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Aspire Global
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===Cash flow: Expecting higher cash flow generation=== Between FY16 and FY20, AGβs free cash flow CAGR was 16%, up from β¬10.5m to β¬18.9m. The strong operating cash flow CAGR of 21% has helped to fund greater internal investment to develop the platform and services. Edison Investment Research forecasts relatively consistent operating and free cash flow generation in FY21 and FY22 mainly due to AGβs increasing profitability and the associated tax. Working capital typically represents a positive inflow as customers are required to make deposits ahead of bets. FY19βs operating cash flow was negatively affected by a tax settlement with the Israeli tax authority with respect to jurisdiction and transfer pricing amongst the group entities for the period 2008β2018. AGβs fixed capital intensity is low, with limited capex, whereas there has been a modest increase in the level of investment in intangibles, namely capitalised development costs, relative to revenue. In FY21, AG is due to make its first deferred payment for the acquisition of BtoBet of β¬4.7m.
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