Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

GAN

DB:GAME
Snowflake Description

Flawless balance sheet with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GAME
DB
£112M
Market Cap
  1. Home
  2. DE
  3. Consumer Services
Company description

GAN plc provides enterprise online gaming software, operational support services, and online game content development services to the casino industry. The last earnings update was 206 days ago. More info.


Add to Portfolio Compare Print
  • GAN has significant price volatility in the past 3 months.
GAME Share Price and Events
7 Day Returns
-10.5%
DB:GAME
-6.8%
DE Hospitality
-0.6%
DE Market
1 Year Returns
-
DB:GAME
-48.1%
DE Hospitality
-20.9%
DE Market
GAME Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
GAN (GAME) -10.5% -14% -33.4% - - -
DE Hospitality -6.8% -31.3% -57.6% -48.1% -63.2% -70.6%
DE Market -0.6% -18.6% -26.2% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • No trading data on GAME.
  • No trading data on GAME.
Price Volatility
GAME
Industry
5yr Volatility vs Market

Value

 Is GAN undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of GAN to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for GAN.

DB:GAME Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:GAME
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.782 (1 + (1- 19%) (0.92%))
0.858
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.858 * 6.07%)
4.82%

Discounted Cash Flow Calculation for DB:GAME using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for GAN is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:GAME DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 4.82%)
2020 4.98 Analyst x3 4.75
2021 7.52 Analyst x2 6.85
2022 9.49 Est @ 26.13% 8.24
2023 11.21 Est @ 18.17% 9.29
2024 12.62 Est @ 12.6% 9.98
2025 13.72 Est @ 8.71% 10.35
2026 14.54 Est @ 5.98% 10.46
2027 15.13 Est @ 4.07% 10.39
2028 15.55 Est @ 2.73% 10.18
2029 15.83 Est @ 1.79% 9.89
Present value of next 10 years cash flows £90.00
DB:GAME DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £15.83 × (1 + -0.39%) ÷ (4.82% – -0.39%)
£302.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £302.75 ÷ (1 + 4.82%)10
£189.13
DB:GAME Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £90.00 + £189.13
£279.13
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £279.13 / 86.20
£3.24
DB:GAME Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:GAME represents 1.11154x of AIM:GAN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.11154x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 3.24 x 1.11154
€3.60
Value per share (EUR) From above. €3.60
Current discount Discount to share price of €1.45
= -1 x (€1.45 - €3.60) / €3.60
59.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price GAN is available for.
Intrinsic value
>50%
Share price is €1.45 vs Future cash flow value of €3.6
Current Discount Checks
For GAN to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • GAN's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • GAN's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for GAN's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are GAN's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:GAME PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in GBP £-0.03
AIM:GAN Share Price ** AIM (2020-04-03) in GBP £1.3
Germany Hospitality Industry PE Ratio Median Figure of 9 Publicly-Listed Hospitality Companies 21.1x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of GAN.

DB:GAME PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:GAN Share Price ÷ EPS (both in GBP)

= 1.3 ÷ -0.03

-48.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • GAN is loss making, we can't compare its value to the DE Hospitality industry average.
  • GAN is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does GAN's expected growth come at a high price?
Raw Data
DB:GAME PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -48.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
Not available
Europe Hospitality Industry PEG Ratio Median Figure of 63 Publicly-Listed Hospitality Companies 0.96x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for GAN, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on GAN's assets?
Raw Data
DB:GAME PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in GBP £0.12
AIM:GAN Share Price * AIM (2020-04-03) in GBP £1.3
Germany Hospitality Industry PB Ratio Median Figure of 12 Publicly-Listed Hospitality Companies 1.73x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:GAME PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:GAN Share Price ÷ Book Value per Share (both in GBP)

= 1.3 ÷ 0.12

10.86x

* Primary Listing of GAN.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • GAN is overvalued based on assets compared to the DE Hospitality industry average.
X
Value checks
We assess GAN's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. GAN has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is GAN expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
100.8%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is GAN expected to grow at an attractive rate?
  • GAN's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • GAN's earnings growth is expected to exceed the Germany market average.
  • GAN's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:GAME Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:GAME Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 100.8%
DB:GAME Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 25.2%
Germany Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 28.9%
Germany Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:GAME Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:GAME Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 35 11 2
2020-12-31 31 8 1
2020-04-06
2019-12-31 23 4 3
DB:GAME Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-06-30 17 8 -2
2019-03-31 14 5 -4
2018-12-31 11 2 -6
2018-09-30 10 1 -5
2018-06-30 10 0 -5
2018-03-31 9 1 -4
2017-12-31 9 1 -3
2017-09-30 9 0 -3
2017-06-30 8 0 -3
2017-03-31 8 0 -4
2016-12-31 8 -1 -4
2016-09-30 7 -2 -4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • GAN's earnings are expected to grow significantly at over 20% yearly.
  • GAN's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:GAME Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from GAN Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GAME Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.06 0.06 0.06 1.00
2020-12-31 0.04 0.04 0.04 1.00
2020-04-06
2019-12-31 0.00 0.00 0.00 1.00
DB:GAME Past Financials Data
Date (Data in GBP Millions) EPS *
2019-06-30 -0.03
2019-03-31 -0.05
2018-12-31 -0.08
2018-09-30 -0.07
2018-06-30 -0.06
2018-03-31 -0.06
2017-12-31 -0.05
2017-09-30 -0.05
2017-06-30 -0.05
2017-03-31 -0.05
2016-12-31 -0.06
2016-09-30 -0.07

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if GAN will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess GAN's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
GAN has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has GAN performed over the past 5 years?

  • GAN's last earnings update was 206 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare GAN's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • GAN does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare GAN's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare GAN's 1-year growth to the DE Hospitality industry average as it is not currently profitable.
Earnings and Revenue History
GAN's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from GAN Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GAME Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 17.25 -2.30 19.64
2019-03-31 13.91 -4.16 18.29
2018-12-31 10.57 -6.03 16.94
2018-09-30 10.07 -5.33 15.64
2018-06-30 9.58 -4.51 14.24
2018-03-31 9.35 -3.99 13.63
2017-12-31 9.12 -3.48 13.01
2017-09-30 8.58 -3.46 12.88
2017-06-30 8.03 -3.44 12.74
2017-03-31 7.92 -3.60 12.61
2016-12-31 7.80 -3.76 12.47
2016-09-30 7.42 -4.27 12.26
2016-06-30 7.03 -4.78 12.04
2016-03-31 6.52 -4.90 11.66
2015-12-31 6.01 -5.02 11.28
2015-09-30 6.13 -4.64 10.88
2015-06-30 6.25 -4.26 10.49
2015-03-31 6.89 -3.43 10.31
2014-12-31 7.53 -2.60 10.13
2014-09-30 7.43 -3.16 10.02
2014-06-30 7.32 -3.73 9.92
2014-03-31 9.79 -1.31 9.46
2013-12-31 12.26 1.11 9.01

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if GAN has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if GAN has efficiently used its assets last year compared to the DE Hospitality industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if GAN improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess GAN's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
GAN has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is GAN's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up GAN's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • GAN is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • GAN's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of GAN's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • GAN has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from GAN Company Filings, last reported 9 months ago.

DB:GAME Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 10.22 0.00 9.13
2019-03-31 10.22 0.00 9.13
2018-12-31 9.36 0.00 5.55
2018-09-30 9.36 0.00 5.55
2018-06-30 12.31 0.00 5.09
2018-03-31 12.31 0.00 5.09
2017-12-31 7.58 2.00 2.75
2017-09-30 7.58 2.00 2.75
2017-06-30 8.98 2.03 3.32
2017-03-31 8.98 2.03 3.32
2016-12-31 10.94 0.00 3.18
2016-09-30 10.94 0.00 3.18
2016-06-30 10.53 0.00 3.97
2016-03-31 10.53 0.00 3.97
2015-12-31 10.18 0.00 3.78
2015-09-30 10.18 0.00 3.78
2015-06-30 12.63 0.00 7.62
2015-03-31 12.63 0.00 7.62
2014-12-31 15.18 0.00 10.78
2014-09-30 15.18 0.00 10.78
2014-06-30 16.86 0.00 14.03
2014-03-31 16.86 0.00 14.03
2013-12-31 17.69 0.00 16.90
  • GAN has no debt.
  • GAN currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • GAN has no debt, it does not need to be covered by operating cash flow.
  • GAN has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess GAN's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. GAN has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is GAN's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from GAN dividends. Estimated to be 0% next year.
If you bought €2,000 of GAN shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate GAN's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate GAN's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:GAME Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Germany Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 11.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 316 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:GAME Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.00 2.00
2020-12-31 0.00 2.00
2020-04-06
2019-12-31 0.00 2.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as GAN has not reported any payouts.
  • Unable to verify if GAN's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of GAN's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as GAN has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of GAN's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess GAN's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can GAN afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. GAN has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of GAN's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dermot Smurfit
COMPENSATION £525,000
AGE 44
CEO Bio

Mr. Dermot Stopford Smurfit, Jr. serves as the Chief Executive Officer at GameAccount Network plc (formerly, GameAccount Global Limited). Mr. Smurfit joined GameAccount Network in 2002. He worked in the European Investment Banking team of SoundView Technology Group. He has operational and management experience in online gaming through his experience with GameAccount Network, together with M&A, strategic advisory and private equity financing experience in the gaming technology industry. He served as the Chief Operating Officer and Sales & Marketing Director of GameAccount Network plc. He worked in investment banking with Wit Capital LLC. He served as Non-Executive Director of Powerflute Oyj from April 29, 2010 to February 1, 2016. He serves as a Director at GameAccount Network plc. He is a qualified (non-practising) UK lawyer specialised in corporate finance. Mr. Smurfit's education encompasses an LLB in Law from Exeter University, the Legal Practice Course from the College of Law (UK) and the Investment & Corporate Finance Advisory qualification from the UK's Financial Conduct Authority.

CEO Compensation
  • Dermot's compensation has increased whilst company is loss making.
  • Dermot's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the GAN management team in years:

1.6
Average Tenure
44
Average Age
  • The average tenure for the GAN management team is less than 2 years, this suggests a new team.
Management Team

Dermot Smurfit

TITLE
CEO & Director
COMPENSATION
£525K
AGE
44

Karen Flores

TITLE
Chief Financial Officer
TENURE
0.3 yrs

Simon Knock

TITLE
Chief Information Officer
AGE
40

Jameson Wang

TITLE
Vice President of Analytics & Investor Relations
TENURE
1.3 yrs

Jack Wielebinski

TITLE
Head of Investor Relations
TENURE
0.6 yrs

Martin Smith

TITLE
Chief Games Officer
AGE
52
TENURE
8.3 yrs

Karen Ashcroft

TITLE
Head of Finance

Meir Deutsch

TITLE
Managing Director of Digital
TENURE
2 yrs

Jeff Berman

TITLE
Chief Commercial Officer
TENURE
2.2 yrs
Board of Directors Tenure

Average tenure and age of the GAN board of directors in years:

3.1
Average Tenure
52.5
Average Age
  • The tenure for the GAN board of directors is about average.
Board of Directors

Seamus McGill

TITLE
Non-Executive Chairman
COMPENSATION
£97K
AGE
68
TENURE
3.1 yrs

Dermot Smurfit

TITLE
CEO & Director
COMPENSATION
£525K
AGE
44

Michael W. Smurfit

TITLE
Non Executive Director
COMPENSATION
£34K
AGE
54
TENURE
11.8 yrs

David Goldberg

TITLE
Non-Executive Director
COMPENSATION
£3K
AGE
51
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by GAN individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
03. Apr 20 Buy Seamus McGill Individual 01. Apr 20 01. Apr 20 8,000 €1.62 €12,969
26. Mar 20 Buy Dermot Smurfit Individual 25. Mar 20 25. Mar 20 20,000 €1.42 €28,302
14. Nov 19 Sell Dermot Smurfit Individual 06. Nov 19 06. Nov 19 -250,000 €1.48 €-371,069
24. Sep 19 Sell Dermot Smurfit Individual 20. Sep 19 20. Sep 19 -250,000 €0.96 €-241,043
13. Sep 19 Sell Davy Asset Management Limited Company 12. Sep 19 12. Sep 19 -7,243 €0.82 €-5,905
02. Sep 19 Sell Davy Asset Management Limited Company 30. Aug 19 30. Aug 19 -16,666 €0.80 €-13,294
30. Aug 19 Sell Davy Asset Management Limited Company 29. Aug 19 29. Aug 19 -40,749 €0.79 €-32,001
29. Aug 19 Sell Davy Asset Management Limited Company 28. Aug 19 28. Aug 19 -25,000 €0.76 €-19,110
28. Aug 19 Sell Davy Asset Management Limited Company 27. Aug 19 27. Aug 19 -2,000 €0.76 €-1,529
16. Aug 19 Buy Davy Asset Management Limited Company 15. Aug 19 15. Aug 19 5,500 €0.70 €3,840
15. Aug 19 Buy Davy Asset Management Limited Company 14. Aug 19 14. Aug 19 12,500 €0.71 €8,930
14. Aug 19 Buy Davy Asset Management Limited Company 13. Aug 19 13. Aug 19 16,281 €0.72 €11,756
08. Aug 19 Sell Davy Asset Management Limited Company 07. Aug 19 07. Aug 19 -23,162 €0.75 €-17,430
07. Aug 19 Sell Davy Asset Management Limited Company 06. Aug 19 06. Aug 19 -356 €0.75 €-269
06. Aug 19 Sell Davy Asset Management Limited Company 05. Aug 19 05. Aug 19 -50,000 €0.75 €-37,449
06. Aug 19 Buy Davy Asset Management Limited Company 05. Aug 19 05. Aug 19 25,000 €0.74 €18,453
30. Jul 19 Buy Davy Asset Management Limited Company 29. Jul 19 29. Jul 19 9,838 €0.79 €7,780
29. Jul 19 Sell Davy Asset Management Limited Company 26. Jul 19 26. Jul 19 -5,000 €0.81 €-4,066
29. Jul 19 Buy Davy Asset Management Limited Company 26. Jul 19 26. Jul 19 38,335 €0.80 €30,746
26. Jul 19 Sell Davy Asset Management Limited Company 25. Jul 19 25. Jul 19 -20,000 €0.81 €-16,110
26. Jul 19 Buy Davy Asset Management Limited Company 25. Jul 19 25. Jul 19 100,000 €0.81 €80,548
23. Jul 19 Buy Davy Asset Management Limited Company 22. Jul 19 22. Jul 19 20,740 €0.77 €15,926
22. Jul 19 Buy Davy Asset Management Limited Company 19. Jul 19 19. Jul 19 1,687 €0.77 €1,297
12. Jul 19 Sell Davy Asset Management Limited Company 11. Jul 19 11. Jul 19 -200,000 €0.78 €-156,075
12. Jul 19 Buy Davy Asset Management Limited Company 11. Jul 19 11. Jul 19 100,000 €0.78 €78,038
09. Jul 19 Sell Davy Asset Management Limited Company 08. Jul 19 08. Jul 19 -11,286 €0.77 €-8,686
08. Jul 19 Sell Davy Asset Management Limited Company 05. Jul 19 05. Jul 19 -7,276 €0.77 €-5,599
08. Jul 19 Buy Davy Asset Management Limited Company 05. Jul 19 05. Jul 19 15,000 €0.76 €11,376
05. Jul 19 Buy Davy Asset Management Limited Company 04. Jul 19 04. Jul 19 87 €0.78 €68
04. Jul 19 Buy Davy Asset Management Limited Company 03. Jul 19 03. Jul 19 25,000 €0.76 €18,942
02. Jul 19 Sell Davy Asset Management Limited Company 01. Jul 19 01. Jul 19 -3,000 €0.80 €-2,415
02. Jul 19 Buy Davy Asset Management Limited Company 01. Jul 19 01. Jul 19 30,000 €0.80 €24,148
21. Jun 19 Sell Davy Asset Management Limited Company 20. Jun 19 20. Jun 19 -10,000 €0.80 €-7,995
19. Jun 19 Buy Davy Asset Management Limited Company 18. Jun 19 18. Jun 19 10,319 €0.76 €7,862
17. Jun 19 Sell Davy Asset Management Limited Company 14. Jun 19 14. Jun 19 -7,076 €0.79 €-5,603
09. May 19 Buy Davy Asset Management Limited Company 08. May 19 08. May 19 5,000 €0.65 €3,252
08. May 19 Buy Davy Asset Management Limited Company 07. May 19 07. May 19 61,200 €0.65 €39,987
02. May 19 Buy Davy Asset Management Limited Company 01. May 19 01. May 19 3,459 €0.67 €2,334
29. Apr 19 Sell Davy Asset Management Limited Company 26. Apr 19 26. Apr 19 -9,000 €0.65 €-5,837
18. Apr 19 Sell Davy Asset Management Limited Company 17. Apr 19 17. Apr 19 -450,000 €0.58 €-259,688
18. Apr 19 Buy Davy Asset Management Limited Company 17. Apr 19 17. Apr 19 475,001 €0.58 €0
23. Apr 19 Buy AEB Capital, LLC Company 16. Apr 19 16. Apr 19 2,500,000 €0.68 €1,545,425
18. Apr 19 Buy Palm Management (US) LLC Company 17. Apr 19 17. Apr 19 450,000 €0.58 €259,688
10. Apr 19 Sell Nick Furlong Individual 10. Apr 19 10. Apr 19 -145,000 €0.57 €-82,070
X
Management checks
We assess GAN's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. GAN has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

GAN plc provides enterprise online gaming software, operational support services, and online game content development services to the casino industry. The company operates through Real Money Gaming Operations (RMG), and Simulated Gaming Operations (SIMGAM) segments. It licenses GameSTACK, an Internet gaming system to online and land-based gaming operators for regulated real-money and simulated gaming online. The company also offers person-to-person skill based gaming software; and software development services. It offers its products and services in the United Kingdom, the Channel Islands, Italy, the United States, Australia, and rest of the world. GAN plc has a strategic relationship with SBTECH to serve real money sports betting to U.S. casino operators. The company was incorporated in 1999 and is headquartered in London, the United Kingdom.

Details
Name: GAN plc
GAME
Exchange: DB
Founded: 1999
£127,183,214
86,203,868
Website: http://www.gan.com
Address: GAN plc
125 Kensington High Street,
London,
Greater London, W8 5SF,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM GAN Ordinary Shares London Stock Exchange AIM Market GB GBP 25. Nov 2013
OTCPK GMMN.F Ordinary Shares Pink Sheets LLC US USD 25. Nov 2013
DB GAME Ordinary Shares Deutsche Boerse AG DE EUR 25. Nov 2013
Number of employees
Current staff
Staff numbers
132
GAN employees.
Industry
Casinos and Gaming
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 01:26
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2019/09/13
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.