NeoGames S.A.

NasdaqGM:NGMS 주식 리포트

시가총액: US$998.2m

This company listing is no longer active

This company may still be operating, however this listing is no longer active. Find out why through their latest events.

NeoGames 대차대조표 건전성

재무 건전성 기준 점검 4/6

NeoGames 의 총 주주 지분은 $135.5M 이고 총 부채는 $218.0M, 이는 부채 대 자기자본 비율을 160.9% 로 가져옵니다. 총자산과 총부채는 각각 $459.4M 및 $323.9M 입니다.

핵심 정보

160.90%

부채/자본 비율

US$217.97m

부채

이자보상배율n/a
현금US$29.02m
자본US$135.47m
총부채US$323.91m
총자산US$459.38m

최근 재무 건전성 업데이트

Recent updates

분석 기사 Feb 03

An Intrinsic Calculation For NeoGames S.A. (NASDAQ:NGMS) Suggests It's 44% Undervalued

How far off is NeoGames S.A. ( NASDAQ:NGMS ) from its intrinsic value? Using the most recent financial data, we'll take...
Seeking Alpha Oct 03

Neogames signs distribution agreement with Sweden's ATG

NeoGames (NASDAQ:NGMS) subsidiary, Pariplay, has signed a major distribution agreement with Sweden’s ATG that will see it significantly expand its reach in the country. ATG occupies the first place in the Swedish operator landscape, holding 30.3% of the licensed market. Through the deal, ATG will gain access to Wizard Games titles as well as selected third-party content available via Pariplay’s aggregation platform, Fusion. The deal marks significant expansion in Sweden for Pariplay, with ATG boasting a large customer base of 1.3M at the end of 2021.
Seeking Alpha Aug 15

NeoGames unit partners with SOJOGO, Santa Casa Global on proprietary sportsbook offering

NeoGames' (NASDAQ:NGMS) sports betting supplier unit BtoBet has partnered with the Portuguese National Lottery Santa Casa da Misericórdia de Lisboa arm SOJOGO and Santa Casa Global to provide the latter with its proprietary sportsbook offering for both its online operations and retail network. The two sides have signed a multi-year partnership agreement. NeoGames is a technology-driven innovator and a global leader of iLottery and iGaming solutions and services for regulated lotteries and gaming operators. Shares were trading +2.80% pre-market. Source: Press Release
Seeking Alpha Jul 26

NeoGames: A Special Situation That Is Worth Taking A Look At

NeoGames, through their joint venture,NPI, is the leading iLottery provider in North America. This is a market with huge growth potential because of a combination of changes in regulation, an increase in market penetration, and cross-selling of new games and services. NeoGames is the company with the best positioning to capture this opportunity. This is reflected in their awards as being the best iLottery supplier and superior performance. Besides, they recently acquired their parent company, Aspire. This, in my opinion, is a great acquisition that will give them a new source of cash flows and cost savings through synergies. We are currently in an uncertain economic situation where we don't know whether we will continue to have high levels of inflation, a recession that will stop the growth of the economy, or even both, no economic growth and high levels of inflation. This current market status puts investors in a very uncomfortable situation. Recession fears make investors want to stay away from most securities and high inflation levels make investors want to stay away from cash or bonds since their real returns are negative. In this article, I will talk about an interesting company that, given its business resilient nature and growth potential, offers investors an interesting investment alternative for this uncertain era. The company is NeoGames (NGMS), a leading iLottery provider in North America and Europe. NeoGames: A leading iLottery provider in North America and Europe NeoGames was born from Aspire, a leading iGaming provider in Europe. In 2014, they decided to spin off their iLottery division with the objective of focusing on capturing the new and very promising market of iLottery in the United States. To do so, they partnered with Pollard Banknote (OTCPK:PBKOF), a leading traditional lottery manufacturer. In this partnership, Pollard will provide the regulatory expertise as well as the relationships with the state lotteries and NeoGames would provide the specialized technology necessary to provide the best service available in the market. This partnership worked very well and they currently dominate the sector with a market share of 67%. Also, the states where they operate have the best performance measured by market penetration. Even they have recently won the EGR B2B award of the lottery supplier of the year for the second consecutive year. As NeoGames pointed out in their annual report: "We believe that our focus on iLottery solutions, building upon years of expertise and deep exposure to U.S. customers, has given us a superior understanding of iLottery customers and players that allows us to continue to outperform our competitors in iLottery solutions and games" Currently, the growth potential in the US is still huge since 77% of the population doesn't have access to iLottery (because of the lack of regulations in their states). Also, most of the states that currently have iLotteries are reporting higher revenues year over year. NeoGames growth potential (NeoGames investors presentation) Besides this growth potential, this industry has very attractive characteristics: A substantial upfront investment is needed to open a new lottery, but the investment needed to maintain operations is minimal. There is only one iLottery provider for each US state. The iLottery provider selected gets a multi-year revenue-share contract with the state government and they usually don't change their supplier due to high switching costs. Lotteries play a very important role in local governments' budgets, thus they select iLottery providers with a good reputation rather than the provider with the lowest fees. There are economies of scale in the industry; The development of new games and platforms as a percentage of revenues is reduced as they get new contracts. Acquisition of Aspire Probably the most important aspect of this investment thesis is the acquisition of the parent company, Aspire. They acquired Aspire for a total consideration of approximately $480 million (SEK 111 per share), $264 million will be paid in cash, and 7.6 million with newly issued shares. The founders of Aspire (and also founders of NeoGames) decided to accept all the equity part of the offer with an exchange ratio of 0.32 shares in NeoGames for each share of Aspire. This translates into an exchange ratio of $38 dollars per share. Because of the sink in the share price of NeoGames, the price paid for Aspire, net of cash, is $323 million. With this price, NeoGames is acquiring a leading iGaming provider for Sports Betting and Casinos in Europe that has an ROIC of +15% and is growing revenues and earnings at double digits at a PE of 18X. Besides, the synergies that may exist between these two companies are huge. Equity part $114 million (7.6*$15) Cash part $264 million Net cash position of Aspire -$55 million Total $323 million Author, with data from NeoGames Investor Relations news section. The equity part is calculated at a $15 per share price. Also, it is worth mentioning that the strengthening of the dollar prejudice the acquisition since their profits are reported in euros and the takeover was in USD. The bottom line Taking into consideration this acquisition, we will end up with 2 great businesses that have great growth potential, high returns on invested capital, and a dominant market position in their niches that can create synergies between both of them. Making the pro forma financial statements for the year 2022 of NeoGames (even when their whole revenues will be recorded until 2023), we will end up with the following: 2021 2022 Sales 82 270 NeoGames 50 56 NeoPollard interactive 32 40 Aspire 0 174 EBITDA 29.8 97.5 EBIT 15 54 EBIT margin 18.4% 20% Interest expense 6 20 Taxes 0.5 9 Net income 8.5 24.8 Net debt -20 244 Fully diluted number of shares 26.6 34.2 Enterprise value 390 771 Author, with data from NeoGames' 2021 annual report, Investor Relations news section, and Q1 2022 results. Total Revenues include 50% of NeoPollard Interactive revenues; Enterprise value is calculated based on a $15 per share price.
분석 기사 Jul 20

NeoGames (NASDAQ:NGMS) Will Be Hoping To Turn Its Returns On Capital Around

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will...
Seeking Alpha May 03

Alta Fox Capital - NeoGames: In A Healthy Oligopoly

NeoGames valuation has recently slumped to levels that imply far more pessimism than we can realistically envision. We believe the pro forma entity is much more attractive to a potential acquirer. Our research suggests that there are likely several interested strategic acquirers in NGMS.
분석 기사 Apr 23

NeoGames S.A.'s (NASDAQ:NGMS) Intrinsic Value Is Potentially 92% Above Its Share Price

Today we will run through one way of estimating the intrinsic value of NeoGames S.A. ( NASDAQ:NGMS ) by projecting its...
분석 기사 Mar 17

There's Been No Shortage Of Growth Recently For NeoGames' (NASDAQ:NGMS) Returns On Capital

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Seeking Alpha Feb 09

NeoGames: Acquisition Of Aspire Is Synergistic In Canada And Drives Upside

The acquisition of Aspire is synergistic for NPI’s Canadian operations as it position NPI in a prime spot to be the sole supplier of the entire iGaming ecosystem in Canada. NeoGames is paying a bargain price for Aspire, an overlooked iGaming provider with a masking effect. Acquisition of Aspire implies a pro-forma combined EBITDA (net of discontinued operations) of $60m, valuing NGMS at 11.8x Price/Pro-forma EBITDA on a diluted basis.
Seeking Alpha Jan 21

NeoGames Needs To Spark iGaming Growth

NeoGames S.A. went public in November 2020, raising $94 million in a U.S. IPO. The firm provides lottery software to lottery operators and gaming software to iGaming operators. NGMS has seen its stock slide and needs to stimulate iGaming segment growth to ignite an upside catalyst.
분석 기사 Dec 04

The Price Is Right For NeoGames S.A. (NASDAQ:NGMS) Even After Diving 25%

Unfortunately for some shareholders, the NeoGames S.A. ( NASDAQ:NGMS ) share price has dived 25% in the last thirty...
분석 기사 Dec 01

Returns On Capital At NeoGames (NASDAQ:NGMS) Paint A Concerning Picture

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically...
분석 기사 May 22

Some Analysts Just Cut Their NeoGames S.A. (NASDAQ:NGMS) Estimates

Today is shaping up negative for NeoGames S.A. ( NASDAQ:NGMS ) shareholders, with the analysts delivering a substantial...
분석 기사 Mar 17

Taking A Look At NeoGames S.A.'s (NASDAQ:NGMS) ROE

One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
분석 기사 Feb 19

Here's Why NeoGames' (NASDAQ:NGMS) Statutory Earnings Are Arguably Too Conservative

It might be old fashioned, but we really like to invest in companies that make a profit, each and every year. That...

재무 상태 분석

단기부채: NGMS 의 단기 자산 ( $85.9M )이 단기 부채( $76.2M ).

장기 부채: NGMS의 단기 자산($85.9M)이 장기 부채($247.7M)를 충당하지 못합니다.


부채/자본 비율 추이 및 분석

부채 수준: NGMS 의 순부채 대 자기자본 비율( 139.5% )은 높음으로 간주됩니다.

부채 감소: NGMS는 5년 전 마이너스 주주 지분이었으나 현재 플러스로 개선되었습니다.


대차대조표


현금 보유 기간 분석

과거에 평균적으로 손실을 기록해 온 기업의 경우, 최소 1년 이상의 현금 보유 기간이 있는지 평가합니다.

안정적인 현금 활주로: 수익성이 없는 NGMS 현재의 플러스 무료 현금 흐름 수준을 유지한다면 3년 이상 충분한 현금 활주로를 보유하고 있습니다.

예측 현금 활주로: NGMS 은(는) 수익성이 없지만 잉여 현금 흐름이 긍정적이고 매년 58.5 %씩 성장하기 때문에 3년 이상 충분한 현금 활주로를 보유하고 있습니다.


건전한 기업 찾아보기

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2024/04/28 10:39
종가2024/04/23 00:00
수익2023/12/31
연간 수익2023/12/31

데이터 소스

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패키지데이터기간미국 소스 예시 *
기업 재무제표10년
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시장 가격30년
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지분 구조10년
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경영진10년
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주요 개발10년
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* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

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분석가 소스

NeoGames S.A.는 7명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Shaun KelleyBofA Global Research
Carlo SantarelliDeutsche Bank
Steven PizzellaDeutsche Bank