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
Research | 17 Aug 2022 | Angler Gaming

Trading update brings hope of relief

 

Challenging quarter…

Revenues in Q2 were EUR 6.9m corresponding to negative growth of -32% y/y. The figure was below our estimate of 8.9m. EBIT was -0.626m vs our estimate of EUR 1.2m. The main reason for the significant deviation is that the gross margin was squeezed by non-profitable affiliate partnerships. The company is entering Q3 on a strong note with revenues of EUR 2.9m and an EBIT margin of 21%.

…but trading update is a bright spot

New depositing customers rose in Q2 to 8.8% q/q and active customers increased by 12.5% q/q. Angler will begin seeing earnings from two B2B partnerships in H2, which may explain the strong EBIT margin in July. Still, we are cautious about pricing in the margin expansion and growth. Accordingly, we are lowering our sales estimate by 9% on average per year and EBIT by EUR 1.6m on average per year (see page 5).

 

Regardless of low valuation, we see limited short-term potential in the share

Even though the company’s trading update indicates that Angler has reversed the downwards profitability trend, we are lowering our fair value to SEK 5.5-5.8 from the previous SEK 5.8-6.0. We believe the company will have to prove a clear turnaround before any revaluation of the share can happen.

 

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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
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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