Rankings Software, cloud & internet GiG Software
GiG Software
36
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Liquidity and runway−10
- Multiples vs history and peers−8
Strengths
- Insiders participating+2
How the score is built
From 100 to 36, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3.28 SEK
- Median analyst target
- 4.40 SEK
- Upside to median
- +34.1%
- Analysts
- 2
- Target range
- 4.32 – 4.48 SEK
- 52-week change
- −45%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−26 of −30
- −10MarginOperating margin −42% TTM (operating result −EUR 18.2m on 43.1m), Q2 2026 −78% including 3m in one-off provisions for bad debts. Adjusted EBITDA only 0.8m in Q2. ROE −41%. The loss is counted only here.
- −6Quality of growthRevenue fell 5% in Q2 to EUR 8.8m (Richmond Atlantic's bankruptcy and lower one-off revenue), and the company is withdrawing from the USA, the Philippines and white label. Growth in 2027 must come from acquisitions, not from the core business.
- −6Capital allocation and strategy shiftThe B2B platform company is buying 80% of an African B2C operator (888AFRICA) for 16.4m EUR, of which 10.3m is deferred, financed with an equity issue and expensive convertible loans. Share count has risen from 134.7m to 176.9m since end-2024.
- −4MoatThe platform and sportsbook market is highly competitive (Kambi, EveryMatrix, SoftSwiss, Altenar); GiG has lost customers and had to cut 25% of personnel costs.
Price
Today's multiples against the company's own history and its peers. · 1 finding−8 of −35
- −8Multiples vs history and peersEV/sales 0.72 and P/S 0.74 versus 1.57 at the end of 2025, P/B 0.73 but P/TBV 8.2. No earnings to measure on. Pro forma with 888AFRICA about 0.56x EV/sales, which looks like the purchase price for 888AFRICA (about 0.5x NGR). Cheap on sales, but it reflects losses and financing risk.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−28 of −35
- −10Liquidity and runwayCash was only 3.5m EUR as of 30 Jun 2026 (5.4m as of 31 Mar) with a new, undrawn RCF of 3m. Including capitalised development, burn is approx. 3.9m EUR per quarter, and 10.3m EUR owed to 888AFRICA falls due over 10 months. Pro forma runway approx. 5 months without 888AFRICA's cash flow.
- −6Discounted convertible loansConvertible loans of EUR 6m at 15% interest; 25% of the principal can be converted every six months at a 10% discount to the 10-day VWAP. At SEK 2.27 that corresponds to about 33m new shares (about 19%), and the discount weighs on the share price.
- −4Lowered guidanceGuidance for adjusted EBITDA 2026 was lowered from 10–13m EUR (Q1) to 5–7m EUR, even including a full Q4 contribution from 888AFRICA.
- −5Africa risk888AFRICA has its market position in Mozambique and licences in Angola and Tanzania: currency, regulatory and political risk as well as risk in repatriating cash. The owner of the last 20% is unclear in the sources.
- −3Customer lossThe customer Richmond Atlantic went bankrupt, causing a drop in revenue and provisions for bad debts of about EUR 3m in Q2.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Insiders participatingCEO Richard Carter and the largest shareholders (MJ and ZJ Foundation) subscribed in the directed issue at 1.725 SEK, and Carter and Myrild AS are lenders in the convertible loans.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive. Maltese B2B platform provider for online casino and sports betting (spun out of Gaming Innovation Group in 2024), listed with SDRs in Stockholm. The accounts are in EUR; the penny amounts are converted to SEK at EUR/SEK 11.30 (7.4627/0.6604). Price SEK 2.27 (9/10-2026). Stockanalysis shows 156.13m shares, but after the directed issue in August (conditional on 888AFRICA, completed 1/10-2026) there are 176.9m shares, so market cap is about SEK 402m (DKK 265m) versus Nordnet's DKK 230m. Stockanalysis' FCF is before capitalized development (EUR 15.3m TTM); including it, the company burns about EUR 3.9m per quarter. Pro forma cash (about EUR 5.9m) is my estimate: 3.5m at 30/6 + 8.5m raised - 6.1m paid on the takeover, before 888AFRICA's own cash and Q3 burn. The remaining EUR 10.3m for 888AFRICA falls due over 10 months. Industry: 'Software, cloud & internet' is closest, but with 888AFRICA the company is now also a B2C gaming operator. Short data not examined.
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