NEW YORK, NY / ACCESSWIRE / August 23, 2018 / Newgioco Group, Inc. (NWGI) a betting technology company providing regulated sports betting and leisure gaming products and services through licensed subsidiaries in Europe, is pleased to announce that Echelon Wealth Partners Inc. ("Echelon") has initiated analyst coverage of Newgioco. Echelon represents the first investment dealer to initiate and publish coverage of Newgioco giving the Company a Speculative Buy rating on a deferred cashflow basis with a target price of $1.80.
The research report dated August 21, 2018 entitled "Newgioco Group Inc. Italians Love their Sportsbook; Interesting Roll-Up Opportunity with a Fully Loaded B2B/B2C Platform" was prepared and written by Ralph Garcea, Managing Director and Gianluca Tucci Equity Research Associate, Technology, Gaming and Diversified Industry analysts at Echelon, as an independent analysis of the Company's activities and progress. In addition to meeting with senior management at the Company's corporate head office in Toronto, Canada, the analysts conducted onsite due diligence at both the operational office in Rome, Italy and at the technology office in Innsbruck, Austria.
The Echelon report also noted among other details that "NWGI is currently trading, on our estimates, at a 2019E EV/Sales and EV/EBITDA of 0.7x/5.3x versus its Global Gaming comparables at 2.4x/8.4x, respectively." Additional noteworthy opinions from a value-added perspective included: "Historically, NWGI's payout ratio has been under 90%, meaning the house's keep has been averaging north of 10%. In its Q2'18 filings, web-based turnover grew 100% y/y to $55.0M, with land-based turnover expanding 104% y/y to $45.0M. We like the near ~50/50 split between webbased and retail turnover, furthering our belief that retail operations are a key cultural bias in the Italian marketplace," and further stated that "We believe the Italian online market is where the UK market was 10 years ago, and the real growth is ahead of us."
Newgioco has published the Echelon report on the OTC Markets website which may be downloaded from the following link: https://backend.otcmarkets.com/otcapi/company/research/200573/content or obtained upon written request from either the Company or Echelon. For further information with respect to Echelon's coverage, please contact Ralph Garcea, MBA, P.ENG, Managing Director, Technology, Gaming and Diversified Industries Analyst, Echelon Wealth Partners Inc. at (647) 794-1925 or 416-568-9063, or by writing to email@example.com.
Please note that any opinions, estimates or forecasts regarding Newgioco's performance made by an analyst are his or hers alone and do not represent the opinions, forecasts or estimates of Newgioco or its management. Newgioco does not, by reference to an analyst initiating coverage, imply its endorsement of or concurrence with such information, conclusions or recommendations. Investors are encouraged to read the entirety of the Echelon report including the identified risks and legal disclosures contained in the report.
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its subsidiaries, is a fully integrated, licensed gaming technology company. The Company conducts its business primarily through retail neighborhood betting shops and internet-based betting software platform under the registered brand Newgioco through our licensed website www.newgioco.it situated in Italy.
The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, lottery, interactive games and slots, as well as an innovative betting platform (www.odissea.at) providing both B2B and B2C bet processing. Additional information is available on our corporate website at www.newgiocogroup.com.
Investors may also find us on Facebook® and follow us on Twitter @NWGI_gaming.
Cautionary Statement Regarding Forward Looking Statements
Except for the historical information contained herein, this press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "forecast," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as amended by the Company's Quarterly Report on Form 10-Q. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. Therefore, because of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.
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Newgioco Group, Inc.
SOURCE: Newgioco Group, Inc.