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Stride Gaming

Looking beyond the UK

Update | Travel & Leisure | 23 May 2018

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. In the UK, the company is gaining market share, with H118 adjusted revenues increasing 14% to £44.9m, driven by 25% growth in the proprietary platform. However, we have lowered our total FY18 and FY19 EBITDA forecasts by 16.6% and 28.7% to reflect increased costs associated with regulatory compliance and international expansion. The stock has fallen 18% year to date and trades at 8.3x EV/EBITDA and 13.4x P/E for CY18e.

Stride Gaming

(Bin)going strong

Update | Media | 23 May 2016

Stride Gaming's interim results for the six months to end February 2016 show that it continues to execute well. L-f-l revenue was up 21%, led by its online bingo and slots offering (up 31%, well ahead of the wider market). Its social gaming business increased profit and margins on flattish revenues as management dialled down marketing while it invested in product improvements. We increased our FY16 EBITDA estimate by £0.5m to £11.8m. An inaugural interim dividend of 1.1p per share was announced, a year earlier than we had expected, in recognition of the cash-generative nature of Stride's business and management's positive outlook.

Rank Group


Sector report: | Travel & Leisure | 17 May 2018


Stride Gaming

On track for underlying margin expansion

Update | Travel & Leisure | 01 Feb 2018

Stride’s AGM trading update confirmed the continued momentum in its core real money gaming (RMG) vertical. The Aspers Casino partnership has had an encouraging start and Stride is well positioned to keep gaining market share. Its key differentiating factor is the high-performing proprietary platform and we expect underlying margin expansion as customers migrate from acquired businesses. We believe that visibility into the social gaming vertical (5% of revenues) remains limited and we have lowered our future revenue forecasts by c GBP 2m per year. Our profit forecasts are unchanged. At 7.4x EV/EBITDA and 10.8x P/E for CY18, Stride trades at a meaningful discount to peers.

Stride Gaming

Scale drives core growth

Update | Travel & Leisure | 22 Nov 2017

Stride reported net gaming revenue (NGR) growth of 18% to GBP 89.9m in FY17, driven by an impressive 39% organic growth in the core real money gaming (RMG). Adjusted EBITDA of GBP 20.2m was slightly above our recently raised estimates. Stride has invested heavily in technology and operational leverage should kick in as acquired customers migrate to the higher-margin proprietary platform. A small investment into the Indian rummy market could also lead to diversified revenue growth. Strong cash flow and GBP 17.4m net cash leaves the company well positioned to pay the final Tarco earnout. The stock trades at CY18e 8.2x EV/EBITDA and 12.0x P/E, slightly below peer group averages. Profitability in the core business should offset potential investment losses and our estimates remain largely unchanged.

Stride Gaming

Strong trading - nudging up EBITDA

Update | Travel & Leisure | 19 Sep 2017

Stride is gaining market share with strong organic growth in real money gaming (RMG). In its FY17 pre-close trading update, the company expects to meet the upper end of consensus and we have increased our FY17 and FY18 EBITDA forecasts by c 2.5%. The 8Ball earnout is now complete, with the Tarco earnout period ending in December. Stride has invested heavily in technology and operational leverage should kick in as acquired customers migrate to the higher-margin proprietary platform. The stock trades at 7.0x CY18e EV/EBITDA, a meaningful discount to peers.

Stride Gaming

Robust growth in real money gaming

Update | Travel & Leisure | 30 May 2017

Stride Gaming's H117 pro forma net gaming revenues (NGR) grew 21% to £44.0m, driven by strong organic growth in the real money gaming (RMG) vertical. In a continuation of previous trends, the social gaming vertical has weakened, with a 24% decline in revenues to £4.7m, and Stride has recognised a £10.2m impairment on its InfiApps assets. However, the core RMG business is gaining market share, trading has been robust in Q317 and management has reiterated its FY17 outlook. Our headline FY17 revenue and EBITDA figures remain unchanged. Stride trades at 7.5x calendar 2017e EV/EBITDA, a meaningful discount to its peers.

Stride Gaming

Winning market share

Update | Travel & Leisure | 02 Feb 2017

Stride's AGM statement reports strong organic growth in real money gaming and we believe it is continuing to win market share. Our forecasts are unchanged although we have slightly adjusted the mix. We forecast 11% normalised EPS growth in FY17 and strong cash generation. The FY17 multiples look very low: the P/E is only 10.2x and EV/EBITDA is 7.3x (versus 8.0x for the peer group) despite Stride's fully regulated status and above average growth.

Stride Gaming

Successfully engaging players

Outlook | Travel & Leisure | 06 Dec 2016

Stride has a clear focus on online bingo and soft gaming and is growing rapidly, with FY16 l-f-l revenue up 22%. The acquisitions of Tarco and 8Ball at the end of FY16 doubled its share of the UK bingo-led market from 5% to 10% and should deliver material synergies from FY17. Our unchanged FY17 estimates are for 11% EPS growth and strong cash generation. We expect organic growth to be augmented by further accretive acquisitions in due course. Stride’s FY17 P/E is 10.3x and the calendarised EV/EBITDA is only 7.1x, implying considerable share price upside potential.

Stride Gaming

Another step change in scale

Update | Travel & Leisure | 19 Sep 2016

We have materially increased our FY17 profit forecasts for Stride (EPS raised by 14%) to reflect the acquisitions of Tarco and 8Ball and a positive trading update. The acquisitions double Stride's estimated share of the UK online bingo market from 5% to 10% and are earnings accretive from day one. They mark a significant step forward in Stride's ambition to be a global leader in digital soft gaming verticals. Its considerable progress is not yet reflected in its calendar 2017e EV/EBITDA of 8.3x.

Stride Gaming

Positive update - InfiApps integration going well

Update | Media | 09 Feb 2016

Stride released a trading update with its 5 February AGM. The company reported that trading in the early part of the financial year (August year end) has started well and is in line with management expectations. Particular attention was paid to its July 2015 social gaming acquisition, InfiApps, the performance of which Stride's management reports it is "delighted" with. The company has restated its commitment to its ‘buy and build' strategy to supplement its positive organic growth.

Stride Gaming

Bingo-led gambling and social gaming operator

Initiation | Travel & Leisure | 03 Dec 2015

Stride Gaming listed in May 2015 with a buy-and-build strategy to help lead the expected consolidation of the fragmented, but solidly growing UK online bingo market and expand into complementary verticals such as social gaming. Since listing, progress has already been made in the form of the $22m acquisition of social gaming business InfiApps at an attractive valuation. Stride trades on an FY16e EV/EBITDA valuation of 12.6x. We believe that further accretive acquisitions and/or international expansion could drive upside from here.