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Redeye: Enlabs - Ready for EPS take-off

Enlabs´s sales came in above our estimates. The sales came in at EUR 9.4m (estimated EUR 9.3m). However, one-off costs lowered EBIT and the profit margins in the second quarter. The group´s underlying momentum is strong with a Y/Y growth of 35% and a Q/Q growth of 4%. The main driver was the casino vertical with a Y/Y growth of 57% and a Q/Q growth of 6%. We expect the strong Q/Q growth to increase further during the peak-season, and there are plenty of additional growth drivers beyond 2019. The scalability of Enlabs business together with the rapid growth, should increase the profit

Redeye: Enlabs - Baltic acceleration

Enlabs´s sales and earnings came in above our estimates. The sales came in at EUR 8.9m (estimated EUR 8.6m), and the EBIT came in at EUR 2.2m (estimated EUR 2.0m). The online growth in the Baltics is accelerating. Enlabs had an online gambling growth of 25% Q/Q and the underlying markets are growing rapidly. Furthermore, the launch of Optibet in Lithuania has not had any impact on the sales yet. However, the traffic-data looks promising. We have updated our estimates, which results in a new fair value of SEK 29 per share in Base case. 

Redeye: Nordic Leisure - Sales & marketing in focus

This is an updated analysis and a republication of the initiating coverage published Mars 22, 2018. Both sales and EBITDA came in lower than expected in Q1, mainly explained by the sportsbook, which did not deliver in line with expectations. We reiterate our Base case of SEK 38 per share. Read more and download the research update: https://goo.gl/yrPxAM Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

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