Edison Investment Research Limited 
Aspire Global (ASPIRE): Initiation - Fulfilling its global aspirations 
13-Apr-2021 / 07:00 GMT/BST 
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London, UK, 13 April 2021 
 
Aspire Global (ASPIRE): Initiation - Fulfilling its global aspirations 
Aspire Global (AG) is an online gaming technology, services and content company that offers its customers, online 
gaming operators, everything that is required to operate a successful iGaming brand. The global online gaming market is 
experiencing structural growth and AG's leading technology and services help customers manage the many operational and 
regulatory complexities of online gaming, while minimising their investment and mitigating their increasing cost 
pressures. Its success is apparent in its increasing geographic presence (26 markets) and roster of leading online 
gaming brands. AG is trading at a significant discount to its larger peers; our DCF-based valuation points to a share 
price of SEK95. 
 
AG is trading at a significant discount to the majority of its peers. Its EV/EBIT multiple for FY21 of 10.2x is a 63% 
discount to an adjusted average of peers, and the P/E of 11.3x is a 74% discount to the adjusted average. A DCF-based 
valuation with a WACC of 9% and terminal growth of 2% suggests a share price of SEK95. As AG's scale increases, we 
would expect the valuation gap to its larger peers to narrow. 
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1183594 13-Apr-2021

(END) Dow Jones Newswires

April 13, 2021 02:00 ET (06:00 GMT)