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Stride Gaming (STR)

Business description

Stride Gaming is a leading online gaming operator in the UK. It uses its proprietary and purchased software to provide online bingo and slot gaming. It was formed in 2012 and only operates in regulated real money gaming markets.

Stock data

Market cap.£101.2m
Last close133.50p
High / Low (52 weeks)259.0p / 130.0p
Stock market listingLN
Forecast net cash (£m)19.7
Forecast gearing ratio (%)N/A
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual(10.7)(39.9)(37.5)
Relative *(10.5)(43)(39.7)

* % Relative to local index

Other companies in sector Show

Company news

Stride Gaming says performance in year just ended was at the upper end

Mon, 18 Sep 2017 06:47:41 GMT

Stride Gaming PLC a dominant player in the multi-brand online bingo market

Fri, 03 Nov 2017 14:53:03 GMT

Stride Gaming's metrics to improve after latest deals

Fri, 29 Jul 2016 11:37:13 GMT

Stride Gaming shares advance as it strikes first B2B joint venture

Fri, 26 May 2017 11:35:04 GMT

Bingo! Stride Gaming setting a fast pace

Fri, 27 May 2016 11:47:33 GMT

Y/E Aug Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2016A 47.8 12.3 11.3 20.3 6.6 4.8
2017A 89.9 20.2 18.9 25.8 5.2 6.3
2018E 91.4 16.0 14.2 14.3 9.3 6.9
2019E 103.1 16.4 14.1 16.6 8.0 6.9

Last updated on 21/06/2018

Investment summary

Stride Gaming is a leading UK online gaming operator, achieving strong organic growth in the UK. H118 adjusted revenues increased 14% to £44.9m, driven by 25% growth in the proprietary platform. However, the entire UK gaming sector has been stung by recent regulatory changes and, like other operators, Stride’s strategy is to diversify its UK-centric model into international markets. After the H118 results, we lowered our total FY18 and FY19 EBITDA forecasts by 16.6% and 28.7% respectively to reflect increased costs associated with regulatory compliance and international expansion.

Last updated on 29/06/2018

Industry outlook

H2 Gambling Capital estimates that the UK bingo-led market generates approximately £800m in gross gaming revenue (or c £650m net gaming revenues). However, regulatory burdens are increasing, with POCT on free bets (from 2017) and the prospect of a further rise in remote gaming duty at the next budget. Operators need to comply with other measures including social responsibility, source of funds, GDPR, AML etc.

Last updated on 29/06/2018

Key management

Eitan Boyd, CEO
Ronen Kannor, CFO

Company address

Unit 450
Highgate Studios
53-79 Highgate Road
London
NW5 1TL
United Kingdom
+44 (0)20 7284 6080
View website