Media keeps delivering like clockwork, 18% organic growth in Q2
We remove Platform and Sportsbook from group P&L estimates
Limited underlying revisions – strong P&S recovery awaits
Gentoo delivering best-in-class growth and margins
We remain encouraged by the strong and stable organic growth in Gentoo Media (i.e., GiG Media), hovering around 20% over the last four quarters (18% in Q2), especially compared to affiliate peers of which many are currently struggling. Betco, which is the highest valued affiliate peer (both on multiples and in absolute terms), saw -1% organic (pro forma) growth in H1; Raketech saw 8% (-4% in Q2), CTM -38%, and Gambling.com 13% (not organic, incl. small M&A). Furthermore, the adj. EBITDA margin has remained remarkably stable at ~47% over the last 3 years, with a small uptick in Q2 to 49%, which is best-in-class vs. affiliate peers. We make limited revisions and expect the division to deliver according to the FY'24 guidance.