TSXV:NYX.DB - Post by User
Post by
petrofacon Sep 02, 2016 12:03am
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Post# 25201951
Canaccord writes up again......
Canaccord writes up again......NYX Gaming Group* (NYX : TSX-V : $2.28), Net Change: 0.18, % Change: 8.57%, Volume: 1,064,831 UP NEARLY 20% SINCE REPORTING Q2/16 RESULTS ON MONDAY. NYX Gaming reported Q2/16 results that were ahead of consensus on revenue $33.5M (vs. the Street's $32.8M) and adj. EBITDA of $10.5M (vs. the Street's $9.4M). The company delivered strong double-digit revenue growth of +28.0% in its core and the first 41 days of OpenBet were reflected in the quarter. Footnotes indicate that recently acquired OpenBet contributed roughly $16.5M to revenue which beat Canaccord Genuity Tech Analyst Kevin Wright's expectation of $14.5M. Wright considers this another good showing by the company on a fundamentals basis, which he says supports his growth thesis for the company and indicates OpenBet is performing well. Wright believes this quarter will act as a first step for the company to rerate and start to catch up with peer valuations. NYX is undervalued as it trades at 5.9x Wright's 2017E EV/EBITDA against peers between 8.5x and 20.0x and an average of 12.0x.