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
2022-03-01 Trading update and numbers are a disapointment Show Close
Research | 1 Mar 2022 | Angler Gaming

Trading update and numbers are a disapointment

 

Weak numbers right through the income statement

Sales in Q4 were EUR 9.618m vs our estimate of EUR 10.4m. The difference is explained by fewer customer deposits. EBIT was EUR 1.4m vs our prediction of EUR 2.6m. This can be attributed to both lower sales and a lower gross margin of 35%, against 39% in our forecast. The company saw a weak growth trend during the months of the quarter. On top of this was an EO item of EUR 1.2m.

Steep downgrades due to lack of growth

Given the declining trend in deposits per customer and a slightly higher customer acquisition cost than we expected, we are lowering our revenue estimates by 12% for 2022-23. We have previously given the company some benefit of the doubt due to positive trends in the gross margin and deposits. As a result of the declining gross margin trend, we are reducing EBIT by an average 40% during the forecast period.

 

Increased risk premium and discount

We are cutting our fair value to SEK 7−8 from the previous SEK 14−15, which is a discount of about 20% in relation to our DCF. We believe this can be justified until we have seen clear results from the company’s action plan.

 

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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

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