Kambi Group plc

28 Sep 2023 - 05:00

Price

165.8 SEK

Change

0.90 SEK

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+44 (0) 20 3617 7270
investor.relations@kambi.com

Share information

View information on the share, major shareholders and insiders, risk factors and analyst coverage.

Total number of shares in Kambi: 31,278,297 

First North Growth Market

Kambi is listed on First North Growth Market at Nasdaq Stockholm. First North Growth Market is an alternative marketplace and companies on First North Growth Market are not subject to the same rules as companies on the regulated main market. Instead they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in a company on First North Growth Market may therefore be higher than investing in a company on the main market. All companies with shares traded on First North Growth Market have a Certified Adviser who monitors that the rules are followed. The Exchange approves the application for admission to trading.

Share price

Date & Time: 2023-09-28 17:00 (GMT+01:00)

Stock Latest Price Ask Bid Latest High Price Latest Low Price Volume Return today MCAP Return this year ATH
KAMBI 165.8 SEK 166.7 SEK 165.6 SEK 180.9 SEK 161.3 SEK 65663 +0.5% 5 186 MSEK -12.6% 547.0 SEK
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KAMBI
Stock Kambi Group
Stock KAMBI
Latest Price 165.8 SEK
Ask 166.7 SEK
Bid 165.6 SEK
High 180.9 SEK
Low 161.3 SEK
ATH 547.0 SEK
Return today +0.5%
MCAP 5 186 MSEK
Return this year -12.6%
Total return this year -12.6%
Year Low 160.1 SEK
Year High 229.0 SEK
Turnover 10,884,826.85 SEK
Volume 65663

Period

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Initial Investment

Please state the number of shares OR the value of your investment, at the beginning of the time period.

Date Event Terms Stock price No. of shares Reinvested value Sum of reinvested value Value inclusive reinvestment Value exclusive reinvestment
Performance

Period

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Initial Investment

Please state the number of shares OR the value of your investment, at the beginning of the time period.

Date Event Terms Stock price No. of shares Reinvested value Sum of reinvested value Value inclusive reinvestment Value exclusive reinvestment
Shareholders

The ownership structure of Kambi is shown below:

Source: Monitor by Modular Finance. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen). The verification date may vary for certain shareholders.

Insiders

Kambi Group plc is registered in Malta and obliged to follow the Code of Principles of Good Corporate Governance set by Malta Financial Services Authority (MFSA).

Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (Market Abuse Regulation), Article 19, says that persons discharging managerial responsibilities must comply with the notification rules set by the Member State where the issuer is registered.

According to the MFSA and NASDAQ OMX First North rules, Kambi has an obligation to maintain a list of insiders’ transactions. These transactions are registered with the MFSA https://www.mfsa.com.mt/firms/capital-markets/short-selling-regulation/pdmr-notifications/

Reported Insider Instrument Type Delta Price Relative change Holding Transaction date
2023-01-12 10:07 Cecilia De Leeuw KAMBI Acquisition +300 +27.3% 1,400 2023-01-10
2022-02-25 09:50 Cecilia De Leeuw KAMBI Acquisition +400 +57.1% 1,100 2022-02-23
2022-02-24 09:16 Lars Stugemo KAMBI Acquisition +1,100 +3.3% 34,485 2022-02-21
2022-02-24 09:15 Patrick Clase KAMBI Acquisition +5,000 +10.6% 52,000 2022-02-18
2022-02-18 13:51 Patrick Clase KAMBI Acquisition +5,000 +11.9% 47,000 2022-02-17
2021-11-23 08:53 Veralda Investment Ltd KAMBI Acquisition +32,269 +0.5% 6,078,188 2021-11-19
2021-11-23 08:52 Veralda Investment Ltd KAMBI Disposal -125,000 -2.0% 6,045,919 2021-11-18
2021-11-17 08:55 Veralda Investment Ltd KAMBI Acquisition +53,516 +0.9% 6,170,919 2021-11-16
2021-11-17 08:54 Veralda Investment Ltd KAMBI Acquisition +163,763 +2.8% 6,117,403 2021-11-15
2021-11-17 08:54 Veralda Investment Ltd KAMBI Acquisition +122,652 +2.1% 5,953,640 2021-11-12
2021-11-09 09:20 Marlene Forsell KAMBI Acquisition +1,750 +102.9% 3,450 2021-11-08
2021-11-04 08:25 Veralda Investment Ltd KAMBI Acquisition +128,321 +2.3% 5,830,988 2021-10-29
2021-11-04 08:25 Veralda Investment Ltd KAMBI Acquisition +176,263 +3.2% 5,702,667 2021-10-28
2021-11-01 11:30 Lars Stugemo KAMBI Acquisition +1,480 +4.6% 33,385 2021-10-28
2021-11-04 08:25 Veralda Investment Ltd KAMBI Acquisition +97,840 +1.8% 5,526,404 2021-10-27
2021-09-09 15:18 Patrick Clase KAMBI Acquisition +4,381 +11.6% 42,000 2021-09-07
2021-08-26 11:45 Lars Stugemo KAMBI Acquisition +1,775 +5.9% 31,905 2021-08-25
2021-09-01 10:10 Cecilia De Leeuw KAMBI Acquisition +200 +40.0% 700 2021-08-25
2021-03-22 11:35 Cecilia De Leeuw KAMBI Acquisition +500 New 500 2021-03-17
2021-03-03 12:25 Erik Lögdberg KAMBI Disposal -14,390 -23.4% 47,229 2021-03-02
2021-03-03 12:25 Erik Lögdberg KAMBI Disposal -10,000 -14.0% 61,619 2021-03-01
2021-02-16 14:49 Veralda Investment Ltd KAMBI Disposal -675,000 -11.1% 5,428,564 2021-02-11
2021-01-11 13:21 Kristian Nylén KAMBI Disposal -14,950 -2.0% 720,000 2021-01-08
2021-01-11 13:20 Kristian Nylén KAMBI Disposal -30,050 -3.9% 734,950 2021-01-07
2020-12-09 11:03 Erik Lögdberg KAMBI Disposal -500 -0.7% 71,619 2020-12-04
2020-09-30 13:00 David Kenyon KAMBI Disposal -26,000 -42.1% 35,830 2020-09-30
2020-09-29 10:08 Chris Fox KAMBI Disposal -8,000 - - 2020-09-29
2020-09-29 11:50 Max Meltzer KAMBI Disposal -1,650 - - 2020-09-28
2020-03-25 15:20 Chris Fox KAMBI Acquisition +8,000 New 8,000 2020-03-24
2020-03-18 12:00 Patrick Clase KAMBI Acquisition +1,000 +2.7% 37,619 2020-03-18
2020-03-16 12:00 Patrick Clase KAMBI Acquisition +1,000 +2.8% 36,619 2020-03-16
2020-03-16 16:08 Patrick Clase KAMBI Acquisition +2,000 +5.9% 35,619 2020-03-13
2020-01-07 08:12 Cecilia Wachtmeister KAMBI Acquisition +2,500 +33.3% 10,000 2019-12-27
2019-12-16 11:22 Veralda Investment Ltd KAMBI Disposal -1,300,000 -17.6% 6,103,564 2019-12-12
2019-04-30 09:19 Cecilia Wachtmeister KAMBI Acquisition +1,500 +24.7% 7,580 2019-04-25
2019-03-06 09:08 Veralda Investment Ltd KAMBI Acquisition +125,000 +1.7% 7,403,564 2019-03-05
2019-03-05 10:44 Patrick Clase KAMBI Acquisition +2,000 +6.3% 33,619 2019-03-04
2019-03-05 10:46 Patrick Clase KAMBI Acquisition +500 +1.5% 33,619 2019-03-04
2019-02-26 12:53 Lars Stugemo KAMBI Acquisition +1,300 +4.2% 32,380 2019-02-22
2019-02-20 11:13 Patrick Clase KAMBI Acquisition +1,000 +3.3% 31,119 2019-02-19
2019-02-20 11:12 Patrick Clase KAMBI Acquisition +2,500 +8.7% 31,119 2019-02-19
2019-02-25 14:39 Marlene Forsell KAMBI Acquisition +557 New 557 2019-02-19
2018-05-09 02:00 Bellflower AB KAMBI Acquisition +2,900 - - 2018-05-08
2017-11-22 01:00 Isyra LTD KAMBI Disposal -23,230 - - 2017-11-20
2017-11-22 01:00 Bellflower AB KAMBI Disposal -23,230 - - 2017-11-20
2017-11-22 01:00 Bellflower AB KAMBI Acquisition +23,230 - - 2017-11-20
2017-11-22 01:00 Bellflower AB KAMBI Acquisition +23,230 - - 2017-11-20
2017-08-03 02:00 Lars Stugemo Kambi Acquisition +2,000 - - 2017-08-03
2016-11-03 01:00 Lars Stugemo KAMBI Acquisition +2,000 - - 2016-11-02
Reported Insider Instrument Type Delta Price Relative change Holding Transaction date
2022-02-24 09:14 Kristian Nylén KAMBI Exercise increase +22,500 +3.1% 742,500 2022-02-18
2022-02-18 13:49 Erik Lögdberg KAMBI Exercise increase +22,500 +73.1% 53,259 2022-02-14
2022-02-17 13:00 Erik Lögdberg KAMBI Disposal -16,470 -23.6% 53,259 2022-02-14
2022-02-18 13:49 David Kenyon KAMBI Exercise increase +22,500 +82.8% 49,676 2022-02-14
2022-02-17 13:00 David Kenyon KAMBI Disposal -15,654 -24.0% 49,676 2022-02-14
2020-09-17 08:33 Kristopher Saw KAMBI Exercise increase +5,000 +36.4% 18,732 2020-09-15
2020-09-17 08:33 Kristopher Saw KAMBI Disposal -5,000 -21.1% 18,732 2020-09-15
2020-09-04 13:00 David Kenyon KAMBI Disposal -21,000 -25.4% 61,830 2020-09-04
2020-09-03 13:00 David Kenyon KAMBI Exercise increase +40,000 +93.4% 82,830 2020-09-03
2020-09-03 14:00 Erik Lögdberg KAMBI Disposal -60,000 -45.4% 72,119 2020-09-03
2020-09-03 16:48 Erik Lögdberg KAMBI Exercise increase +60,000 +495.1% 72,119 2020-09-02
2020-09-02 15:27 Kristopher Saw KAMBI Disposal -5,000 -21.1% 18,732 2020-09-02
2020-09-02 15:26 Kristopher Saw KAMBI Exercise increase +5,000 +36.4% 18,732 2020-09-01
2020-03-17 12:00 David Kenyon KAMBI Exercise increase +7,500 +17.7% 49,830 2020-03-17
2020-03-16 16:10 Kristian Nylén KAMBI Subscription +300,000 +64.5% 765,000 2020-03-12
Insider owner Insider Position Num. of shares Capital Votes Value Verified
Veralda Investment Ltd Anders Ström
Board member
6,078,188 19.43% 19.43% 1 007.76 MSEK 2023-08-29
Kristian Nylén Kristian Nylén
CEO
742,500 2.37% 2.37% 123.11 MSEK 2023-08-29
Erik Lögdberg Erik Lögdberg
Other position
53,259 0.17% 0.17% 8.83 MSEK 2023-08-29
Patrick Clase Patrick Clase
Board member
52,000 0.17% 0.17% 8.62 MSEK 2023-03-30
David Kenyon David Kenyon
Other position
49,676 0.16% 0.16% 8.24 MSEK 2023-08-29
Lars Stugemo Lars Stugemo
Chairman
34,485 0.11% 0.11% 5.72 MSEK 2023-03-30
Cecilia Wachtmeister Cecilia Wachtmeister
Other position
10,000 0.03% 0.03% 1.66 MSEK 2023-03-30
Marlene Forsell Marléne Forsell
Board member
3,450 0.01% 0.01% 0.57 MSEK 2023-03-30
Cecilia De Leeuw Cecilia de Leeuw
Board member
1,400 < 0.01% < 0.01% 0.23 MSEK 2023-03-30
Mats Tristan Mats Tristan
CFO
0 < 0.01% < 0.01% 0.00 MSEK
Total 7,024,958 22.46% 22.46% 1 164.74 MSEK


Insider Transactions
Insider Transactions represent regular trades executed on the relevant stock exchange or OTC.

Other Insider transactions
Other Insider transactions are for instance exercise of options, incentive programs, share issues and lending of shares.

Share option information

In 2013, Kambi implemented a Share Option Plan to incentivise certain management individuals and key employees. To date, 961,000 options to acquire shares in Kambi have been granted, of which 40,500 are outstanding.

In 2019, Kambi implemented a Share Option Plan, under which 403,000 options to acquire shares in Kambi have been granted, of which 248,000 are outstanding.

In 2020, Kambi implemented a Share Option Plan, under which 418,484 options to acquire shares in Kambi have been granted, of which 312,484 are outstanding.

In 2021, Kambi implemented a Share Option Plan, under which 308,500 options to acquire shares in Kambi have been granted, of which 259,500 are outstanding.

Share buyback programme

Share buyback programme 2023

The Board of Kambi Group plc has exercised the buyback mandate which was received at the Extraordinary General Meeting on 30 June 2022. The buyback programme ran between 4 May 2023 and 30 May 2023, up to a total of EUR 7.2 million.

The Board of Directors of Kambi has, empowered by a mandate received at the Extraordinary General Meeting (EGM) on 30 June 2022, completed a share buyback programme. The objective of the buyback was to achieve added value for Kambi’s shareholders and to give the Board increased flexibility with Kambi’s capital structure, for example as consideration for an acquisition or upon exercise of share options by employees under Share Option Plans.

Kambi entered into an agreement with Carnegie Investment Bank AB (Carnegie) to conduct the share repurchases on its behalf. The acquisition of shares took place on several occasions on Nasdaq First North Growth market in Stockholm and Carnegie made its trading decisions in relation to Kambi’s shares independently of and without influence by Kambi and in accordance with the Maltese Companies Act and other applicable rules. Share repurchases were to be made at a price per share within a defined range. Share repurchases were to be made at a price per share within the recorded interval at any given time, i.e. the interval between the highest buying price and the lowest selling price. Total share repurchases under the programme could not exceed EUR 7.2 million. Payments for the shares were to be made in cash. According to the EGM resolution, the Company’s holding may not exceed (and the Company may consequently not repurchase more than) 3,106,480 which was equivalent to 10% of total share in the Company at that time.

Acquisitions were made between 4 May to 3o May 2023. Kambi repurchased a total of 381,476 shares at a volume-weighted average price of 213.64 SEK per share, for a total of EUR 7.2 million including transaction fees. No acquisitions could be made during a 30-day period prior to the publication of quarterly results.

Kambi held 523,500 of its own shares from the share repurchase programme conducted from 27 October 2021 to 10 November 2021. On 31 May 2023, Kambi’s holding of its own shares amounted to 904,976 and the total number of issued shares in Kambi was 31,278,297.

For more information about the share buyback programme 2023, please see the table below:

Date Aggregated daily volume (number of shares) Weighted average share price per day (SEK) Total daily transaction value (SEK)
4 May 2023 44,476 196.83 8,754,388
5 May 2023 20,000 199.08 3,981,590
8 May 2023 20,000 201.36 4,027,192
9 May 2023 22,500 201.30 4,529,264
10 May 2023 15,000 207.29 3,109,421
11 May 2023 20,000 213.45 4,268,918
12 May 2023 22,500 210.43 4,734,756
15 May 2023 15,000 213.64 3,204,612
16 May 2023 20,000 218.06 4,361,222
17 May 2023 20,000 216.22 4,324,428
19 May 2023 10,000 221.28 2,212,848
22 May 2023 25,500 224.88 5,734,435
23 May 2023 27,000 225.65 6,092,558
24 May 2023 27,000 223.44 6,032,799
25 May 2023 51,000 223.36 11,391,154
26 May 2023 10,000 221.67 2,216,670
29 May 2023 5,000 221.09 1,105,449
30 May 2023 6,500 217.85 1,416,000

 

Share buyback programme 2021

The Board of Kambi Group plc has exercised the buyback mandate which was received at the Extraordinary General Meeting on 23 June 2021. The buyback programme ran between 27 October 2021 and 10 November, up to a total of EUR 12 million.

The Board of Directors of Kambi has, empowered by a mandate received at the Extraordinary General Meeting (EGM) on 23 June 2021, completed a share buyback programme. The objective of the buyback was to achieve added value for Kambi’s shareholders.

Kambi entered into an agreement with Carnegie Investment Bank AB (Carnegie) to conduct the share repurchases on its behalf. The acquisition of shares took place on several occasions on Nasdaq First North Growth market in Stockholm and Carnegie made its trading decisions in relation to Kambi’s shares independently of and without influence by Kambi and in accordance with the Maltese Companies Act and other applicable rules. Share repurchases were to be made at a price per share within a defined range. Share repurchases were to be made at a price per share within the recorded interval at any given time, i.e. the interval between the highest buying price and the lowest selling price. Total share repurchases under the programme could not exceed EUR 12 million. Payments for the shares were to be made in cash. According to the EGM resolution, the Company’s holding may not exceed (and the Company may consequently not repurchase more than) 3,097,570 which was equivalent to 10% of total share in the Company at that time. Acquisitions were made from 27 October to 10 November. Kambi repurchased a total of 523,500 shares at a volume-weighted average price of 227.77 SEK per share. No acquisitions could be made during a 30-day period prior to the publication of quarterly results.

On 10 November, the total number of issued shares in Kambi Group is 31,064,797. Kambi did not hold any of its own shares prior to the buyback programme.

For more information about the buyback programme and its progress, please see the table below:

Date Aggregated daily volume (number of shares) Weighted average share price per day (SEK) Total daily transaction value (SEK)
27 October 2021 70,000 217.11 15,197,392
28 October 2021 77,500 224.38 17,389,520
29 October 2021 25,000 232.73 5,818,248
1 November 2021 60,000 231.44 13,886,196
2 November 2021 50,000 224.29 11,214,655
3 November 2021 47,000 223.51 10,504,820
4 November 2021 50,000 238.30 11,914,970
5 November 2021 35,000 234.48 8,206,699
8 November 2021 30,000 230.90 6,927,060
9 November 2021 30,000 234.93 7,047,798
10 November 2021 49,000 227.17 11,131,438

 

Dividend policy

The amount of any dividends to be paid to Kambi Group plc shareholders in the future will depend upon several factors, including profitability, financial position and any future cash flow and working capital requirements of the business.

Kambi will focus initially on scaling its business to achieve long-term profitability and a stable business platform upon which results can be forecasted with greater predictability.

In the short term, any available funds will be used to secure Kambi’s financial position and continue the expansion of its business and development of its product offering.

In the future, the dividend policy is likely to be based around Kambi’s free cash flow, after taking account of working capital requirements, capital investments and tax payments.

In addition to the above, Kambi’s Board may also choose to distribute one-off dividends or execute share buy backs if the Board considers that Kambi has generated surplus cash that it does not require either to fund its normal operations, acquisitions or other corporate development projects.

When considering both regular and one-off distributions, the Board will take into account the overall requirement to ensure that an appropriate capital structure is maintained.

Any resolution on distribution of profits will be adopted by the Annual General Meeting and any payments will be handled by Euroclear. Anyone who is registered as a shareholder in the register of shareholders maintained by Euroclear on the record day of the dividend set by resolution of the Annual General Meeting will be entitled to a dividend.

Dividends would normally be paid out as a cash amount per share via Euroclear, but could also consist of something other than cash, such as a distribution in kind. If a shareholder cannot be reached for receipt of the dividend, the shareholder’s claim against Kambi will remain and will be limited only by the general rules of limitation. Upon expiry of the period of limitation, the entire amount will fall to the Company. Kambi does not apply any restrictions or special procedures for cash dividends to shareholders residing outside of Sweden. With the exception of any limitations imposed by banking and clearing systems, payments would take place in the same manner as for shareholders residing in Sweden.

Risk factors

Any investment in shares involves risks. A number of factors affect, or could affect, Kambi’s business, financial condition and results of operations, directly as well as indirectly. Described below, in no particular order and without claim to be exhaustive, are some of the risk factors and significant circumstances considered to be material to the Company’s business and future development. Investors should carefully consider the following risk factors in addition to the other information contained in this Company Description. If any of these risks were to materialise, this could have an adverse effect on the Company’s business, financial condition or results of operations.

The risks described below are not the only risks to which the Company and its shareholders may be exposed. Additional risks and uncertainties that are not currently known to the Company, or that the Company currently believes are immaterial, may also adversely affect its business, financial condition or results of operations. Any such risks could also cause the trading price of Kambi’s shares to decline significantly.

Regulatory and political Environment

The Group’s core business is strictlyregulated by law in the markets where Kambi and its operators operate. Accordingly, political decisions, court rulings or changes in laws in the countries where Kambi or its operators have licences or commercial interests could have a material adverse effect on Kambi’s business and operations. Regulatory changes can also have a positive impact, enabling us to access a market which becomes regulated or re-regulated.

Risks related to IT

Kambi’s business is dependent on IT systems. System failures and other events that affect operations could have a material adverse effect on its business and results. The risk is mitigated by using continuous monitoring to detect any problems as early as possible. All critical servers are duplicated, i.e. if one server fails, another will immediately take over. Following any downtime, a detailed analysis is performed to ensure that the underlying reason for the downtime is understood and rectified.

Match fixing

Match fixing is defined as the manipulation of an event where the participants seek to fix the outcome for financial gain. To reduce the financial impact of this risk, Kambi has internal systems and alerts in place to highlight any indications of match fixing. We also collaborate with industry watchdogs and regulators. If match fixing were to lead to changes in regulatory environments, this could impact the results of operators and therefore Kambi’s financial performance.

Sport-specific IPR

In certain jurisdictions, regulators have begun to impose charges on licence holders for the right to offer odds, access data and use trademarks on certain sports. Any future changes in these charges could impact Kambi’s financial position.

Dependency on key operators

A majority of Kambi’s revenue is currently generated from a few large operators. The loss of business with Kambi’s major operators could have a material adverse effect on the Group’s business.

Underlying performance of operators

Kambi’s financial performance depends on the underlying performance of its operators. This is a result of Kambi’s business model whereby the commission received is set as a portion of the operators’ net gaming revenue. A decline in the financial performance of Kambi’s operators could have a material effect on the Group’s financial position. Operators’ sports betting gross margins can vary significantly from one period to the next, depending on the outcome of sporting events.

Dependence on key personnel and skilled employees

The future success of Kambi will significantly depend on the full involvement of the board of Directors, management and certain key individuals. If one or more of these individuals were to resign or otherwise not be able to perform relevant duties, this might have an adverse effect on the Group’s financial performance and reputation.

Competition and price pressure

Kambi’s growth depends on its ability to develop and sell competitive products and services. The ambition is to continue striving to offer the best B2B Sportsbook in the market and to build on the customer portfolio with successful and loyal operators.

Foreign currency risk

Foreign exchange risks exist in the form of both transaction risks and translation risks. In the case of our operators handling transactions in a different currency to that which the invoice is issued in, currency movements can have an impact on the revenues generated by Kambi. Transaction risks occur in conjunction with purchases and sales of products and services in currencies other than the respective company’s local currency. Translation risks occur in conjunction with the translation of the income statements and balance sheets of foreign subsidiaries into EUR. Sales are primarily made in EUR. The Group’s purchases of services and overhead costs, however, are primarily in GBP and SEK. Changes in the valuation of EUR in relation to other currencies can thus have both positive and negative effects on the Group’s profit and financial position. Currency risk is to some degree managed by means of holding funds on short-term deposit in the currencies of the Group’s principal cash outflows.

Tax risks

Kambi conducts its business in accordance with its interpretation and understanding of the applicable tax laws and treaties, case law and the requirements of relevant tax authorities in the countries where it operates. Changes to regulatory, legislative and fiscal regimes in key markets could have an adverse effect on the group’s results and additional costs may be incurred in order to comply with any new laws or regulations. In managing its taxation affairs, including estimating the amounts of taxation due, Kambi relies on the exercise of judgment concerning its understanding of, and compliance with, those laws assisted by professional advice.

Risk related to convertible bond

In 2014, Kambi Group plc issued a €7.5 million convertible bond to a wholly owned subsidiary of Kindred Group plc. This agreement was extended in July 2018, until December 2023. According to the terms of the convertible bond, the Company is obliged to procure that certain events listed in the agreement do not take place, unless with the prior consent of the lender. In case of a conversion, Kindred Group plc would obtain a controlling influence over Kambi, consequently having the power to control the outcome of most matters to be decided by vote at a shareholders’ meeting.

Risk related to natural events

Kambi relies on the constant availability of its staff and offices to ensure the provision of its service to partners can continue without disruption, as well as a largely unaffected sporting calendar. Therefore, Kambi can be exposed to short-term risk related to natural events outside of its control. For example, a natural disaster which may impact Kambi offices and staff, or a global epidemic which may cause office closures and/or postponement or cancellation of sporting events. Kambi is a pure sportsbook provider which means its revenues are linked to sports events – fewer events mean fewer revenue generating opportunities. Kambi has in place mitigation protocols to minimize any direct impact such events may have on its operations, such as the establishment of disaster recovery sites and the ability for staff to work from home.

Analyst coverage

ABG Sundal Collier
Oscar Rönnkvist
Phone: +46 (0) 70 627 10 08

Danske Bank 
Viktor Högberg
Phone: +46 (0) 8 568 805 61

Pareto Securities
Georg Attling
+46 (0) 79 006 75 16

Jefferies
Matthew Copeland
James Wheatcroft

Kambi is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Kambi’s performance made by these analysts are the analysts’ alone and do not represent opinions, forecasts or predictions of Kambi or its management. Kambi does not by its reference above or distribution imply its endorsement of, or concurrence with, such information, conclusions or recommendations.