Certainly feels like $IGT will spinoff their gaming biz and buy the lottery biz from Aristocrat, which they just recently bought it off $NGMS.

Sold all of my $VVI. I still see upside to high 30s, but I am redeploying my (limited) capital in higher return opportunities. Congrats to whoever bought in!

$BRAG continues to institutionalize itself with 3 new additions to the board. Good to see Paul/Rob Godfrey leaving. Always felt weird that a father & son were part of the same board. I continue to think this is one of the most compelling stock in the space/market. Long big time!

$AGS insider purchases rolling in. Good to see. Also, many I speak to worry about their leverage.... but funny to see how $LNW will be 3.5x levered after $SCPL's buyout yet still trades at a 70% premium to $AGS while slowly losing share to them. Still long $AGS big time.

$AGS moving up on Jefferies' upgrade to a buy. Not much to the note itself but good to see growing support from the street.

correction, 1H2023*

$NGMS was bought by Aristocrat for a 130% premium or 15x 2023's EBITDA. Good support for gaming names trading at cheap multiples ( $BRAG), iGaming/Betting was 69% of rev. and 50% of EBITDA for 1H2022

@puppyeh1 @4damCooke Correct, no lock up starting January 2023. As of today, every month, they convert $500K

@puppyeh1 @4damCooke In the financial statement filing, you can go to the last page under the section "subsequent event" you will see they paid in cash the April month.

@puppyeh1 There are many more; many are private, but if you speak to industry guys or sellside analyst, you get a sense that most are acquired at a big premium to $BRAG's current multiple

@puppyeh1 IGT bought iSoftBet in April of 2022 for 20x ebitda: There was Pala Interactive by Boyd. Paid 170m for 5m of EBITDA. Deal closed in November 2022.

Echo the thoughts. $BRAG is undervalued. Both given the industry outlook and growth outlook. Many content/PAM B2B operators have been acquired at 12x+ EBITDA in this bear market. This company has a lot more value than what is embedded in the stock price.

@puppyeh1 @4damCooke Unfortunately the convert has no strike. Its a death spiral convert. Every month $500K converts in share or the company can pay it in cash. 2.0m$ has been converted and $500K paid in cash. The convert also had warrants but they are way below strike

@puppyeh1 @OtterMarket $BRAG is not cheap on FCF, but that's usually a tradeoff for growth. Good to see they also paid the April convert payment in cash...solidifies the fact that biz trends are probably still good. Rode this one up and down, but opportunity here seems skewed to the upside.

@puppyeh1 @OtterMarket Betcity was 36% of their Q1 revenue. The contract runs until 2024. Its my view that $BRAG can get it down to 20% by end of 2024 Lot of their other PAM customers in netherlands are ramping fast too which will help diversify revenue. Their customer count grew 50% this Q

mindboggling action from $AGS. Call was quite positive. Only negative I can think of is negative FCF from working capital timing. Game Ops biz was better than all peers. Table biz up 18% vs LNW flat. Machine sale in-line with peers and guided to more sequential improvement.

Good results from $BRAG. EBTIDA +28%, new customers worldwide and reducing concentration to betcity. April convert payment paid in cash and generating nice FCF. Consistent DD growth trading at less than 5x EBITDA with lots of juridisctions yet to legalize iGaming. Still long!

Solid Q1 from $AGS. Lots of product momentum, slowly gaining market share, and many catalysts in the near term. Pushback on the name continues to be leverage but they are making strides there too. stock performance vs peers continues to be a headscratcher. Still long!

3/ The balance sheet is also in a much better place, and they will soon be able to return capital to shareholders once they pay off the prefs. Near-term FV likely 27-28$ given the retail environment and depressed comp multiples. I'm interested to see how it trades tomorrow.

2/ And ability to consistently remain profitable. While $JAKK is nowhere near as good of a business as $MAT and $HAS, it gets easier to justify a higher multiple than 4-5x. Beyond that, lots of catalysts: Mario still running strong, Little Mermaid, Wish, and international growth.

1/ Solid quarter from $JAKK. More importantly, they are showing they can properly manage the business in any environment, which IMO is key. The biz was still perceived by investors as being a "mickey mouse" operation, but this quarter solidified both their earnings potential...

Beef prices going completely ballistic over the last couple of weeks. Feels like there is downside risk to full-year numbers on many restaurant stocks given they've assumed diminished inflationary impact from beef through the year... $RRGB, $SHAK, $TXRH

7/ The company trades at 7.5x EBITDA despite owning some of the most unique experiential assets in the world, with a strong earnings outlook for the next 2 years. EBITDA could reach 150-160m in 2024. Using 9x ebitda, the stock should be worth $36. Again, I am long $VVI.

6/ In the medium term, the company will likely look to either sell its GES business or spin-off Pursuit (once it is scaled and its margin profile returns above 30%). The company is quite open about the ways it can unlock shareholder value, but nothing concrete has emerged yet.

4/ The return of international tourists & large groups, and the maturing of its new assets should set up a multi-year earnings tailwind for the company as it recovers a chunk of its margin. Watch out for the big Chinese bus tours 🙃. GES, which investors care little for...