MRG: A record year in the making

Research Update

2018-10-31

07:30

MRG presented yet another solid quarter with both net sales and profits almost spot-on our projections. The marketing push during Q2 seems to have, as we thought it would, paid off and the company grew their revenue organically by 27.8% in local currencies. We believe that MRG will end the year in high fashion, and project a continued strong growth during Q4. We have made some minor forecast adjustments due to the continued improved marketing efficiency and raise our Base-case valuation slightly. We continue to view MRG as attractively valued. We believe the most significant drivers of increased valuation will be an improved market sentiment for iGaming, continued strong financial performance and opportunistic M&A deals.

KL

JA

Kristoffer Lindström

Jonas Amnesten

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