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 2018 2019 2020
Sales 80 96 100
Sales growth (%) 406,4 19,9 4,7
EBITDA 31 33 N/A
EBITDA margin (%) -38,4 39,2 34,9
EBIT adj -19 27 31
EBIT adj margin (%) -119,2 34,1 32,2
Pretax profit 12 18 19
EPS rep 0,02 0,02 0,02
EPS growth (%) 158,4 1,4 9,3
EPS adj 0,01 0,02 0,02
DPS 0 0 0
EV/EBITDA (x) 5,8 5,1 4,3
EV/EBIT adj (x) 6,7 5,6 4,7
P/E (x) 5,2 5,1 4,7
P/E adj (x) 6,1 5,1 4,7
EV/sales (x) 2,3 1,8 1,5
FCF yield (%) -61,3 13,4 22,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,2 2,7 2

Main shareholders

Future Gaming Group

Main shareholders Share capital % Voting shares % Verified
Cronus Holding AB 20.8 % 20.8 % 31 Dec 2018
Avanza Pension 6.2 % 6.2 % 31 Dec 2018
Nordea Liv & Pension 5.9 % 5.9 % 31 Dec 2018
New Equity 4.5 % 4.5 % 31 Dec 2018
Björn Mannerqvist 2.2 % 2.2 % 31 Dec 2018
Mexon Holding AB 2.0 % 2.0 % 31 Dec 2018
Marcus Johansson 1.8 % 1.8 % 31 Dec 2018
Swedbank Försäkring 1.7 % 1.7 % 31 Dec 2018
Bo Erik Filip Sehlstedt 1.4 % 1.4 % 31 Dec 2018
Rosénssons Consulting AB 1.1 % 1.1 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Future Gaming Group

Name
Alexander Adam Martin Pettersson
Alexander Adam Martin Pettersson
Tobias Fagerlund
Alexander Adam Martin Pettersson
Christian Bönnelyche
Christian Bönnelyche
Stefan Vilhelmsson
Björn Mannerqvist
Tobias Fagerlund
HENRIK GRANLUND
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