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Gaming Innovation Group

Gaming Innovation Group

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Financials

EURm 2020 2021e 2022e
Sales 83 80 88
Sales growth (%) -32,6 -4 10
EBITDA 17 22 27
EBITDA margin (%) 20,6 28,1 30,8
EBIT adj -2 10 14
EBIT adj margin (%) -3 12,1 16,2
Pretax profit -9 2 11
EPS rep -0,11 0,03 0,1
EPS growth (%) 85 132,3 196,3
EPS adj -0,11 0,03 0,1
DPS 0 0 0
EV/EBITDA (x) 7,9 9,4 7,2
EV/EBIT adj (x) -54,5 21,8 13,8
P/E (x) -11,1 53,8 18,1
P/E adj (x) -11,1 53,8 18,1
EV/sales (x) 1,6 2,6 2,2
FCF yield (%) 30,1 1 3,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,6 1,5 0,5
Lease adj. FCF yield (%) 27,5 -0,6 2,1
Lease adj. ND/EBITDA 2 1,6 0,5
EURm 2020 2021e 2022e
Leasing payments -3 -3 -3
Sales 83 80 88
COGS -9 -4 -4
Gross profit 74 76 84
Other operating items -57 -53 -57
EBITDA 17 22 27
Depreciation on tangibles -2 -2 -4
Depreciation on intangibles -14 -12 -9
EBITA -2 10 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -2 10 14
Other financial items 0 0 0
Net financial items -7 -8 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -9 2 11
Tax 0 1 -1
Net profit -10 3 10
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -10 3 10
EPS -0,11 0,03 0,1
EPS Adj -0,11 0,03 0,1
Total extraordinary items after tax 0 0 0
Tax rate (%) 3,5 55 -7,4
Gross margin (%) 88,8 95,2 95,7
EBITDA margin (%) 20,6 28,1 30,8
EBITA margin (%) -3 12,1 16,2
EBIT margin (%) -3 12,1 16,2
Pretax margin (%) -11,3 2,6 12,3
Net margin (%) -11,7 4,1 11,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -32,6 -4 10
EBITDA growth (%) 156,9 31,4 20,4
EBIT growth (%) 95,5 487,9 47,3
Net profit growth (%) 85 133,7 204,8
EPS growth (%) 85 132,3 196,3
Profitability 2020 2021 2022
ROE (%) -75 35,3 50,1
ROE Adj (%) -75 35,3 50,1
ROCE (%) -9,5 5,7 21,6
ROCE Adj(%) -9,5 5,7 21,6
ROIC (%) -3,5 25,9 20,7
ROIC Adj (%) -3,5 25,9 20,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 17 22 27
EBITDA Adj margin (%) 20,6 28,1 30,8
EBITA Adj -2 10 14
EBITA Adj margin (%) -3 12,1 16,2
EBIT Adj -2 10 14
EBIT Adj margin (%) -3 12,1 16,2
Pretax profit Adj -9 2 11
Net profit Adj -10 3 10
Net profit to shareholders Adj -10 3 10
Net Adj margin (%) -11,7 4,1 11,4
Depreciation and amortisation -20 -13 -13
Of which leasing depreciation -3 -3 -3
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 14 20 24
EBITDA lease Adj margin (%) 17,2 24,6 27,6
EURm 2020 2021e 2022e
EBITDA 17 22 27
Net financial items -7 -8 -3
Paid tax -10 3 10
Non-cash items 16 -2 -11
Cash flow before change in WC 17 16 23
Change in WC 1 -4 -5
Operating cash flow 18 12 17
CAPEX tangible fixed assets -2 -1 -1
CAPEX intangible fixed assets -7 -9 -10
Acquisitions and disposals 23 0 0
Free cash flow 32 2 7
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -8 6 1
Decrease in net IB debt 29 8 15
Balance Sheet (EURm) 2020 2021 2022
Goodwill 16 16 16
Indefinite intangible assets 0 0 0
Definite intangible assets 33 35 26
Tangible fixed assets 0 0 0
Other fixed assets 17 17 18
Fixed assets 66 68 69
Inventories 0 0 0
Receivables 16 18 20
Other current assets 0 0 0
Cash and liquid assets 12 11 31
Total assets 93 97 119
Shareholders equity 4 15 25
Minority 0 0 0
Total equity 4 15 25
Long-term debt 36 39 39
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 2 2 2
Other long-term liabilities 21 32 31
Short-term debt 3 4 4
Accounts payable 27 25 22
Other current liabilities 0 0 0
Total liabilities and equity 93 97 119
Net IB debt 28 34 14
Net IB debt excl. pension debt 28 34 14
Capital invested 54 61 66
Working capital -12 -8 -2
EV breakdown 2020 2021 2022
Market cap. diluted (m) 107 176 181
Net IB debt Adj 28 34 14
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 135 210 195
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 72,5 83,9 81,1
Capital invested turnover (%) 112,8 138,5 149,6
Capital employed turnover (%) 125,5 185,2 230,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 36,1 32,9 28,9
Working capital / sales (%) -13,3 -12,1 -5,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 775,1 227,8 57,4
Net debt / market cap (%) 46,5 19,3 7,9
Equity ratio (%) 3,9 15,4 20,9
Net IB debt adj. / equity (%) 775,1 227,8 57,4
Current ratio (%) 88,7 90,8 179,4
EBITDA / net interest (%) 247,7 298 788
Net IB debt / EBITDA (%) 163,9 151,5 52,9
Interest cover (%) -205,2 365,7 434,8
Lease liability amortisation -3 -3 -3
Other intangible assets 33 35 40
Right-of-use asset 0 0 0
Total other fixed assets 17 18 12
Leasing liability 0 2 2
Total other long-term liabilities 23 12 27
Net IB debt excl. leasing 28 32 12
Net IB debt / EBITDA lease Adj (%) 196,1 163 49,3
EURm 2020 2021e 2022e
Shares outstanding adj. 90 94 97
Fully diluted shares Adj 90 94 97
EPS -0,11 0,03 0,1
Dividend per share Adj 0 0 0
EPS Adj -0,11 0,03 0,1
BVPS 0,04 0,16 0,26
BVPS Adj -0,51 -0,38 -0,33
Net IB debt / share 0,3 0,4 0,1
Share price 0,67 1,87 1,87
Market cap. (m) 60 176 181
Valuation 2020 2021 2022
P/E -11,1 53,8 18,1
EV/sales 1,63 2,63 2,23
EV/EBITDA 7,9 9,4 7,2
EV/EBITA -54,5 21,8 13,8
EV/EBIT -54,5 21,8 13,8
Dividend yield (%) 0 0 0
FCF yield (%) 30,1 1 3,7
P/BVPS 29,75 11,79 7,27
P/BVPS Adj -2,35 -4,88 -5,74
P/E Adj -11,1 53,8 18,1
EV/EBITDA Adj 7,9 9,4 7,2
EV/EBITA Adj -54,5 21,8 13,8
EV/EBIT Adj -54,5 21,8 13,8
EV/cap. employed 3,1 3,5 2,8
Investment ratios 2020 2021 2022
Capex / sales 9,9 13,1 12,3
Capex / depreciation 49,2 104,2 107,6
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 19,9 27,3 23,9
Depreciation on intangibles / definite intangibles 43,4 11,9 10,3
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 27,5 -0,6 2,1

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

18,7

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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14,0

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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2,2

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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7,3