Redeye updates on Gentoo Media ahead of Q3-results (due 25 November). Following the trading update in October, where the company lowered its full-year guidance due to a soft Q3 and the provisional ban on online gambling in Brazil, we have aligned our forecasts with the updated guidance. We have also updated our valuation to reflect the completed equity issue and refinancing of the bonds, which have resulted in a significantly stronger balance sheet and lower financial costs. Our new base case Fair Value is SEK12 per share (previously SEK20) and Gentoo Media screens as Cheap on Redeye’s proprietary Market Edge rating.
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