles 49,6 55,6 56,8
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

ENLABS - Company presentation with CEO Robert Andersson & CFO Adam Jonsson
ENLABS - Interview with CEO Robert Andersson

Main shareholders - Nordic Leisure

Main shareholders Share capital % Voting shares % Verified
Niklas Braathen 22.0 % 22.0 % 3 Oct 2019
Atletico Nordic B.V. 20.1 % 20.1 % 31 Dec 2015
Avanza Pension 10.2 % 10.2 % 31 Dec 2019
Anders Tangen 4.3 % 4.3 % 31 Dec 2019
Eric Leijonhufvud 3.1 % 3.1 % 31 Dec 2019
Hans Isoz 2.7 % 2.7 % 31 Dec 2019
Kjell och Michael Pettersson Fastigheter AB 2.4 % 2.4 % 31 Dec 2019
Filip Andersson 2.1 % 2.1 % 31 Dec 2019
Vision Invest AB 2.1 % 2.1 % 31 Dec 2019
Claes Hallén 1.5 % 1.5 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Nordic Leisure

Name Quantity Code Date
Ludwig Pettersson + 26 851 BUY 20 Feb 2020
Christopher Davis + 100 000 BUY 3 Oct 2019
Johan Bråthén - 100 000 SELL 3 Oct 2019
Johan Bråthén - 100 000 SELL 2 Sep 2019
Georgijs Ustinovs + 100 000 BUY 2 Sep 2019
Staffan Dahl - 2 500 SELL 9 Aug 2019
Staffan Dahl - 18 000 SELL 8 Aug 2019
Miko Salo + 109 349 UTFÄ 31 May 2019
Sami Koponen + 109 349 UTFÄ 29 May 2019
Johan Bråthén - 14 400 SELL 28 May 2019

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