Carnegie Investment Bank
Angler Gaming
Date Title Alternative
2023-11-17 Still heading in the right direction Show Close
2023-08-22 Further healthy growth in the quarter Show Close
2023-05-17 The turnaround begins in earnest Show Close
2023-02-21 Gross margins remain depressed, but trading update offers a glimmer of light Show Close
2022-08-17 Trading update brings hope of relief Show Close
2022-05-16 Figures still weak, but a bright spot in the trading update Show Close
Research | 16 May 2022 | Angler Gaming

Figures still weak, but a bright spot in the trading update

 

Headwind still blowing

Sales in Q1 amounted to EUR 7.8m vs our estimate of EUR 9.8m. The figure equates to a decrease of 41%. EBIT amounted to EUR 0.4m vs our estimate of EUR 1.6m. The difference is explained by a lower gross margin, 28% against our estimate of 36%. The difference can be put down to higher costs for payment solutions and a low Hold (revenues/deposits 50.8% vs 52-55% average), but operational KPIs strengthened q/q.

Trading update is a bright spot

Based on Q1 sales and the trading update, we are lowering our 2022-2024 sales estimates by an average of 10%. Angler had 68,245 active customers in Q1, corresponding to growth of 15% q/q. If this trend holds, we see an upside in the estimate, but the figure is far below the peak of about 85,000 in Q1 21. Based on the weak gross margin, we are lowering our EBIT estimates 2022-2024 by an average of 26%.

 

But we are still hesitant about the share

We are lowering our fair value of the share to SEK 5.8-6.0 due to the company’s persistent problems with profitability. We have noted the positive trends in customer inflow during the quarter and early in Q2, but that is not sufficient proof that the company’s difficult period is over.

 

Download (EN)
2022-03-01 Trading update and numbers are a disapointment Show Close
2021-12-13 The numbers remain tough Show Close
2021-08-18 In line with earlier profit warning Show Close
2021-07-14 Profit warning with weak trading update Show Close
2021-05-17 Luke-warm start to quarter... Show Close
2020-11-16 A good catch after a share price plunge Show Close

Vi använder cookies för att anpassa innehåll och annonser, för att tillhandahålla funktioner för sociala medier och för att analysera vår trafik. Vi delar också information om din användning av vår webbplats med våra partners inom sociala medier, annonsering och analys, som kan kombinera den med annan information som du har lämnat till dem eller som de har samlat in från din användning av deras tjänster. Du samtycker till våra cookies om du fortsätter att använda vår webbplats.

Inställningar Tillåt alla Inaktivera alla