Buy Or Sell Opportunity • May 21
Now 21% undervalued Over the last 90 days, the stock has risen 12% to kr5.40. The fair value is estimated to be kr6.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has declined by 5.1%. Revenue is forecast to grow by 38% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Reported Earnings • Apr 22
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: kr0.94 (down from kr0.98 in FY 2024). Revenue: kr65.5m (down 31% from FY 2024). Net income: kr31.9m (down 4.7% from FY 2024). Profit margin: 49% (up from 36% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Announcement • Apr 14
Fable Media Group AB to Report Q1, 2026 Results on May 13, 2026 Fable Media Group AB announced that they will report Q1, 2026 results on May 13, 2026 Upcoming Dividend • Mar 16
Upcoming dividend of kr0.20 per share Eligible shareholders must have bought the stock before 23 March 2026. Payment date: 27 March 2026. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 13%. Within top quartile of Swedish dividend payers (4.2%). Higher than average of industry peers (4.7%). Buy Or Sell Opportunity • Mar 04
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to kr4.70. The fair value is estimated to be kr6.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 1.0% per annum over the same time period. Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: kr0.94 (vs kr0.98 in FY 2024) Full year 2025 results: EPS: kr0.94 (down from kr0.98 in FY 2024). Revenue: kr69.7m (down 26% from FY 2024). Net income: kr31.9m (down 4.7% from FY 2024). Profit margin: 46% (up from 36% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Announcement • Jan 21
Fable Media Group AB to Report Fiscal Year 2025 Results on Feb 19, 2026 Fable Media Group AB announced that they will report fiscal year 2025 results on Feb 19, 2026 Announcement • Dec 15
Fable Media Group AB Approves Dividend, Payable on 22 December 2025 Fable Media Group AB at its Extraordinary General Meeting held on December 15, 2025, approved to distribute a dividend of SEK 0.15 per share, corresponding to a total amount of approximately SEK 5.1 million. The record date for entitlement to the dividend is 17 December 2025. Payment of the dividend is expected to be effected through Euroclear Sweden AB on 22 December 2025. Upcoming Dividend • Dec 09
Upcoming dividend of kr0.15 per share Eligible shareholders must have bought the stock before 16 December 2025. Payment date: 22 December 2025. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 8.2%. Within top quartile of Swedish dividend payers (3.9%). Higher than average of industry peers (4.4%). Announcement • Nov 24
Fable Media Group AB Introduces Dividend Policy of 60 to 80% of Net Profit Fable Media Group AB announced the introduction of a dividend policy under which the Company aims to distribute 60 to 80% of its net profit to shareholders going forward. The policy reflects the Company's strong financial position and is in line with previous communication regarding the ambition to distribute dividends on a quarterly basis and to increase the payout ratio over time. With the recent changes to the bond terms now enabling unrestricted dividend payments, provided that the bond covenants are met, the Company is able to formalize a payout framework that supports attractive shareholder returns. At the same time, the Company's strategy remains firmly focused on organic growth, in contrast to the acquisition-driven growth that is common in the industry. This approach provides both flexibility and predictability in capital allocation, as well as strong cash flow. It enables the Company to continue rewarding its shareholders with generous and sustainable dividends going forward, while continuing to execute on its growth strategy. At the current share price level, the new dividend policy is expected to deliver double-digit annual returns for shareholders. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: kr0.13 (vs kr0.35 in 3Q 2024) Third quarter 2025 results: EPS: kr0.13 (down from kr0.35 in 3Q 2024). Revenue: kr15.4m (down 29% from 3Q 2024). Net income: kr4.43m (down 63% from 3Q 2024). Profit margin: 29% (down from 56% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.2% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (kr163.7m market cap, or US$17.3m). Announcement • Nov 08
Fable Media Group AB Provides Earnings Guidance for the Third Quarter and Full Year 2025 Fable Media Group AB provided earnings guidance for the third quarter and full year 2025. For the quarter, the company expects revenue of approximately SEK 15.4 million.
For the year, the company expects revenue of SEK 67 million to 77 million. Announcement • Oct 15
Fable Media Group AB to Report Q3, 2025 Results on Nov 13, 2025 Fable Media Group AB announced that they will report Q3, 2025 results on Nov 13, 2025 Announcement • Sep 19
Fable Media Group AB Approves Dividend, Payable on 26 September 2025 At the Extraordinary General Meeting held on 19 September 2025 in Fable Media Group AB, the meeting resolved, in accordance with the proposal presented by the Board of Directors in the notice convening the meeting, on a dividend of SEK 0.10 per share, totalling SEK 3,397,063. The record date for receiving the dividend is 23 September 2025. The dividend is expected to be distributed by Euroclear Sweden AB on 26 September 2025. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr5.78, the stock trades at a trailing P/E ratio of 4.6x. Average forward P/E is 15x in the Hospitality industry in Sweden. Total returns to shareholders of 23% over the past three years. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: kr0.26 (vs kr0.007 in 2Q 2024) Second quarter 2025 results: EPS: kr0.26 (up from kr0.007 in 2Q 2024). Revenue: kr16.9m (down 39% from 2Q 2024). Net income: kr8.83m (up kr8.60m from 2Q 2024). Profit margin: 52% (up from 0.8% in 2Q 2024). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Aug 28
Fable Media Group AB Provides Earnings Guidance for the Full Year 2025 Fable Media Group AB provided earnings guidance for the full year 2025. For the year, the company expects revenue of SEK 76 to 86 million. Announcement • Aug 21
Fable Media Group AB Proposes Dividend The Board of Directors of Fable Media Group AB proposed to distribute approximately SEK 0.10 per share in dividends to its shareholders, equivalent to a total amount of SEK 3.5 million. The proposed amount reflects the maximum permitted under the Company's current bond terms, which allow dividend payments of up to 50% of the Group's consolidated net profit, capped at SEK 3.5 million per quarter. This represents an important milestone for the Company, as it becomes the only entity among its listed peers currently paying dividends. The proposal is supported by the Company's majority shareholder and as such is expected to be approved. The dividend is expected to be made during September 2025. Announcement • Jul 29
Fable Media Group AB to Report Q2, 2025 Results on Aug 28, 2025 Fable Media Group AB announced that they will report Q2, 2025 results on Aug 28, 2025 Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr6.02, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 12x in the Hospitality industry in Sweden. Total returns to shareholders of 25% over the past three years. Announcement • Jun 13
Fable Media Group AB Proposes Dividend Distribution for the Year 2024 Going forward, the Board ofFable Media Group AB intends to propose distributions of dividends of up to 50% of profit after tax, however not exceeding SEK 3.5 million per quarter. The Board intends to convene an Extraordinary General Meeting during the third or fourth quarter of 2025 to resolve on a dividend for the financial year 2024. Price Target Changed • Jun 12
Price target decreased by 11% to kr8.00 Down from kr9.00, the current price target is provided by 1 analyst. New target price is 33% above last closing price of kr6.02. Stock is down 24% over the past year. The company posted earnings per share of kr0.99 last year. Announcement • May 16
Fable Media Group AB Maintains Earnings Guidance for the Year 2025 Fable Media Group AB maintained earnings guidance for the year 2025. For the year, the company expected revenue between SEK 85 million and SEK 95 million. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: kr0.30 (vs kr0.30 in 1Q 2024) First quarter 2025 results: EPS: kr0.30 (up from kr0.30 in 1Q 2024). Revenue: kr19.9m (down 8.7% from 1Q 2024). Net income: kr10.3m (up 2.5% from 1Q 2024). Profit margin: 52% (up from 46% in 1Q 2024). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • May 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks High level of debt (63% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (kr173.3m market cap, or US$17.8m). Announcement • Apr 16
Fable Media Group AB to Report Q1, 2025 Results on May 15, 2025 Fable Media Group AB announced that they will report Q1, 2025 results on May 15, 2025 New Risk • Apr 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 (63% net debt to equity). Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr163.1m market cap, or US$16.7m). Reported Earnings • Apr 11
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: kr0.99 (up from kr0.92 in FY 2023). Revenue: kr95.3m (up 14% from FY 2023). Net income: kr33.5m (up 7.5% from FY 2023). Profit margin: 35% (down from 37% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Feb 23
Fable Media Group AB Provides Earnings Guidance for the Year 2025 Fable Media Group AB provided earnings guidance for the year 2025. For the year, the company expects revenue of SEK 85 to 95 million. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr5.50, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Hospitality industry in Sweden. Total loss to shareholders of 7.4% over the past year. Announcement • Jan 22
Fable Media Group AB to Report Fiscal Year 2024 Results on Feb 20, 2025 Fable Media Group AB announced that they will report fiscal year 2024 results on Feb 20, 2025 Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr5.00, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Hospitality industry in Sweden. Total loss to shareholders of 15% over the past year. Announcement • Dec 21
Fable Media Group Updates its Earnings Guidance for the Full-Year 2024 Fable Media Group has updated its earnings guidance for the full-year 2024. The group now anticipates revenue in the range of SEK 92 million to SEK 96 million. This represents a revision from the previous forecast, which projected revenue of SEK 97 million to SEK 105 million. The adjusted forecast is primarily attributed to lower sportsbook margins, as reported by the industry during the second half of 2024. Additionally, Fable Media Group increased its marketing expenditure in the fourth quarter compared to the preceding third quarter to seize on new opportunities in the market. This has driven significant growth in the number of First-Time Depositors referred to the group's partners towards the end of the year, which is expected to contribute positively to the group's long-term growth. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: kr0.35 (vs kr0.20 in 3Q 2023) Third quarter 2024 results: EPS: kr0.35 (up from kr0.20 in 3Q 2023). Revenue: kr21.7m (up 13% from 3Q 2023). Net income: kr12.0m (up 81% from 3Q 2023). Profit margin: 56% (up from 35% in 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Sweden. Reported Earnings • Aug 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr27.8m (up 21% from 2Q 2023). Net income: kr230.0k (down 98% from 2Q 2023). Profit margin: 0.8% (down from 42% in 2Q 2023). Announcement • Jul 24
Fable Media Group AB to Report Q2, 2024 Results on Aug 22, 2024 Fable Media Group AB announced that they will report Q2, 2024 results on Aug 22, 2024 Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr8.25, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Hospitality industry in Sweden. Total returns to shareholders of 42% over the past year. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to kr7.75, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Hospitality industry in Sweden. Total returns to shareholders of 30% over the past year. New Risk • Jun 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks High level of debt (94% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (kr208.9m market cap, or US$19.9m). New Risk • Jun 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 (94% net debt to equity). Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr225.9m market cap, or US$21.7m). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr6.65, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Hospitality industry in Sweden. Total returns to shareholders of 6.2% over the past year. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr5.75, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Hospitality industry in Sweden. Total loss to shareholders of 5.4% over the past year. Reported Earnings • Apr 19
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: kr0.92 (up from kr0.85 in FY 2022). Revenue: kr83.9m (up 36% from FY 2022). Net income: kr31.1m (up 41% from FY 2022). Profit margin: 37% (up from 36% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Sweden. Announcement • Apr 17
Fable Media Group AB to Report Q1, 2024 Results on May 16, 2024 Fable Media Group AB announced that they will report Q1, 2024 results on May 16, 2024 Announcement • Apr 09
Fable Media Group AB, Annual General Meeting, May 08, 2024 Fable Media Group AB, Annual General Meeting, May 08, 2024. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr6.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Hospitality industry in Sweden. Total loss to shareholders of 4.6% over the past year. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to kr6.90, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Hospitality industry in Sweden. Total returns to shareholders of 9.5% over the past year. New Risk • Dec 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks High level of debt (143% net debt to equity). Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (kr204.5m market cap, or US$20.4m). Announcement • Oct 18
Future Gaming Group International AB (publ) to Report Q3, 2023 Results on Nov 16, 2023 Future Gaming Group International AB (publ) announced that they will report Q3, 2023 results on Nov 16, 2023 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr5.90, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 11x in the Hospitality industry in Sweden. Total returns to shareholders of 28% over the past year. Announcement • Jul 26
Future Gaming Group International AB (publ) to Report Q2, 2023 Results on Aug 24, 2023 Future Gaming Group International AB (publ) announced that they will report Q2, 2023 results on Aug 24, 2023 Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr4.80, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 14x in the Hospitality industry in Sweden. Total loss to shareholders of 5.9% over the past year. New Risk • Jun 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr214.0m (US$19.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks High level of debt (369% net debt to equity). Less than 3 years of financial data is available. Market cap is less than US$100m (kr214.0m market cap, or US$19.7m).