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GMR Gaming Realms Plc

0.00 (0.00%)
15 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gaming Realms Plc LSE:GMR London Ordinary Share GB00BBHXD542 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 30.20 30.20 30.90 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Computer Related Svcs, Nec 18.76M 3.61M 0.0123 25.12 90.74M
Gaming Realms Plc is listed in the Computer Related Svcs sector of the London Stock Exchange with ticker GMR. The last closing price for Gaming Realms was 30.20p. Over the last year, Gaming Realms shares have traded in a share price range of 27.00p to 39.00p.

Gaming Realms currently has 293,667,839 shares in issue. The market capitalisation of Gaming Realms is £90.74 million. Gaming Realms has a price to earnings ratio (PE ratio) of 25.12.

Gaming Realms Share Discussion Threads

Showing 2651 to 2674 of 2675 messages
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I agree with you Garmin1, but some things are very strange. After getting the results, which are very good, more than 12 million shares have been sold and the price dropped from 35+ to 29. Now we have someone playing funny games. After we had big lots sold for 31p, somebody is selling/buying many lots of 5 shares, 1 share, etc, for 29, disturbing the market price overall. You will excuse my lack of knowledge, but this is strange. Realistically looking, the company can’t produce better results than they have, and the shares are not going to go over 40. So management has 3 choices, to sell the company, to merge, or to buy another company. Otherwise, we are going to be snapped up by someone for barely over 40p. Not many shareholders are going to complain if they can walk out with over 40p per share. People are tired of this company, there’s simply no appetite.
No issue with the accounting aspects of the company but the possible red flag for me was the answer provided by the CEO to the drop in New Jersey revenue. The answer was really vague, in my view. It seemed to imply we had been unable to launch new products in the state due to platform issues. Why is this not being communicated within the reports? The CEO implied this was temporary and that he expected revenue to increase following resolution of this issue. I’d have liked a more detailed description of situation.

I also found the answer to the utilisation of cash unconvincing. Surely they have plans for this? I don’t believe buy backs or a dividend is realistic for this company, so I’m amazed the CEO suggested this as a possibility.

I’ll hold just now until the mid year update but the management team aren’t inspiring me at this time. This company should be looking to grow quickly and be leveraging the strength of a fantastic product.

This was from the auditor's report from the Annual report and Accounts 2022 and I would expect it to be the same when the Annual report and Accounts for 2023 are published.

"Capitalisation of development costs (with reference to notes 1 and 14)

The Group incurs material expenditure on the internal development of intangible
software assets. Such expenditure should only be capitalised when it meets the criteria of applicable accounting standards.

Due to judgement being required by management in determining costs that meet the criteria for capitalisation, this was considered to be an area of focus for our audit, and hence a Key Audit Matter.

Capitalised development costs in the year were £4.0m (2021: £3.4m).

Our procedures included the following:

- We assessed whether the capitalisation policies adopted by the Group comply with applicable accounting standards.
- We challenged management’s project analysis to check that the projects capitalised met the criteria of applicable accounting standards. This included:
• Agreeing a sample of costs capitalised in the year to source documentation;
• Agreeing the accuracy of time capitalised to related timecards and payroll
records; and
• Inspecting evidence of the projects subsequent launch or intention to launch.

Key observations
Based on the work performed, we consider management’s judgements to be appropriate and adequate."

I should add that I didn't mention EBITDA in my post and focussed on revenues, PBT and cash. Having said that I didn't notice anything of concern unless you are also referring to the amortisation of development costs being recognised after EBITDA but before PBT.
Yes, if it was a company using opaque accounting practices to create profits but cash was always reducing, then I would be concerned but clearly they increased cash by £4.6m in the period.

They are treating the development costs of games as an asset which they are expensing over 5 years and as they clearly showed the revenues from those games start to rise over a number of years and continue to generate revenues even after the costs have been fully expensed after 5 years.

PJ - where you happy with how the EBITDA was explained - or the way they capitalise items?
swiss paul
Revenue grew 26%, PBT grew 47% and cash increased from £2.9m to £7.5m. So the profit is generating real cash, always a positive for me.

There is nothing to suggest the growth won't continue and for a growing business that is profitable and generating cash a PE of 16 doesn't appear to be demanding.

They are aware the cash is growing and said they will consider all options including investing in the business, share buybacks and dividends but haven't made any decisions. I expect them to try and find profitable opportunities to deploy the cash rather than return it to shareholders.

It takes differing views to make a market and whilst the share price reaction has been negative I am more than happy to continue to hold.

Yawner of a presentation - so I have decided after all these years to exit.

As above I did not get any feeling that they had serious plans for the future.

Good luck all

swiss paul
No new states in the USA will issue licensing for 2024, so no growth there. Regulations are going to be tougher and tougher every year. Acquisition of 4ThePlayers is nonsense and I don’t know where you’re coming from with these kind of statements. Simply too small to buy any other company. Let’s wait and see, but if the company is not sold, I repeat again, 2025 is not going to be fun.
Disappointing share price reaction to Full year results considering they were already known from year end trading update.content licensing for first 2 months up 20% up on last year, a runway for 2024 In the second half of 2023 the Group was granted supplier licenses in both West Virginia, USA and Greece. Along with other planned new markets for the business such as Switzerland and South Africa, the Group is well placed to take advantage of further growth opportunities in 2024
I suspect Brazil will be on the cards as well
Happy with cash pile ,absolute disaster at the moment if you have to raise money.4theplayer would make a good bolt on acquisition and a differential.

Peel Hunt has reiterated its ‘buy’ recommendation for Gaming Realms, as it forecasts the company’s already healthy cash pile to grow during the financial year 2024.

Peel Hunt analyst Ivor Jones said: “We expect the market to catch up with how undervalued we believe the shares are and reiterate our Buy recommendation and 60p target price.

Someone is desperate to undervalue these shares. Regardless of how good the results we have are, we will never be stabilising in the 40s, so this company has a short window to be sold so we can all walk out with our money, because otherwise this saga will go on forever and the 80 year old chairman can still have his handsome payouts every year. 7.5 Million in the bank is sitting there, at least they were supposed to buy shares back. P.S I hope that whoever is selling daily and trying to undervalue the shares is finished with his lot .
Garmin, no - I want money - that's all.

If that is via a t/o then so be it. They have been milking this company for ages now.

So either they step up and increase my wealth or sell it to someone.

Not worried how they do it.

swiss paul
Sailorsam1 - I don’t want a takeover. It would be a real shame to see a company with such fantastic cash generation removed from the U.K. market.

I want the directors to be more aggressive in their strategy. I want them to release more information to the market about future direction for the business. Lets’s hear what the plans are for the cash the business is generating. How will they diversify revenue streams so that we’re not solely relying on the Slingo brand forever?

Agreed. The Directors are over rewarded. A Takeover is best outcome here
Haven’t seen Peel Hunt today - just Canaccord.

Bottom line from them:
“GMR trades on a CY24E/25E EV/EBITDA multiple of 7.0x/5.4x, which feels too low given the forecast growth and increasing North American exposure (43% of content licencing revenues / 35% of Group). We believe that Gaming Realms has a number of attractive attributes. These include: 1) significant growth potential; 2) exposure to regulated markets; 3) proprietary and differentiated content and a leading distribution platform; 4) a highly scalable and profitable capital-light licensing model; 5) an experienced senior leadership team and Board; and 6) strong profit margins with scope for further growth. We retain our BUY rating and 50p TP (c.10x CY24E EV/EBITDA).”

Garmin, I agree that they should be pushing for new growth and that the cash gives them the opportunity to do that - but I also agree with the above from canaccord that the current price doesn’t reflect CURRENT growth potential. Adding on the opportunity you are talking about, this stock has plenty to justify a step up in pricing.


You’re correct that GMR will be entering West Virginia later this year. I meant that there are no new states authorising online gambling this year. Maryland was the only real hope but that’s now highly unlikely.

I don’t think the market is going to accept GMR patiently waiting years for further state legislation. The company needs to show real growth ambitions in the more immediate term. It has plenty cash, let’s see it being reinvested in the business.

PeelHunt has published a new research note apparently.
Anypne has access?

napoleon 14th
For such a small businesss, the admin costs seem inordinately high.

Also Execs paying themselevs handsomley and rewarding themselves with share options.

Methinks this could be gravitating to a 'lifestyle company'

swiss paul
Bought in here some 4 years ago, sold half on the double.
It's a good business but a boring share, treading water since 2021,
The reason being its' P/E ratio, which I estimate at c. 20 as per today's figures.

While that has come down from higher, my finger's still itching on the sell button...

napoleon 14th
West Virginia is opening this year.
Disappointingly muted response to an excellent set of results and a positive statement on their outlook for the year

What more does the market want for the share price to reflect the company’s performance?

Great results, as expected, but the company now needs to deliver a vision for it’s future.

It’s likely there are no new states in the US opening this year and probably next. Growth in the single Slingo brand won’t continue forever. The company needs to present it’s vision for the next five years.

I don’t think the market will reward the company if it simply waits for more US states to sell its Slingo brand.

The company is building a substantial cash pile, I’ll like them to update the market on how they plan to grow the business with this money.

Nice piece on gaming realms Around the 63 minutes mark
Worth a listen
On today's Easter stock picking fest, I was delighted to speak to accomplished investor John Hugham of Vox Markets – including:

Gaming Realms


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