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Aspire Global
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===Peer comparison=== In Exhibit 14 Edison Investment Research shows AGβs valuation relative to its peers, the quoted B2B gaming platform companies, which have a very wide range of multiples. Edison Investment Research would caution comparing the margins between the peers as the way AG discloses revenue may differ to the other companies. For peers Edison Investment Research calculates a simple average of the multiples and an average that excludes some peers that have much higher multiples, such as Bragg and Gan. AG is trading at a significant discount to most of its peers when comparing all multiple-based valuation measures and it potentially offers a higher dividend yield than all of its peers if it resumes dividend payments from FY21, given an expected improved financial position. AGβs EV/EBIT multiple for FY21 of 10.2x is at a 63% discount to the adjusted average and its P/E of 11.3x is at a 74% discount to the adjusted average of 44.1x. Relative to most of its peers, AGβs market capitalisation is smaller. However, as shown above, AG continues to scale up its business, including diversifying globally, through a combination of organic growth (new customers and spend per customer) and M&A. If AG continues to execute well and grow as management anticipates, Edison Investment Research would expect the valuation gap relative to its larger peers to narrow.
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