In this equity report, analyst Sam Jonsson Åslund takes a closer look at Angler Gaming PLC (Ticker: ANGL), a Maltese based holding company with fully owned subsidiaries providing online gambling services within the iGaming industry. The fair value of Angler Gaming is estimated to SEK 88.2, indicating a potential upside of 143.6%.
Investment highlights:
- Strong historic CAGR of 44.7% during 2015A-2019A in the number of active customers, which is projected to continue as a result of the Company entering the sports betting segment.
- Higher than peers revenue growth of CAGR 60.6% during 2015A-2020A and LTM EV/EBIT of 18.6x compared to peer mean of 26.6x.
- Solid financial position with 46.7% of total assets consisting of cash and cash equivalents, which serves as a good foundation to execute the Company’s plan to increase growth through acquisitions.
