Bragg Gaming's core asset is Oryx Gaming, a fast growing online B2B gaming solution provider. We forecast C$38.4m revenues in FY19, with continued double-digit revenue growth until FY22. The underlying Oryx business is cash generative and we estimate that group EBITDA margin will expand from break-even at H119 to 7.6% next year. Investment risk is high, largely due to the need for financing, but Bragg is strategically well positioned to make accretive M&A. Key milestones will be the development of positive cash flow, as well as the successful payment of the C$32.6m contingent cash consideration for Oryx. Bragg is still an early-stage business and trades at 15.3x EV/EBITDA and 11.2x P/E for FY20e.Den vollständigen Artikel lesen ...