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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 41 57
Sales growth (%) 29,4 4,7 36,5
EBITDA 12 10 17
EBITDA margin (%) 29,2 23,7 29,9
EBIT adj 10 7 14
EBIT adj margin (%) 25,6 17,4 25,3
Pretax profit 9 8 14
EPS rep 0,15 0,12 0,21
EPS growth (%) 37 -21,7 77
EPS adj 0,16 0,12 0,21
DPS 0 0 0
EV/EBITDA (x) 10,9 18,3 9,9
EV/EBIT adj (x) 12,5 24,9 11,7
P/E (x) 15,2 25,6 14,5
P/E adj (x) 14,2 25,6 14,5
EV/sales (x) 3,2 4,3 3
FCF yield (%) 5,6 -0,1 6,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,5 -1,7 -1,7
N/A N/A N/A
EURm 2019 2020e 2021e
Sales 40 41 57
COGS -11 -13 -17
Gross profit 29 29 40
Other operating items -17 -19 -23
EBITDA 12 10 17
Depreciation on tangibles 0 0 0
Depreciation on intangibles -2 -3 -3
EBITA 9 7 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 9 7 14
Other financial items 0 0 0
Net financial items 0 1 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 9 8 14
Tax 0 0 -1
Net profit 9 8 14
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 9 8 14
EPS 0,15 0,12 0,21
EPS Adj 0,16 0,12 0,21
Total extraordinary items after tax -0,7 0 0
Tax rate (%) 0,8 -3,1 -5
Gross margin (%) 72,6 69,5 70
EBITDA margin (%) 29,2 23,7 29,9
EBITA margin (%) 23,9 17,4 25,3
EBIT margin (%) 23,9 17,4 25,3
Pretax margin (%) 23,6 19,1 25,3
Net margin (%) 23,8 18,5 24
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 29,4 4,7 36,5
EBITDA growth (%) 23,2 -15,1 72
EBIT growth (%) 35,4 -23,8 98,1
Net profit growth (%) 37,5 -18,6 77
EPS growth (%) 37 -21,7 77
Profitability 2019 2020 2021
ROE (%) 26,4 16,7 23,1
ROE Adj (%) 28,3 16,7 23,1
ROCE (%) 25,7 15 23,5
ROCE Adj(%) 27,5 15 23,5
ROIC (%) 45,1 24,2 38
ROIC Adj (%) 48,2 24,2 38
Adj earnings numbers 2019 2020 2021
EBITDA Adj 12 10 17
EBITDA Adj margin (%) 30,9 23,7 29,9
EBITA Adj 10 7 14
EBITA Adj margin (%) 25,6 17,4 25,3
EBIT Adj 10 7 14
EBIT Adj margin (%) 25,6 17,4 25,3
Pretax profit Adj 10 8 14
Net profit Adj 10 8 14
Net profit to shareholders Adj 10 8 14
Net Adj margin (%) 25,5 18,5 24
N/A N/A N/A
EURm 2019 2020e 2021e
Other non cash items -3 0 0
Decrease in net IB debt 5 0 12
Balance Sheet (EURm) 2019 2020 2021
Goodwill 17 5 5
Indefinite intangible assets 0 0 0
Definite intangible assets 4 27 27
Tangible fixed assets 3 4 6
Other fixed assets 0 0 0
Fixed assets 25 36 38
Inventories 0 0 0
Receivables 3 4 5
Other current assets 0 0 0
Cash and liquid assets 19 19 31
Total assets 47 60 75
Shareholders equity 40 52 66
Minority 0 0 0
Total equity 40 52 66
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 47 60 75
Net IB debt -17 -17 -29
Net IB debt excl. pension debt -17 -17 -29
Capital invested 23 35 36
Working capital -2 -1 -2
EV breakdown 2019 2020 2021
Market cap. diluted (m) 144 196 196
Net IB debt Adj -17 -17 -29
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 127 180 167
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 95,2 77,5 84
Capital invested turnover (%) 186,8 143,1 158,1
Capital employed turnover (%) 107,3 86 92,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,9 12,7 11,2
Working capital / sales (%) -3,9 -4 -2,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -42,9 -32,5 -44,4
Net debt / market cap (%) -13,7 -8,6 -14,8
Equity ratio (%) 84,9 86,9 87,8
Net IB debt adj. / equity (%) -42,8 -32,5 -44,4
Current ratio (%) 455,9 412,7 526,8
EBITDA / net interest (%) 9814,4 -1409,2 1277363,1
Net IB debt / EBITDA (%) -148,2 -172,1 -172,4
Interest cover (%) 8036,4 -1035,2 1080988,5
EBITDA 12 10 17
Net financial items 0 1 0
Paid tax 0 0 -1
Non-cash items 0 0 0
Cash flow before change in WC 12 10 16
Change in WC 0 -1 0
Operating cash flow 12 9 17
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -9 -4
Acquisitions and disposals 0 0 0
Free cash flow 8 0 12
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
N/A N/A N/A
EURm 2019 2020e 2021e
Shares outstanding adj. 63 65 65
Fully diluted shares Adj 63 65 65
EPS 0,15 0,12 0,21
Dividend per share Adj 0 0 0
EPS Adj 0,16 0,12 0,21
BVPS 0,64 0,8 1,01
BVPS Adj 0,29 0,3 0,51
Net IB debt / share -0,3 -0,3 -0,4
Share price 2 3,01 3,01
Market cap. (m) 125 196 196
Valuation 2019 2020 2021
P/E 15,2 25,6 14,5
EV/sales 3,2 4,33 2,96
EV/EBITDA 10,9 18,3 9,9
EV/EBITA 13,4 24,9 11,7
EV/EBIT 13,4 24,9 11,7
Dividend yield (%) 0 0 0
FCF yield (%) 5,6 -0,1 6,2
P/BVPS 3,59 3,78 2,99
P/BVPS Adj 7,8 10,08 5,94
P/E Adj 14,2 25,6 14,5
EV/EBITDA Adj 10,3 18,3 9,9
EV/EBITA Adj 12,5 24,9 11,7
EV/EBIT Adj 12,5 24,9 11,7
EV/cap. employed 3 3,3 2,5
Investment ratios 2019 2020 2021
Capex / sales 9 21,7 7,6
Capex / depreciation 169,1 344,9 165,3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 83,9 32,8 15,7
Depreciation on intangibles / definite intangibles 49,6 9,5 9,5
Depreciation on tangibles / tangibles 0 0 0
N/A N/A N/A

Equity research

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Media

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

Main shareholders - Nordic Leisure

Main shareholders Share capital % Voting shares % Verified
Niklas Braathen 22.0 % 22.0 % 3 Oct 2019
Atletico Nordic B.V. 18.2 % 18.2 % 31 Dec 2019
Avanza Pension 10.8 % 10.8 % 30 Jun 2020
Anders Tangen 4.3 % 4.3 % 30 Jun 2020
Eric Leijonhufvud 3.0 % 3.0 % 30 Jun 2020
Hans Isoz 2.8 % 2.8 % 30 Jun 2020
Filip Andersson 2.2 % 2.2 % 30 Jun 2020
Vision Invest AB 1.9 % 1.9 % 30 Jun 2020
Kjell och Michael Pettersson Fastigheter AB 1.7 % 1.7 % 30 Jun 2020
Claes Hallén 1.4 % 1.4 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Nordic Leisure

Name Quantity Code Date
Peter Åström - 29 243 SELL 3 Jul 2020
Peter Åström - 27 478 SELL 12 Jun 2020
Peter Åström - 22 216 SELL 11 Jun 2020
Peter Åström - 1 664 SELL 10 Jun 2020
Peter Åström - 710 SELL 10 Jun 2020
Peter Åström - 9 628 SELL 10 Jun 2020
Peter Åström - 2 460 SELL 10 Jun 2020
Peter Åström - 42 664 SELL 10 Jun 2020
Peter Åström - 1 420 SELL 10 Jun 2020
Peter Åström - 3 140 SELL 10 Jun 2020

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