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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 2018 2019e 2020e
Sales 31 39 49
Sales growth (%) 30,2 27,9 24,7
EBITDA 9 12 15
EBITDA margin (%) 30,7 29,6 31,3
EBIT adj 8 10 13
EBIT adj margin (%) 24,6 25,5 26,8
Pretax profit 7 10 13
EPS rep 0,11 0,15 0,2
EPS growth (%) 53,3 35,9 32,9
EPS adj 0,12 0,15 0,2
DPS 0 0 0
EV/EBITDA (x) 9,7 11,4 8
EV/EBIT adj (x) 12,2 13,3 9,4
P/E (x) 15,1 15,8 11,9
P/E adj (x) 14 15,2 11,9
EV/sales (x) 3 3,4 2,5
FCF yield (%) 4,5 4,1 6,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,3 -1,3 -1,7
EURm 2018 2019e 2020e
Sales 31 39 49
COGS -8 -11 -13
Gross profit 23 29 36
Other operating items -13 -17 -21
EBITDA 9 12 15
Depreciation on tangibles 0 0 0
Depreciation on intangibles -2 -2 -2
EBITA 7 10 13
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 7 10 13
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 7 10 13
Tax 0 0 -1
Net profit 7 9 12
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 7 9 12
EPS 0,11 0,15 0,2
EPS Adj 0,12 0,15 0,2
Total extraordinary items after tax -0,5 -0,4 0
Tax rate (%) -0,1 -2,5 -5
Gross margin (%) 73,8 73,1 74,3
EBITDA margin (%) 30,7 29,6 31,3
EBITA margin (%) 22,9 24,6 26,8
EBIT margin (%) 22,9 24,6 26,8
Pretax margin (%) 22,4 24,5 26,8
Net margin (%) 22,4 23,9 25,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 30,2 27,9 24,7
EBITDA growth (%) 39,5 23,3 31,9
EBIT growth (%) 33,3 37,2 36,1
Net profit growth (%) 53,3 36,4 32,9
EPS growth (%) 53,3 35,9 32,9
Profitability 2018 2019 2020
ROE (%) 24,4 26,2 26,9
ROE Adj (%) 26,3 27,2 26,9
ROCE (%) 24,1 26 26,9
ROCE Adj(%) 26 27 26,9
ROIC (%) 36,3 42,5 48,2
ROIC Adj (%) 39 44,1 48,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 10 12 15
EBITDA Adj margin (%) 32,5 30,5 31,3
EBITA Adj 8 10 13
EBITA Adj margin (%) 24,6 25,5 26,8
EBIT Adj 8 10 13
EBIT Adj margin (%) 24,6 25,5 26,8
Pretax profit Adj 7 10 13
Net profit Adj 7 10 12
Net profit to shareholders Adj 7 10 12
Net Adj margin (%) 24,2 24,8 25,5
EURm 2018 2019e 2020e
Other non cash items 1 -3 0
Decrease in net IB debt 6 3 10
Balance Sheet (EURm) 2018 2019 2020
Goodwill 13 17 17
Indefinite intangible assets 0 0 0
Definite intangible assets 6 4 4
Tangible fixed assets 2 4 7
Other fixed assets 0 0 0
Fixed assets 21 25 28
Inventories 0 0 0
Receivables 3 7 9
Other current assets 0 0 0
Cash and liquid assets 12 18 28
Total assets 36 50 65
Shareholders equity 31 40 52
Minority 0 0 0
Total equity 31 40 52
Long-term debt 0 3 3
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 8 10
Other current liabilities 0 0 0
Total liabilities and equity 20 31 36
Net IB debt -12 -15 -25
Net IB debt excl. pension debt -12 -15 -25
Capital invested 20 25 27
Working capital -1 -1 0
EV breakdown 2018 2019 2020
Market cap. diluted (m) 104 148 148
Net IB debt Adj -12 -15 -25
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 92 132 122
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 90,8 90,6 84,9
Capital invested turnover (%) 158,6 177,4 189,1
Capital employed turnover (%) 105,5 105,8 100,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 15,8 18,1
Working capital / sales (%) -4,2 -2,2 -1,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -37,8 -38,5 -48,3
Net debt / market cap (%) -8,8 -10,4 -17,1
Equity ratio (%) 87,3 79,4 80,9
Net IB debt adj. / equity (%) -37,7 -38,4 -48,2
Current ratio (%) 340,2 318 377,3
EBITDA / net interest (%) 6963,7 79570,1 422464,3
Net IB debt / EBITDA (%) -126,6 -132,5 -165,4
Interest cover (%) 5188,9 65998,3 361674
EBITDA 9 12 15
Net financial items 0 0 0
Paid tax 0 0 -1
Non-cash items 0 0 0
Cash flow before change in WC 9 11 15
Change in WC 0 0 0
Operating cash flow 8 10 14
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -4 -4
Acquisitions and disposals 0 0 0
Free cash flow 5 6 10
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
EURm 2018 2019e 2020e
Shares outstanding adj. 63 63 63
Fully diluted shares Adj 63 63 63
EPS 0,11 0,15 0,2
Dividend per share Adj 0 0 0
EPS Adj 0,12 0,15 0,2
BVPS 0,5 0,64 0,83
BVPS Adj 0,21 0,3 0,5
Net IB debt / share -0,2 -0,2 -0,4
Share price 2,15 2,35 2,35
Market cap. (m) 135 148 148
Valuation 2018 2019 2020
P/E 15,1 15,8 11,9
EV/sales 2,99 3,38 2,51
EV/EBITDA 9,7 11,4 8
EV/EBITA 13,1 13,8 9,4
EV/EBIT 13,1 13,8 9,4
Dividend yield (%) 0 0 0
FCF yield (%) 4,5 4,1 6,7
P/BVPS 3,29 3,7 2,82
P/BVPS Adj 8,03 7,74 4,69
P/E Adj 14 15,2 11,9
EV/EBITDA Adj 9,2 11,1 8
EV/EBITA Adj 12,2 13,3 9,4
EV/EBIT Adj 12,2 13,3 9,4
EV/cap. employed 2,9 3,1 2,2
Investment ratios 2018 2019 2020
Capex / sales 11,8 10 9,2
Capex / depreciation 150,8 198,6 203,5
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 60,7 112 127,7
Depreciation on intangibles / definite intangibles 40,3 56,4 62,8
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

ENLABS - Interview with CEO Robert Andersson (in Swedish)
ENLABS - Company presentation with CEO Robert Andersson (in Swedish)

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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 9.9 % 9.9 % 30 Sep 2019
Anders Tangen 4.3 % 4.3 % 30 Sep 2019
Eric Leijonhufvud 3.2 % 3.2 % 30 Sep 2019
Hans Isoz 2.5 % 2.5 % 30 Sep 2019
Kjell och Michael Pettersson Fastigheter AB 2.4 % 2.4 % 30 Sep 2019
Vision Invest AB 2.2 % 2.2 % 30 Sep 2019
Filip Andersson 2.1 % 2.1 % 30 Sep 2019
Claes Hallén 1.6 % 1.6 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Nordic Leisure

Name Quantity Code Date
Johan Bråthén - 100 000 SELL 3 Oct 2019
Christopher Davis + 100 000 BUY 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 - 2 500 SELL 9 Aug 2019
Staffan Dahl - 18 000 SELL 8 Aug 2019
Staffan Dahl - 18 000 SELL 8 Aug 2019
Staffan Dahl - 18 000 SELL 8 Aug 2019
Miko Salo + 109 349 UTFÄ 31 May 2019

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