Bragg Gaming Group Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF in EUR, converted to USD. Normalized base FCF EUR15M/yr (between FY2024 EUR10.1M, FY2025 EUR17.6M, and TTM EUR16.4M). 6% annual growth years 1-5, 4% years 6-10; 14% discount rate; 2% terminal growth. Net debt: EUR6.27M total debt less EUR3.31M cash = EUR2.96M net debt. PV of years 1-10 FCF about EUR100.5M; PV of terminal value about EUR56.0M; enterprise value about EUR156.5M; equity value about EUR153.5M; converted at EUR/USD 1.1247 = about $172.7M; divided by 31.06M shares = $5.56/share.

Reasoning: Bragg is a real cash-generating iGaming content-aggregation/technology provider (ORYX Gaming) that is FCF-positive despite GAAP losses from acquisition-related non-cash charges, so a standard unlevered FCF DCF is appropriate.