Gaming Innovation Group: Dealing a new hand – SEB

2020-02-19

"Few surprises in the report as Q4 results for the group had already been preannounced. Mix deviated slightly from our expectation with EBITDA in B2C better and B2B weaker. However, the investment case is changing as Gaming is sold to Betsson. We have adjusted our estimates for a divestment in early Q2 and forecast performance at the high-end of 2020 guidance. New DCF mid-point value SEK 13.3, range SEK 10-17, SOTP value SEK 14.9."

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