Announcement • May 27
Gentoo Media Inc. Elects Jesper Ribacka as New Director of the Board The Annual Meeting of Shareholders in Gentoo Media Inc. was held on 27 May 2025, elected Jesper Ribacka as new Director of the Board. Announcement • May 16
Gentoo Media Inc. Provides Earnings Guidance for Full Year 2025 Gentoo Media Inc. provided earnings guidance for full year 2025. For the period, the company expects to resume growth in the second half of the year and they expect to see full-year revenues broadly in line with 2024. Announcement • May 02
Gentoo Media Inc. Announces Executive Leadership Changes Gentoo Media Inc. announced that Gioacchino Morsicato, Chief Sales Officer, and Vadim Jefimenko, Chief Technology Officer, will be leaving the company. Their departures are part of a broader strategic reorganization designed to further the company's long-term growth objectives and evolving operational needs. The strategic reorganization reflects the company's commitment to enhancing operational efficiency, driving innovation, and positioning Gentoo Media for its next phase of growth. Announcement • Mar 14
Shares of Gentoo Media to Delist from Euronext Oslo Børs A Special Meeting of Shareholders in Gentoo Media Inc. was held on 13 March 2025, in Stockholm, Sweden. Shareholders representing 51.18% of the shares entitled to vote were present in person or by proxy. The Special Meeting of Shareholders resolved to delist the Company's shares from Euronext Oslo Børs. The Company will maintain the listing of the shares on Nasdaq Stockholm. The Company will prepare and submit an application to delist the shares to Euronext Oslo Børs, and given an approval from Euronext Oslo Børs, a delisting is expected to be effected by the end of Second Quarter 2025. The Company's share registry will continue in the Norwegian Central Securities Depository (Euronext Securities Oslo – 'VPS') with the shares held in Euroclear Sweden mirrored via a nominee account in the VPS. Thus, shareholders are not required to take any action to move their shares in connection with the delisting. Announcement • Mar 01
Gentoo Media Announces CFO Changes Gentoo Media announced that From 1 March 2025, Mads Haugegaard Albrechtsen will assume the role of CFO at Gentoo Media, strengthening the integration between financial strategy and daily operations. Mads Haugegaard Albrechtsen joins the Gentoo Media financial team from a position as partner and state-authorised public accountant at Deloitte Denmark, adding substantial financial expertise and a strong focus on business optimisation. Mads brings extensive experience from the role as auditor and adviser for companies on a transformational and fast-growing journey, such as Gentoo Media. His expertise includes financial strategy, transformation of finance functions, capital structure, M&A, risk management and external reporting – across multiple industries. Furthermore, Mads has served in different leadership positions within Deloitte and brings both a deep commercial understanding and mindset combined with a solid technical understanding of finance. As an advisor on different complex projects for Gentoo Media working closely together with management, Mads has a solid understanding of Gentoo Media – business model, culture, and ambitions for the future. As Mads takes on the role of CFO, Tore Formo moves into a role as new Company Secretary & Head of Corporate Governance strengthening this area of the company. Tore will continue to be responsible for corporate governance and shareholder related issues and be the Company's main point of contact in relation to the listing of the Company's shares and bonds. Announcement • Jan 30
Gentoo Media Resolves to Initiate A Process to Delist the Shares from Euronext Oslo Børs The Board of Directors of Gentoo Media Inc. (Gentoo) has on January 30, 2025 resolved to initiate a process to delist the company's shares from Euronext Oslo Børs while maintaining the listing of the shares on Nasdaq Stockholm. In the Board of Directors' opinion, liquidity in the company's shares and thereby shareholder value will benefit from being traded on Nasdaq Stockholm only, and the company has received signals to the same effect from certain principal investors as well as from other market participants. Since 2019, the shares of Gentoo have been dual listed on Euronext Oslo Børs and Nasdaq Stockholm. Shareholders have had the possibility to trade in the share on both exchanges and across the exchanges. The company has seen a shift in investor focus from Norway to Sweden, which at the time of the dual listing was already a hub for the iGaming industry. In parallel, the number of holders of shares on Euronext Oslo Børs has gradually decreased, in part due to such shareholders have moved their shares to Nasdaq Stockholm. Liquidity in the shares trading in Oslo has also been limited. In addition, the company believes that liquidity in the shares trading in Stockholm could benefit from the shares not being dual listed in Oslo and Stockholm. A delisting is subject to approval from a shareholders' meeting and Euronext Oslo Børs approving an application to delist the shares. The Board of Directors will call for a special meeting of shareholders mid-March for approval of the delisting. Subject to shareholder approval, an application to delist will we submitted, and given an approval from Euronext Oslo Børs, a delisting is expected to be effected by the end of second quarter 2025. Announcement • Jan 27
Gentoo Media Inc., Annual General Meeting, May 27, 2025 Gentoo Media Inc., Annual General Meeting, May 27, 2025. Recent Insider Transactions • Dec 08
Insider recently bought kr417k worth of stock On the 5th of December, Mateusz Juroszek bought around 17k shares on-market at roughly kr24.70 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr183m. Insiders have collectively bought kr216m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 17
Insider recently bought kr2.8m worth of stock On the 13th of November, Mateusz Juroszek bought around 116k shares on-market at roughly kr24.63 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr183m. Insiders have collectively bought kr212m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: €0.033 (vs €0.071 in 3Q 2023) Third quarter 2024 results: EPS: €0.033 (down from €0.071 in 3Q 2023). Revenue: €30.4m (down 13% from 3Q 2023). Net income: €4.48m (down 51% from 3Q 2023). Profit margin: 15% (down from 26% in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Oct 14
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 1 independent director (8 non-independent directors). Director Petter Nylander is the most experienced director on the board, commencing their role in 2018. Independent Director Nicolas Adlercreutz was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Oct 01
Gentoo Media Inc. completed the Spin-Off of Innovation Labs Limited. Gaming Innovation Group Inc. agreed to Spin-Off GIG Media on February 15, 2023. Such distribution would result in a split of current GiG into two main business segments. Final execution will be subject to all necessary corporate actions, including shareholder approvals. Richard Brown will step down as Chief Executive Officer of Gaming Innovation Group on December 31, 2023. GiG Media will continue under its current senior leadership. As of August 14, 2023, Gaming Innovation Group Inc. announced appointment of Richard Carter as Platform & Sportsbook CEO. Richard Carter will join GiG on September 18, 2023. On September 18, 2023, Richard Brown leave his position as Chief Executive Officer of GiG effective today and move to a Board advisory position until December 31, 2023. As of April 8, 2024, Gaming Innovation Group Inc. nomination committee has reviewed and evaluated two separate board compositions with the aim to optimize the growth opportunities for each business entity. As of June 18, 2024, GiG Media has rebranded as Gentoo Media. As of September 13, 2024, the transaction record date is fixed as September 25, 2024. The transaction is expected to close on September 30, 2024.
Gentoo Media Inc. completed the Spin-Off of Innovation Labs Limited on September 30, 2024. Following a final approval of the Board of Directors of Gentoo Media, all necessary legal steps have been completed, and the assets and subsidiaries of the platform business have been extracted from Gentoo Media Inc. and distributed to the shareholders. Announcement • Sep 23
Gaming Innovation Group Inc. Approves Election of Tomasz Juroszek to the Board of Directors Gaming Innovation Group Inc. announced that at the special meeting of the stockholders held on September 23, 2024 approved the election of Tomasz Juroszek to the Board of Directors of the Corporation. Recent Insider Transactions • Sep 12
Director recently bought kr183m worth of stock On the 9th of September, Mateusz Juroszek bought around 6m shares on-market at roughly kr31.46 per share. This transaction amounted to 76% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr192m more in shares than they have sold in the last 12 months. Major Estimate Revision • Sep 04
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €155.4m to €136.3m. EPS estimate fell from €0.185 to €0.145 per share. Net income forecast to grow 48% next year vs 38% growth forecast for Hospitality industry in Norway. Consensus price target down from kr45.19 to kr40.28. Share price was steady at kr32.80 over the past week. Announcement • Aug 30
Gaming Innovation Group Welcomes Andreas Söneby to the GiG Platform Board Gaming Innovation Group announced the appointment of Andreas Söneby to the Board of Directors of GiG Platform effective immediately. Andreas Söneby brings a wealth of experience and a proven track record in the gaming and technology sectors, making him an invaluable addition to the GiG Platform Board as the company continue to grow and innovate in the industry. His extensive experience includes key leadership roles at some of the most prominent companies in the field, including Unibet, Kindred Group, and Kambi. Throughout his distinguished career, Mr. Söneby has demonstrated his ability to lead and innovate at the highest levels. As Chief Information Officer at Kambi, he was instrumental in driving the company's technology strategy, overseeing a team of over 300 professionals, and managing exponential transaction growth. His work at Unibet Group plc, where he served as CTO and IT Director, further underscores his ability to manage complex operations and deliver significant results. Notably, he played a crucial role in establishing Kambi as an independent entity within the Unibet Group. In addition to his industry-specific experience, Mr. Söneby has held executive positions at companies such as White Hat Gaming and Instabox, and currently serves as a Venture Partner at Industrifonden, where he continues to shape the future of IT and technology in various sectors. New Risk • Aug 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Recent Insider Transactions • Jun 14
Director recently bought kr2.2m worth of stock On the 12th of June, Mateusz Juroszek bought around 67k shares on-market at roughly kr32.23 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr11m more in shares than they have sold in the last 12 months. New Risk • Jun 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Profit margins are more than 30% lower than last year (19% net profit margin). Shareholders have been diluted in the past year (4.4% increase in shares outstanding). New Risk • Jun 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Profit margins are more than 30% lower than last year (19% net profit margin). Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Announcement • Jun 05
Gaming Innovation Group Inc. (OB:GIG) agreed to acquire Casinomeister for €3 million. Gaming Innovation Group Inc. (OB:GIG) agreed to acquire Casinomeister for €3 million on June 3, 2024. The consideration consists of €3 million in cash. The transaction is expected to close in June. Announcement • May 25
Gaming Innovation Group Inc. Announces Board Appointments Gaming Innovation Group Inc. at its Annual Meeting of Shareholders held on 22 May 2024, elected Mikael Riese Harstad as new Chairman and Cristina Romero de Alba, Mateusz Juroszek and Nicholas Batram as new Directors of the Board. Major Estimate Revision • May 14
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €160.2m to €154.9m. EPS estimate also fell from €0.215 per share to €0.185 per share. Net income forecast to grow 43% next year vs 28% growth forecast for Hospitality industry in Norway. Consensus price target down from kr49.05 to kr45.03. Share price rose 2.7% to kr31.90 over the past week. New Risk • May 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 19% Last year net profit margin: 37% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Profit margins are more than 30% lower than last year (19% net profit margin). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). New Risk • May 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Recent Insider Transactions • May 09
Director recently bought kr156k worth of stock On the 7th of May, Hesam Yazdi bought around 5k shares on-market at roughly kr31.11 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr6.1m. Insiders have collectively bought kr8.0m more in shares than they have sold in the last 12 months. Reported Earnings • May 07
First quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2024 results: EPS: €0.076 (up from €0.032 in 1Q 2023). Revenue: €28.0m (down 14% from 1Q 2023). Net income: €9.85m (up 144% from 1Q 2023). Profit margin: 35% (up from 12% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 03
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.234 to €0.19 per share. Revenue forecast steady at €160.3m. Net income forecast to grow 93% next year vs 28% growth forecast for Hospitality industry in Norway. Consensus price target of kr49.52 unchanged from last update. Share price rose 4.0% to kr34.10 over the past week. Recent Insider Transactions Derivative • Mar 01
Chief Financial Officer exercised options to buy kr1.5m worth of stock. On the 29th of February, Justin Psaila exercised options to buy 45k shares at a strike price of around kr17.38, costing a total of kr782k. This transaction amounted to 2,143% of their direct individual holding at the time of the trade. Company insiders have collectively bought kr9.7m more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Feb 21
Consensus EPS estimates fall by 19%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €167.4m to €173.3m. EPS estimate fell from €0.29 to €0.234 per share. Net income forecast to grow 159% next year vs 34% growth forecast for Hospitality industry in Norway. Consensus price target up from kr48.22 to kr49.20. Share price rose 3.5% to kr31.30 over the past week. Recent Insider Transactions • Feb 20
Insider recently bought kr6.1m worth of stock On the 16th of February, Richard Carter bought around 200k shares on-market at roughly kr30.69 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr7.0m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: €0.10 (vs €0.049 in FY 2022) Full year 2023 results: EPS: €0.10 (up from €0.049 in FY 2022). Revenue: €89.1m (down 17% from FY 2022). Net income: €13.4m (up 135% from FY 2022). Profit margin: 15% (up from 5.3% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 131% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 20
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.222 to €0.166 per share. Revenue forecast steady at €126.4m. Net income forecast to grow 60% next year vs 19% growth forecast for Hospitality industry in Norway. Consensus price target of kr41.60 unchanged from last update. Share price fell 3.3% to kr29.50 over the past week. Recent Insider Transactions • Nov 13
Director recently bought kr196k worth of stock On the 8th of November, Hesam Yazdi bought around 7k shares on-market at roughly kr30.13 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr849k more in shares than they have sold in the last 12 months. New Risk • Nov 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 61% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Announcement • Nov 10
Gaming Innovation Group Inc., Annual General Meeting, May 22, 2024 Gaming Innovation Group Inc., Annual General Meeting, May 22, 2024. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: €0.071 (up from €0.006 in 3Q 2022). Revenue: €35.1m (up 28% from 3Q 2022). Net income: €9.14m (up €8.42m from 3Q 2022). Profit margin: 26% (up from 2.7% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 140% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Announcement • Nov 03
Gaming Innovation Group Appoints Andrew Cochrane as New Chief Business Officer for Platform & Sportsbook Gaming Innovation Group (GiG) has announced former SBTech and DraftKings executive Andrew Cochrane as its new Chief Business Officer (CBO) for Platform & Sportsbook, marking a significant step in the tech providers' ambitious growth plans. A prominent and highly respected figure within the industry, Andrew brings to GiG a wealth of experience at delivering commercial successes, having played pivotal roles in SBTech's impressive revenue growth and establishing DraftKings' preeminent position as market leaders across the US. Andrew is renowned in the industry as a customer relations expert, engaging with tier-1 and lottery operators, and personally spearheading numerous high-profile contracts that fuelled revenue growth in both new and mature regulated markets. Teaming up alongside GiG's newly appointed CEO for Platform & Sportsbook, Richard Carter for a second time, the pair will look to power growth for GiG's innovative product suite with new partnerships in growth markets worldwide, and to cement its position as a market leader for turnkey solutions. Andrew will be responsible for the implementation of GiG's commercial strategies across its full complement of award winning igaming platform, sportsbook and AI anchored solutions, including business development, marketing, partnerships and corporate development. His initial focus will concentrate on bringing some of the industry's brightest and best talent to GiG to help unlock the opportunities within its global addressable markets. Announcement • Oct 13
Gaming Innovation Group Introduces ApuestasArgentinas.com to the Argentine Market Gaming Innovation Group (GiG) announced the launch of ApuestasArgentinas.com. Designed as a player-first experience, the site offers reviews and exclusive bonuses about sports betting operators in the Argentine market. The GiG team is excited to bring a world-class betting experience to the Argentine market - the launch of Apuest as Apuestas Argentinas.com is another fantastic addition to GiG's portfolio and represents the trust that the company has in the developing iGaming market in Argentina, and more widely, around Latin America. The review team at ApuestasArgentina comprises a group of experts with over 20 years of collective experience in the iGaming sector. This experience comes with other benefits - safety and responsible gaming are core values at ApuestasArginas.com. This is all part of Gaming Innovation Group's wider commitment to promoting a healthy approach to gambling. In addition to its strong focus on safety, ApuestasArgentin.com offers a diverse and extensive selection of betting options, including the ability to filter by payment methods and sports. They also cater to more modern tastes such as eSports. The website is designed to be user-friendly and accessible to beginners and seasoned players, ensuring everyone can enjoy the ultimate gaming experience. The launch of Apuestas Argentina.com also strengthens GiG's position as a global leader in the iGaming industry. GiG is a full-service company, offering both B2C and B2B services, and has won a number of prestigious industry awards in the last five years - including the coveted 'Best Casino Affiliate' award fromIGB in 2022. Announcement • Sep 23
Gaming Innovation Group Inc. Appoints Jonas Warrer as Acting Group CEO Gaming Innovation Group Inc. announced that following September's announcement of Richard Brown stepping down from the role of CEO, the GiG Board of Directors has appointed Jonas Warrer as the acting group CEO effective from today. Jonas Warrer is currently the CEO of GiG's Media division and will take on dual responsibility until the proposed process of the entities split is complete. Richard Brown will continue to support the business in an advisory board position until 31st December 2023 while the Platform & Sportbook division has secured strong leadership of Richard Carter, appointed as its CEO back in August. Mr. Warrer joined GiG in September 2017 through the acquisition of Rebel Penguin Aps, where he was founder and managing director. He has since worked to build up GiG Media, stepping up as Managing Director for the business unit since October 2019. GiG Media has seen a strong and impressive development under his leadership. Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: €0.052 (up from €0.016 in 2Q 2022). Revenue: €34.9m (up 32% from 2Q 2022). Net income: €6.66m (up 236% from 2Q 2022). Profit margin: 19% (up from 7.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 63%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Announcement • Aug 15
Gaming Innovation Group Inc. Appoints Richard Carter as Platform & Sportsbook CEO Gaming Innovation Group Inc. announced the appointment of Richard Carter as Platform & Sportsbook CEO. The appointment will secure a strong and experienced leader for its Platform & Sportsbook division ahead of the planned split of the Company into two separate companies. GiG initiated a strategic review earlier this year with the intention to split the Company into two separate companies, in order to fully optimise growth opportunities and ensure each business can benefit from the strategic and financial flexibility of their distinctive business models. The split will form two industry leading businesses with the potential to grow faster than in the current corporate structure. Mr. Carter has strong experience from the iGaming industry, being CEO of SBTech for close to five years where he led the company's merger with digital sports entertainment and gaming company DraftKings through a three-way deal with Diamond Eagle Acquisition Corp. in April 2020 and recently as CEO of Bragg; a Nasdaq and TSX listed online casino and gaming platform provider. These positions have given Mr. Carter a strong knowledge of GiG's core markets and industry needs. Prior to SBTech, he was a Director of Research at Deutsche Bank, responsible for leading their highly rated Pan-European Gaming Equity Research franchise. The appointment of Mr. Carter comes after an extensive evaluation and selection process to identify the right candidate to position GiG's Platform & Sportsbook division for future growth. An accomplished and inspiring leader, Mr. Carter brings a wealth of industry knowledge coupled with a strong and proven track record of operational execution and driving profitable growth in regulated online gaming markets. Mr. Carter will join GiG on 18 September 2023. Mr. Carter will be responsible for the positioning of GiG's Platform & Sportsbook division in the global, regulated iGaming market, building on the strong position GiG already has as a supplier of its proprietary technology via Software-as-a-Service solutions to more than 40 clients in 35+ markets. In addition, Mr. Carter will be tasked with transforming the division into a stand-alone, publicly listed SaaS company, aligning people, technology, product, and process development to drive innovation and execution across all verticals. Announcement • Aug 09
Gaming Innovation Group Inc. to Report Q1, 2024 Results on May 07, 2024 Gaming Innovation Group Inc. announced that they will report Q1, 2024 results on May 07, 2024 Buying Opportunity • Jun 16
Now 20% undervalued Over the last 90 days, the stock is up 6.1%. The fair value is estimated to be kr32.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 320% in the next 2 years. Recent Insider Transactions • Jun 04
Independent Director recently bought kr226k worth of stock On the 1st of June, Nicolas Adlercreutz bought around 9k shares on-market at roughly kr26.53 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr285k more in shares than they have sold in the last 12 months. Board Change • Jun 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Nicolas Adlercreutz was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 30
Gaming Innovation Group Announces Richard Brown to Step Down as Group CEO on the 31St of December 2023 Gaming Innovation Group announce that its Board of Directors (the "Board") has agreed with Richard Brown to step down as Group CEO on the 31st of December 2023. Announcement • May 24
Gaming Innovation Group Inc. Approves Board Appointments Gaming Innovation Group Inc. at its Annual Meeting Of Shareholders held on 23 May 2023, approved the appointment of Karolina Pelc, Steve Salmon and Tomasz Juroszek as new Directors of the Board. Buying Opportunity • May 24
Now 20% undervalued Over the last 90 days, the stock is up 1.7%. The fair value is estimated to be kr34.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 317% in the next 2 years. Reported Earnings • Apr 27
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: €0.049 (up from €0.004 in FY 2021). Revenue: €107.0m (up 30% from FY 2021). Net income: €5.71m (up €5.31m from FY 2021). Profit margin: 5.3% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 85% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 24
Now 20% undervalued Over the last 90 days, the stock is up 5.7%. The fair value is estimated to be kr34.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings is also forecast to grow by 50% per annum over the same time period. Major Estimate Revision • Feb 23
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.156 to €0.131 per share. Revenue forecast steady at €120.8m. Net income forecast to grow 185% next year vs 13% growth forecast for Hospitality industry in Norway. Consensus price target reaffirmed at kr30.88. Share price fell 5.1% to kr26.98 over the past week. Buying Opportunity • Feb 22
Now 21% undervalued Over the last 90 days, the stock is up 9.4%. The fair value is estimated to be kr34.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 49% per annum over the same time period. Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: €0.049 (vs €0.004 in FY 2021) Full year 2022 results: EPS: €0.049 (up from €0.004 in FY 2021). Revenue: €107.0m (up 30% from FY 2021). Net income: €5.71m (up €5.31m from FY 2021). Profit margin: 5.3% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Announcement • Jan 11
Gaming Innovation Group Inc. Announces Resignation of Michael Ahearne, as Director Michael Ahearne, board member of Gaming Innovation Group Inc. (GiG) has decided to resign as a director of the Company with effect as of January 11, 2023. Ahearne joined the board 1 April 2022 following SkyCity Entertainment Group becoming shareholder in GiG in connection with the acquisition of Sportnco Gaming SAS. Ahearne has closely followed the development of GiG during this period and is pleased with GiG’s operations and the Company’s position within the iGaming industry. As SkyCity’s Chief Executive Officer, Ahearne will now focus on his commitments to SkyCity in New Zealand and Australia. The remaining board members, Petter Nylander (chairman), Nicolas Adlercreutz, Kathryn Moore Baker, Mikael Riese Harstad, Kjetil Garstad and Hessi Mocca will continue to act as the Company's Board of Directors. Announcement • Jan 04
Gaming Innovation Group Inc.(OM:GIGSEK) dropped from OMX Nordic Small Cap Index Gaming Innovation Group Inc. has been dropped from OMX Nordic Small Cap Index . Recent Insider Transactions Derivative • Nov 16
Chief Executive Officer exercised options to buy kr1.3m worth of stock. On the 9th of November, Richard Brown exercised options to buy 50k shares at a strike price of around kr24.00, costing a total of kr1.2m. This transaction amounted to 41% of their direct individual holding at the time of the trade. Since December 2021, Richard's direct individual holding has increased from 121.00k shares to 171.00k. Company insiders have collectively bought kr1.3m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Nov 16
Independent Director recently bought kr60k worth of stock On the 9th of November, Nicolas Adlercreutz bought around 3k shares on-market at roughly kr23.86 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Chairman of the Board Petter Nylander is the most experienced director on the board, commencing their role in 2018. Independent Director Kjetil Garstad was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Nov 11
Independent Director recently bought kr60k worth of stock On the 9th of November, Nicolas Adlercreutz bought around 3k shares on-market at roughly kr23.86 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Nov 10
Gaming Innovation Group Inc. to Report Q2, 2023 Results on Aug 16, 2023 Gaming Innovation Group Inc. announced that they will report Q2, 2023 results on Aug 16, 2023 Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: €0.016 (up from €0.004 loss in 2Q 2021). Revenue: €26.5m (up 37% from 2Q 2021). Net income: €1.98m (up €2.39m from 2Q 2021). Profit margin: 7.5% (up from net loss in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 5.0%, compared to a 35% growth forecast for the Hospitality industry in Norway. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Gaming Innovation Group Inc. to Report Q4, 2022 Results on Feb 15, 2023 Gaming Innovation Group Inc. announced that they will report Q4, 2022 results on Feb 15, 2023 
