Strong Performance and Growth Potential Drive Buy Rating for Cirsa Enterprises, S.A.U.We recently initiated at Buy. Key equity story drivers include: 1) Unique, diverse, 100% regulated gaming platform; 2) Track record: 67 consecutive quarters of EBITDA growth (ex COVID; FY05-24 +13% EBITDA CAGR; Jef targets +8% FY25E-27E); 3) Long standing management team, with M&A execution record; 4) Scope for growth acceleration from uprated Valuation only prices in MSD growth versus our HSD estimates: Cirsa trades on a lowly 5.9x EV/EBITDA for FY26E (shares +3% since IPO). Detail Key 2Q25 numbers. EBITDA +9% to €187m. Leverage reduced to 3.2x(1Q25: 3.7x). FY25E guidance. Cirsa reiterates guidance for FY25E EBITDA in the range €740-750m, implying +6-7% YoY (Jefferies: €749m; FactSet consensus: €747m). Revenue guidance is revised to €2,280-2,330m, implying +6% to +8% growth vs 'high-single digit' guidance previously. Divisional detail.