Fast-growing player in affiliation and online gaming

Future Gaming Group

Future Gaming Group (FGG) is a fast growing iGaming company. Its main focus is on affiliation, but it also has an operator business in online casino and sports betting. The affiliation is mainly done through paid media (PPC) in regulated markets, which means the company is paying for traffic to its customers, i.e. the operators. Due to a broad customer base with exposure to several different verticals, FGG runs various revenue models depending on the customer’s characteristics, e.g. a revenue-share model, CPA (cost per acquisition) or a hybrid of these. FGG has an active M&A agenda and aims to capitalize on the fragmented market.

Financials

Future Gaming Group

SEKm 2017 2018 2019
Sales 16 73 90
Sales growth (%) 150,3 362,3 24,1
EBITDA -6 28 31
EBITDA margin (%) -38,4 38,5 33,8
EBIT adj -19 24 28
EBIT adj margin (%) -119,2 32,9 31,1
Pretax profit -14 11 15
EPS rep -0,03 0,01 0,01
EPS growth (%) 28,8 135,9 15,5
EPS adj -0,04 0,01 0,01
DPS 0 0 0
EV/EBITDA (x) -59,9 9,4 8,2
EV/EBIT adj (x) -19,3 11 8,9
P/E (x) -8,7 13 11,3
P/E adj (x) -6,4 15,7 11,3
EV/sales (x) 23 3,6 2,8
FCF yield (%) -106 -52,2 8,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -26,4 3,9 3,2