Stock GAN GAN LIMITED
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Financials GAN Limited London S.E.

Equities

GAN

BMG3728V1090

Software

Delayed London S.E.
Other stock markets
 02:30:00 2020-05-05 am EDT 		5-day change 1st Jan Change
225 GBX -75.35% Intraday chart for GAN Limited -71.15% -69.01%
Apr. 02 GAN Names Brian Chang as CFO MT
Apr. 02 GAN Limited Announces Appointment of Brian Chang to Chief Financial Officer CI

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 742.8 387.7 63.11 70.65 55.03 - -
Enterprise Value (EV) 1 590.1 348.3 45.35 74.26 58.88 55.27 37.51
P/E ratio -27 x -15.6 x -0.32 x -2.03 x -2.88 x -4.8 x 28 x
Yield - - - - - - -
Capitalization / Revenue 21.1 x 3.09 x 0.45 x 0.55 x 0.37 x 0.32 x 0.28 x
EV / Revenue 16.8 x 2.78 x 0.32 x 0.57 x 0.39 x 0.32 x 0.19 x
EV / EBITDA -261 x 253 x 7.51 x -8.85 x 7.91 x 3.55 x 1.25 x
EV / FCF -48,105,523 x -18,211,198 x -3,159,846 x - - - -
FCF Yield -0% -0% -0% - - - -
Price to Book 4.65 x 1.69 x 3.06 x -15.5 x -11.4 x -45.2 x 3.44 x
Nbr of stocks (in thousands) 36,625 42,192 42,075 44,714 45,107 - -
Reference price 2 20.28 9.190 1.500 1.580 1.220 1.220 1.220
Announcement Date 3/25/21 3/22/22 3/30/23 3/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 30 35.16 125.4 141.5 129.4 150.5 171.1 199.2
EBITDA 1 8.4 -2.264 1.377 6.042 -8.395 7.446 15.57 29.99
EBIT 1 2.474 -19.47 -25.52 -24.73 -30.31 -16.02 -8.441 5.419
Operating Margin 8.25% -55.38% -20.34% -17.47% -23.42% -10.64% -4.93% 2.72%
Earnings before Tax (EBT) 1 2.4 -19.86 -25.11 -192.5 -34.31 -19.09 -11.59 1.991
Net income 1 1.788 -20.22 -24.9 -197.5 -34.44 -19.16 -11.63 1.999
Net margin 5.96% -57.5% -19.85% -139.55% -26.61% -12.73% -6.8% 1%
EPS 2 - -0.7500 -0.5900 -4.660 -0.7800 -0.4234 -0.2539 0.0436
Free Cash Flow 3.353 -12.27 -19.12 -14.35 - - - -
FCF margin 11.18% -34.89% -15.25% -10.14% - - - -
FCF Conversion (EBITDA) 39.92% - - - - - - -
FCF Conversion (Net income) 187.53% - - - - - - -
Dividend per Share 2 - - - - - - - -
Announcement Date 3/25/20 3/25/21 3/22/22 3/30/23 3/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 15.04 32.26 30.48 37.49 34.97 32.12 36.95 35.13 33.76 29.82 30.72 39.95 40.16 35.68 34.74 45.04
EBITDA 1 - 0.039 -5.004 2.971 1.346 2.093 -0.368 0.039 -2.029 -2.522 -3.884 3.528 4.776 -0.0797 -0.779 5.293
EBIT 1 2.41 -6.372 -12.35 -4.122 -37.77 -5.148 -8.322 -6.001 -8.561 -7.17 -8.582 -2.271 -1.068 -5.968 -6.713 -0.6408
Operating Margin 16.02% -19.75% -40.52% -10.99% -108.01% -16.03% -22.52% -17.08% -25.36% -24.05% -27.94% -5.68% -2.66% -16.73% -19.32% -1.42%
Earnings before Tax (EBT) 1 - -6.372 -11.94 -4.113 -38.58 -6.585 -144.3 1.575 -17.82 -8.434 -9.623 -3.156 -1.796 -6.696 -7.441 -1.402
Net income 1 - -7.92 -8.531 -4.499 -38.35 -6.941 -147.7 1.501 -18.41 -8.16 -9.376 -3.168 -1.803 -6.723 -7.471 -1.408
Net margin - -24.55% -27.99% -12% -109.67% -21.61% -399.79% 4.27% -54.53% -27.37% -30.53% -7.93% -4.49% -18.84% -21.5% -3.13%
EPS 2 - -0.1900 -0.2000 -0.1100 -0.9100 -0.1600 -3.460 0.0300 -0.4200 -0.1800 -0.2100 -0.0704 -0.0400 -0.1485 -0.1645 -0.0309
Dividend per Share 2 - - - - - - - - - - - - - - - -
Announcement Date 3/25/20 11/11/21 3/22/22 5/16/22 8/15/22 11/14/22 3/30/23 5/10/23 8/9/23 11/9/23 3/13/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - 3.61 3.85 0.24 -
Net Cash position 1 10.1 153 39.5 17.8 - - - 17.5
Leverage (Debt/EBITDA) - - - - -0.4301 x 0.5165 x 0.0153 x -
Free Cash Flow 3.35 -12.3 -19.1 -14.4 - - - -
ROE (net income / shareholders' equity) - -23.7% -12.9% -161% - - - -
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 - 4.370 5.440 0.4900 -0.1000 -0.1100 -0.0300 0.3600
Cash Flow per Share 2 - -0.2400 -0.3300 -4.110 -0.2400 -0.0300 0.1500 0.4600
Capex 0.18 5.92 14.7 13.1 - - - -
Capex / Sales 0.59% 16.83% 11.74% 9.26% - - - -
Announcement Date 3/25/20 3/25/21 3/22/22 3/30/23 3/13/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for GAN Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
2
Last Close Price
1.22 USD
Average target price
1.97 USD
Spread / Average Target
+61.48%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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