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Mr Green - Q1 first comment, increased profitability | Redeye.seToday Mr Green announced an acquisition of Dansk Underholding and by that enters the regulated Danish market.
In this comment we will also discuss about the upcoming quarterly report that will be released on Friday this week on the 10th of February.
Dansk Underholding DU operates a couple of known brands such as Bingosjov, Bingoslottet, and Balletbingo.
The names of the sites suggest that the company primarily operates within the Bingo segment, but that is not correct.
The Bingo, which is free-to-play, is mostly used as a customer acquisition tool.
Bingo is not yet regulated in Denmark, but most refund gambling winnings will be in 2018.
Otherwise, Denmark is a regulated market where the companies pay a 20% tax based on gross gaming revenue.
Almost all of DUs revenue click generated from Casino.
Peter Eugen Clausen, the current CEO, co-founded the company eight years ago.
During 2018 the company grew their revenues by 27% and produced an income of EUR 3.
We estimate that the company has an EBITDA margin of about 30%.
We also want to highlight that all of DUs revenues are from a regulated markets, which means that they are currently paying a tax of 20% based on gross gaming revenues.
If DUs income had been unregulated, the actual EBITDA multiple would have been roughly 4.
All in all, we deem that the price paid for DU is low.
The Danish iGaming market The Danish market for iGaming is estimated to be worth EUR 241m in gross game win during 2018.
Casino is by far the largest product as Bingo is yet to be regulated.
The total market for iGaming is expected to grow yearly by 4% the next five years.
The organic growth opportunities for Mr Green should be significant the coming years.
Still, we expect that the company will have to invest a fair amount to gain a larger market presence.
DU will continue to operate their brands and will most likely benefit from Mr Greens scale, there should be some obvious synergies.
In conclusion;we believe the acquisition is a smart way to enter the Danish market at a fair price, with a low need for technical investments for further expansion.
The acquisition is made at an attractive price of a company with healthy growth, good profitability, and significant organic prospects.
Mr Green chooses to use cash instead of stock as they most likely find their share as undervalued, a clear sign of shareholder friendliness according to us.
All in all we see the acquisition as attractive and should be positive for the share price.
Next quarter estimates MrGreen will release their report for the fourth quarter of 2018 on Friday the casino winnings taxes casino winnings taxes: of February.
We casino winnings taxes casino winnings taxes: that the company will continue with relatively high marketing level, which will drive the short-term profitability down.
We believe that the most important takeaway from the report will be the growth rate.
The customer intake and deposits also rose significantly, a continued increase in the rate of growth confirm our positive view on Mr Greens prospects even further.
Mr Green is a online casino focused company that has launched sportsbook during Q2 2018.
The online casino has grown immensely during the last few years due to its scalable brand and effective marketing strategy.
VD Per Norman Styrelseordförande Kent Sander Webb Handelsplats NASDAQ Stockholm Industri Konsumenttjänster Nils-Henrik Investment 13.