Gaming Realms (GMR)

Business description

Gaming Realms creates and publishes innovative real money and social games for mobile, with operations in the UK and US.

Stock data

Market cap.£45m
Last close16.50p
High / Low (52 weeks)21.5p / 15.2p
Stock market listingLN
Forecast net cash (£m)1
Forecast gearing ratio (%)N/A
SectorTravel & Leisure

Price performance

Relative *(5.8)(8.5)(30.7)

* % Relative to local index

Other companies in sector Show

Company news

Gaming Realms hands control of QuickThink Media to Ayima London

Tue, 07 Jun 2016 14:26:15 GMT

Gaming Realms acquires London-based marketing agency

Wed, 11 Dec 2013 10:00:14 GMT

Gaming Realms steps up promotion of Spin Genie brand

Fri, 02 Sep 2016 10:06:34 GMT

Gaming Realms Revenue Doubles to £7.5 Million in Q1

Wed, 04 May 2016 11:03:45 GMT

Gaming Realms to launch new gaming sites for Express Newspapers

Thu, 29 Sep 2016 08:06:11 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2014A 11.2 (7.8) (8.4) (5.0) N/A N/A
2015A 21.2 (4.1) (5.0) (2.1) N/A N/A
2016E 35.5 0.0 (2.0) (0.7) N/A N/A
2017E 54.3 6.0 4.0 1.3 12.7 10.1

Last updated on 21/12/2016

Investment summary

Gaming Realms released a positive Q316 update on 2 November. Real money and social/licensing revenue more than doubled and there was a maiden EBITDA profit of £0.96m. 'Slingo' has successfully crossed over from social to real money gaming and is attracting blue-chip licensing partners. GMR needs c £2m of Q416 EBITDA to achieve its 2016 break-even target and £/$ depreciation is unhelpful for US development costs. However, we believe that GMR has passed a tipping point in its development, with the next few months an important proving period.

Last updated on 21/12/2016

Industry outlook

The UK government review into stakes and prizes (due to report late Q117) is expected to mainly focus on FOBT machines in betting shops. Possible tighter restrictions on gambling advertising could affect GMR but would be more relevant for bingo-led TV advertising pre the 9pm watershed. The European casino market is expected to grow at 9.2% to 2018 (to $27.2bn) with mobile a key driver. The extension of POC gaming tax to 'free play' from 1 August 2017 is already in our forecasts.

Last updated on 21/12/2016

Key management

Patrick Southon, CEO
Mark Segal, CFO

Company address

44 Southampton Buildings
United Kingdom
0845 123 3773
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