GAN Ltd provides Software-as-a-Service solutions for online casino gaming and sports betting applications. The company has two operating segments B2B and B2C. The B2B segment develops, markets, and sells instances of GameSTACK, GAN Sports, and iSight Back Office technology that incorporates comprehensive player registration, account funding, and back-office accounting and management tools that enable the casino operators to efficiently, confidently, and effectively extend their presence online in places that have permitted online real money gaming, and The B2C segment, which includes the operations of Coolbet, develops and operates a B2C online sports betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America, and Canada.

Financial Strength

3/10

Name	Current	Vs Industry
Cash-To-Debt	0.76
Equity-to-Asset	-0.13
Debt-to-Equity	-4.76
Debt-to-EBITDA	-6.63
Piotroski F-Score	3/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	-3.86	Distress Grey Safe
Beneish M-Score	-3.7	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

8/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	31
	3-Year EBITDA Growth Rate	20.8
	3-Year EPS without NRI Growth Rate	-1.3
	3-Year FCF Growth Rate	19.7
	Future 3-5Y Total Revenue Growth Rate Estimate	9.5

Momentum Rank

9/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	38.89
	9-Day RSI	44.91
	14-Day RSI	51.23
	6-1 Month Momentum %	48.31
	12-1 Month Momentum %	88.17

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.56
	Quick Ratio	1.56
	Cash Ratio	1.06
	Days Sales Outstanding	28.23
	Days Payable	57.09

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Average Share Buyback Ratio	-7.2
	Shareholder Yield %	-18.72

Profitability Rank

3/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	69.53
	Operating Margin %	-14.85
	Net Margin %	-18.48
	FCF Margin %	-4.66
	ROA %	-27.01
	ROIC %	-33.39
	3-Year ROIIC %	-28
	ROC (Joel Greenblatt) %	-526.93
	ROCE %	-37.36
	Years of Profitability over Past 10-Year	1

GF Value Rank

5/10

	Name	Current	Vs Industry		Vs History
	PS Ratio	0.65
	EV-to-EBIT	-4.71
	EV-to-EBITDA	-12.77
	EV-to-Revenue	0.73
	EV-to-FCF	-15.8
	Earnings Yield (Greenblatt) %	-21.23
	FCF Yield %	-7.22

GF Value: $1.62

GAN

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