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ENLABS

ENLABS

Fast growing player in online gaming and affiliation

Enlabs operates in the online gaming sector through two business areas: Online Gaming and Media. The gaming segment includes product verticals such as casino, betting, poker and bingo, and the media segment operates affiliated business. Enlabs holds gaming licenses in jurisdictions such as Estonia, Latvia, Lithuania, Belarus and Malta. Its main focus is Eastern Europe. The company has a retail chain of land-based betting shops, but the predominant part (+95%) of revenues are from online operations. The company's portfolio includes brands such as Optibet, NinjaCasino, Laimz and BestPoker. Enlabs 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 2020 2021e 2022e
Sales 50 89 103
Sales growth (%) 27,5 76,9 14,9
EBITDA 11 26 31
EBITDA margin (%) 22,2 29,6 30,4
EBIT adj 11 23 28
EBIT adj margin (%) 21,4 25,5 26,8
Pretax profit 15 23 28
EPS rep 0,22 0,31 0,38
EPS growth (%) 46 43,1 20,6
EPS adj 0,26 0,31 0,38
DPS 0 0 0
EV/EBITDA (x) 22,3 10,3 8
EV/EBIT adj (x) 23,1 12 9
P/E (x) 17,2 14 11,6
P/E adj (x) 14,6 14 11,6
EV/sales (x) 4,9 3,1 2,4
FCF yield (%) -1,4 6,2 8,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1 -1,1 -1,8
N/A N/A N/A
EURm 2020 2021e 2022e
Sales 50 89 103
COGS -16 -28 -32
Gross profit 35 62 71
Other operating items -24 -35 -40
EBITDA 11 26 31
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -4 -4
EBITA 8 23 28
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 8 23 28
Other financial items 0 0 0
Net financial items 6 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 15 23 28
Tax 1 -1 -1
Net profit 15 22 26
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 15 22 26
EPS 0,22 0,31 0,38
EPS Adj 0,26 0,31 0,38
Total extraordinary items after tax -2,7 0 0
Tax rate (%) 3,6 -5 -5
Gross margin (%) 69,1 69 69
EBITDA margin (%) 22,2 29,6 30,4
EBITA margin (%) 16,1 25,5 26,8
EBIT margin (%) 16,1 25,5 26,8
Pretax margin (%) 29 25,5 26,8
Net margin (%) 30 24,3 25,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 27,5 76,9 14,9
EBITDA growth (%) -3,4 136,1 18,2
EBIT growth (%) -14,2 180,5 20,6
Net profit growth (%) 60,5 43,1 20,6
EPS growth (%) 46 43,1 20,6
Profitability 2020 2021 2022
ROE (%) 26,4 25,3 23,9
ROE Adj (%) 31 25,3 23,9
ROCE (%) 13,4 25,5 24,2
ROCE Adj(%) 17,8 25,5 24,2
ROIC (%) 19,5 33,4 39
ROIC Adj (%) 25,8 33,4 39
Adj earnings numbers 2020 2021 2022
EBITDA Adj 14 26 31
EBITDA Adj margin (%) 27,4 29,6 30,4
EBITA Adj 11 23 28
EBITA Adj margin (%) 21,4 25,5 26,8
EBIT Adj 11 23 28
EBIT Adj margin (%) 21,4 25,5 26,8
Pretax profit Adj 17 23 28
Net profit Adj 18 22 26
Net profit to shareholders Adj 18 22 26
Net Adj margin (%) 35,3 24,3 25,5
N/A N/A N/A
EURm 2020 2021e 2022e
Other non cash items -2 0 0
Decrease in net IB debt -6 19 25
Balance Sheet (EURm) 2020 2021 2022
Goodwill 9 9 9
Indefinite intangible assets 0 0 0
Definite intangible assets 55 55 55
Tangible fixed assets 4 5 8
Other fixed assets 0 0 0
Fixed assets 67 69 71
Inventories 0 0 0
Receivables 6 8 10
Other current assets 0 0 0
Cash and liquid assets 15 34 58
Total assets 89 111 140
Shareholders equity 75 97 123
Minority 0 0 0
Total equity 75 97 123
Long-term debt 4 4 4
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 10 10 13
Other current liabilities 0 0 0
Total liabilities and equity 89 111 140
Net IB debt -11 -30 -55
Net IB debt excl. pension debt -11 -30 -55
Capital invested 64 66 68
Working capital -4 -2 -3
EV breakdown 2020 2021 2022
Market cap. diluted (m) 260 303 303
Net IB debt Adj -11 -30 -54
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 249 273 248
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 74,3 89,5 81,9
Capital invested turnover (%) 116,8 137,5 152,9
Capital employed turnover (%) 83,4 99,7 90,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,7 11,4 11,4
Working capital / sales (%) -5,5 -3,3 -2,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -15 -31,3 -44,7
Net debt / market cap (%) -6,7 -10 -18,1
Equity ratio (%) 84,3 87,1 87,9
Net IB debt adj. / equity (%) -14,6 -30,9 -44,4
Current ratio (%) 213,8 403,6 527,7
EBITDA / net interest (%) -172,3 -2098146,4 1086599,2
Net IB debt / EBITDA (%) -100,5 -114,2 -175,6
Interest cover (%) -125,3 -1812205,2 957813,9
EBITDA 11 26 31
Net financial items 6 0 0
Paid tax 1 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC 18 25 30
Change in WC -5 -1 1
Operating cash flow 13 24 31
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -17 -5 -6
Acquisitions and disposals 0 0 0
Free cash flow -4 19 25
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
N/A N/A N/A
EURm 2020 2021e 2022e
Shares outstanding adj. 69 69 69
Fully diluted shares Adj 69 69 69
EPS 0,22 0,31 0,38
Dividend per share Adj 0 0 0
EPS Adj 0,26 0,31 0,38
BVPS 1,08 1,4 1,78
BVPS Adj 0,17 0,48 0,86
Net IB debt / share -0,2 -0,4 -0,8
Share price 2,44 4,38 4,38
Market cap. (m) 168 303 303
Valuation 2020 2021 2022
P/E 17,2 14 11,6
EV/sales 4,93 3,06 2,42
EV/EBITDA 22,3 10,3 8
EV/EBITA 30,6 12 9
EV/EBIT 30,6 12 9
Dividend yield (%) 0 0 0
FCF yield (%) -1,4 6,2 8,1
P/BVPS 3,47 3,14 2,47
P/BVPS Adj 22,45 9,1 5,1
P/E Adj 14,6 14 11,6
EV/EBITDA Adj 18 10,3 8
EV/EBITA Adj 23,1 12 9
EV/EBIT Adj 23,1 12 9
EV/cap. employed 3,2 2,7 2
Investment ratios 2020 2021 2022
Capex / sales 33,3 5,7 5,7
Capex / depreciation 550,5 141,1 158,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 30,7 9,3 10,7
Depreciation on intangibles / definite intangibles 5,6 6,6 6,8
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 19.7 % 19.7 % 31 Dec 2020
Atletico Nordic B.V. 16.2 % 16.2 % 31 Dec 2020
Avanza Pension 7.3 % 7.3 % 31 Dec 2020
Anders Tangen 3.5 % 3.5 % 31 Dec 2020
Alta Fox Capital 3.3 % 3.3 % 15 Jan 2021
Eric Leijonhufvud 2.6 % 2.6 % 31 Dec 2020
Hans Isoz 2.6 % 2.6 % 18 Jan 2021
Topline Capital Partners LP 2.4 % 2.4 % 15 Jan 2021
Filip Andersson 2.0 % 2.0 % 31 Dec 2020
Jimmy Jönsson 1.7 % 1.7 % 15 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Nordic Leisure

Name Quantity Code Date
Peter Åström - 30 824 SELL 17 Dec 2020
Peter Åström - 5 018 SELL 16 Dec 2020
Peter Åström - 140 SELL 16 Dec 2020
Peter Åström - 2 877 SELL 16 Dec 2020
Peter Åström - 2 809 SELL 16 Dec 2020
Peter Åström - 2 918 SELL 16 Dec 2020
Peter Åström - 89 SELL 16 Dec 2020
Peter Åström - 3 125 SELL 16 Dec 2020
Peter Åström - 5 605 SELL 16 Dec 2020
Peter Åström - 1 296 SELL 16 Dec 2020

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