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Symmetry Invest A/S SYMMETRY INVEST A/S AKTIEANALYSE Gaming Innovation Group (GIG) DATO: 15/08/2018 KURSMÅL: 7,5 NOK NUVÆRENDE KURS: 3,4 NOK UPSIDE: 121% SYMMETRY INVEST A/S CVR: 35056467 Gaming Innovation Group Disclaimer This report is written by Symmetry Invest A/S. The report is based on research, financial statements, interviews, field research, analyst reports etc. The report includes the opinions of Symmetry Invest A/S. This are our own opinions. Symmetry do no assure for any correctness written in this report as there could be material miscalculations, mistyping’s etc. The research is often done on a 6-18-month basis before publishing. This report should in no way be seen as a buy, hold or sell recommendation of GIG. Symmetry Invest A/S are an authorized alternative investment firm (FAIF) by Danish regulatory authorities. We are not authorized as an investment advisor and as such this research should in no way be interpreted as investment advice but as journalistic research and our own reasoning for owning the stock. Symmetry are in no way responsible for any losses incurred on investments based on this report. Readers of this report should interpret that Symmetry Invest A/S are holding stock in GIG by the time of publishing the report. Symmetry commits not to trade in the stock in 72 hours following publishing (according to the timestamped in the report). After that Symmetry Invest A/S keeps the right to buy or sell the stock without any further notifications about it. Our target price for the stock could change dramatically caused by investment either in or out of company control. We are not obligated to issue a new report or any notification should or target price change. This report is released to the following persons: - This report is released on our company website to investors in Symmetry Invest A/S - The report is passed through to fellow fund managers or investment advisors around the world as it is normal for investment managers to share ideas with each other - The report is sent to subscribers to Symmetrys quarterly newsletter registered on our website. Symmetry Invest A/S operates under the FAIF regulation and can only do marketing of our fund to Danish FAIF accredited investors. As such, this report should in no way be interpreted as marketing for Symmetry Invest A/S. In some cases, Symmetry will issue a follow up report on material new information about the company. But are in no way obligated to so. Investment in stocks includes risk of loss of capital and we always recommend other to consult with an authorized investment advisor before doing investments. Pictures and other material in this report could be protected by Copyright and cannot be redistributed. This research includes gambling companies. This research is Symmetrys research on a stock we own and not gambling research. In most jurisdictions gambling is regulated and restricted for people below 18 years old. We are not recommending playing or betting in any of the Gambling companies mentioned in this report and have not linked directly to any gambling operator etc. people doing gambling have a risk of becoming addicted Symmetry are not receiving payments from any company mentioned in this report beside our return on stock ownership in companies mentioned. Gaming Innovation Group | 15.08.2018 Gaming Innovation Group Creating the marketplace for iGaming Ticker GIG ISIN US4593781051 Gaming Innovation have been one of the fastest growing iGaming businesses over the last 4-5 years. Currency NOK Target 7,5 Insiders owns big amounts of shares and control the company. Latest 3,4 Incentives are aligned. Stocks in issue (mil.) 900 Market cap (mio. EUR) 300 The company has been making big investment and consolidating the space. As the earnings from those investments flows through the (2019) Price to free cash flow P&L, the cash flow will increase significant. P/FCF* 9,1 M&A accounting disturbs the true underlying picture of growing (2020) cash earnings. P/FCF* 7,1 Great balance sheet with big funding headroom for more M&A The company are undergoing a change of listing which we believe will be a big positive catalyst over the coming year. At 10x FCF multiple the stock is directly cheap. Based on Sum of the parts valuation with peer comparisons or an DCF model, the stock should at least double from here over the coming time. The company are building a marketplace for iGaming suppliers. They look at tech companies like Amazon etc. to get inspiration, not to financial firms. NUMBERS 2018 2019 2020 Thousands of Euro) Net Revenue 160.000 187.000 205.000 EBITDA 18.000 46.400 57.800 EBITDA margin 23,3% 24,8% 28,2% In our P/FCF numbers we use normalized marketing expenses. If GIG continues earning great returns on upfront marketing they would probably continue invest heavily here compressing the FCF multiple. Gaming Innovation Group | 15.08.2018 Gaming Innovation Group Indhold Disclaimer .......................................................................................................................................................... 1 A Quick look ....................................................................................................................................................... 5 Why does this opportunity exist? ...................................................................................................................... 6 Highlights ........................................................................................................................................................... 8 About GIG .......................................................................................................................................................... 9 History of GIG .................................................................................................................................................. 13 The online gambling industry: ......................................................................................................................... 14 Mobile speed: .............................................................................................................................................. 15 Future growth drivers: ..................................................................................................................................... 16 North America: ............................................................................................................................................ 16 Virtual Reality (VR): ..................................................................................................................................... 17 Online-offline integration: ........................................................................................................................... 18 Regulation: ....................................................................................................................................................... 19 UK ................................................................................................................................................................ 19 Sweden ........................................................................................................................................................ 19 Denmark ...................................................................................................................................................... 19 Norway ........................................................................................................................................................ 20 Finland ......................................................................................................................................................... 20 Netherlands ................................................................................................................................................. 20 Germany ...................................................................................................................................................... 20 Paradise Island: ................................................................................................................................................ 21 Shareholders and management: ..................................................................................................................... 22 Employees: .................................................................................................................................................. 23 Compensation: ............................................................................................................................................ 24 M&A historic .................................................................................................................................................... 25 History: ........................................................................................................................................................ 25 Platform: ...................................................................................................................................................... 25 Oddsmodel: ................................................................................................................................................. 25 Betit merger: ..............................................................................................................................................
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