Canaccord Genuity lifts Gaming Realms target price following 'strong' H1

Analysts at Canaccord Genuity reiterated their 'buy' rating on Gaming Realms and raised its target price to 67p from 57p on Monday, citing a strong first-half performance and accelerating international momentum.

Source: Sharecast

Canaccord Genuity highlighted 18% revenue growth to £16m in H125, with adjusted underlying earnings up 30% to £7.5m and net cash rising £5.5m to £19.0m. Licensing revenue climbed 22% to £14.1m, driven by six new Slingo titles and 19 additional operator launches. Brand licensing surged to £2.6m from £0.3m, while social publishing dipped 7%.

Despite UK content licensing falling 13% in H1 and 21% in Q2 due to April's staking limit regulations, Canaccord noted a sharp recovery in July and August as new game formats gained traction. Management expects UK revenues to normalise by year-end.

Licensing revenue rose 2% in the first two months of H2, which the Canadian bank deemed satisfactory given FX headwinds and UK regulatory drag.

Canaccord Genuity also said the current CY25E/26E enterprise value/EBITDA multiples of 8.4x/6.8x undervalue the group's growth profile and increasing North American exposure, and that its new target price was based on a rolled-forward CY26E PER of 10x.

Reporting by Iain Gilbert at Sharecast.com

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Gaming Realms ( GMR )

Isin: GB00BBHXD542

Exchange: London Stock Exchange

Sell:

45.00 p

Buy:

47.10 p

Change: 2.40 ( 5.44 %)

Date:

10/09/2025 - 16:55

Prices delayed by at least 15 minutes

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