Triple digit growth FY17, strong momentum 1Q18
Forecasts: Strong start to FY18, revenue in Q1 was +60% YoY at €4.8m, which leaves our c. €20m of revenue estimate for FY18e well underpinned. No changes to revenue and profit estimates for FY18e and FY19e at present, and we look to incorporate progressive dividend estimates shortly. The Football World Cup 2018 starts on 14 June which should leave Bet90 well placed to contribute more significantly to the group. Our FY18e balance sheet will be reviewed given the significant reduction in receivables since year-end, and €1.6m of cash as at the end of May shows a healthy and improving balance sheet. Finally, focussing on growing own brands, such as Bet90, more significantly will help improve working.
*Whitman Howard acts as broker to Veltyco