Kambi Group plc Class B (SE:KAMBI)
:KAMBI
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Kambi Group
(KAMBI)
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Rating:69Neutral
Price Target:
kr175.00
▲(33.38% Upside)
Action:Reiterated
Date:05/01/26
The score is driven by solid underlying financial strength (low leverage and healthy operating cash flow) and constructive execution outlook from upgraded 2026 profit guidance. Offsetting this are a stretched valuation (high P/E), overbought technical conditions, and meaningful earnings volatility risks from partner migrations and tax/regulatory uncertainty.
Positive Factors
Balance Sheet Strength
Extremely low leverage (≈0.03x) materially reduces financial distress risk and preserves strategic optionality. This balance-sheet strength supports continued buybacks, investments in product development, and resilience versus partner churn or regulatory shocks without needing external funding.
Negative Factors
Partner Migration Risk
Dependence on a limited set of large partners creates recurring earnings volatility: contract migrations and transition fees materially depress revenue and can persist multi-year. Even with diversification (top‑3 share down to ~36%), churn timing and conversion to new product models drives durable uncertainty in topline/EBITA.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage (≈0.03x) materially reduces financial distress risk and preserves strategic optionality. This balance-sheet strength supports continued buybacks, investments in product development, and resilience versus partner churn or regulatory shocks without needing external funding.
Read all positive factors
Kambi Group (KAMBI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.09B
Dividend YieldN/A
Average Volume (3M)68.23K
Price to Earnings (P/E)33.1
Beta (1Y)0.45
Revenue Growth-11.15%
EPS Growth-53.91%
CountrySE
Employees1,043
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.30
Shares Outstanding27,709,944
10 Day Avg. Volume74,319
30 Day Avg. Volume68,235
Financial Highlights & Ratios
PEG Ratio-0.98
Price to Book (P/B)2.22
Price to Sales (P/S)2.21
P/FCF Ratio93.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr140.00Price Target Upside6.71% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.61
Revenue Forecast (FY)kr171.00M
Kambi Group Business Overview & Revenue Model
Company Description
Kambi Group plc operates as a business-to-business supplier of managed sports betting services to business-to-consumer gaming operators in Europe, the Americas, and internationally. The company's services include compliance, odds-compiling, custom...
How the Company Makes Money
Kambi primarily makes money by providing sportsbook technology and managed services to gambling operators (e.g., casinos, lotteries, and online betting brands) under B2B contracts. Its core revenue stream is recurring fees tied to partners’ sports...
Kambi Group Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call balanced clear operational and strategic progress (margin expansion, strong AI adoption, major OLG launch, raised 2026 adjusted EBITA guidance, growing Odds Feed+ penetration and sizable cost-savings target) against persistent near-term headwinds (revenue decline excluding transition fees, YoY adjusted EBITA drop, migrations of large partners, multiple tax/regulatory risks and FX pressure). The company presented concrete levers (EUR 9m targeted savings, product-led diversification, AI-driven efficiency and a EUR 20–25m EBITA guidance) and a healthy balance sheet, indicating confidence in execution despite notable uncertainties.Positive Updates
Q4 Profitability Improvement
Adjusted EBITA (acq) for Q4 grew 16%; Q4 adjusted EBITA increased from EUR 6.3m to EUR 7.4m and quarter cash flow was EUR 6.0m.
Negative Updates
Full-Year Revenue Decline and EBITDA Pressure
Reported full-year revenue declined to EUR 162.0m from EUR 176.4m the prior year (prior year included EUR 12.5m transition fees); excluding transition fees, revenue was down c.1.2%. Full-year adjusted EBITA (acq) was EUR 17.6m, down EUR 7.8m year-on-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Profitability Improvement
Adjusted EBITA (acq) for Q4 grew 16%; Q4 adjusted EBITA increased from EUR 6.3m to EUR 7.4m and quarter cash flow was EUR 6.0m.
Read all positive updates
Company Guidance
Kambi guided 2026 adjusted EBITA (acq) excluding FX revaluations of EUR 20–25m (up from EUR 17.6m in 2025), saying it expects to be toward the top end of that range if no new Colombia sports‑betting tax (no‑tax tailwind ≈ EUR 3.6m); it raised operator trading margin guidance to 11% (Q4 11.2%, FY25 10.8% vs 10% in 2024) and expects mid‑single‑digit organic growth (≈3–5% excl. FX) plus a ≈EUR 5m World Cup revenue boost (~3% of revenue). Management also said modular/Odds Feed revenue should be north of ~10–15% in 2026, is targeting ≈EUR 9m of annual cash savings, expects cost of sales to rise while OpEx is broadly flat, and set this guidance off a FY25 base of revenue EUR162m (Q4 EUR42.7m), FY adjusted EBITA EUR17.6m (Q4 EUR7.4m, +16% YoY), FY cash flow EUR21.2m, year‑end cash EUR32.9m (now >EUR40m after receipts), buybacks EUR25.8m, network liquidity ~EUR17bn with 1.6bn bet tickets p.a., >50% of bets AI‑traded (Jan), 53 turnkey + 7 Odds Feed partners, and top‑3 partner share down to 36%.Kambi Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 164.05M | 162.02M | 176.41M | 173.30M | 166.01M | 162.42M |
| Gross Profit | 163.28M | 162.02M | 176.41M | 173.30M | 166.01M | 162.42M |
| EBITDA | 45.69M | 49.81M | 59.47M | 57.51M | 63.51M | 79.21M |
| Net Income | 8.33M | 6.81M | 15.45M | 14.90M | 26.45M | 46.43M |
Balance Sheet | ||||||
| Total Assets | 196.40M | 187.46M | 220.13M | 214.89M | 242.89M | 196.86M |
| Cash, Cash Equivalents and Short-Term Investments | 31.52M | 32.89M | 66.22M | 55.05M | 60.70M | 79.66M |
| Total Debt | 10.46M | 4.99M | 9.49M | 12.99M | 20.68M | 24.77M |
| Total Liabilities | 37.87M | 26.38M | 39.80M | 42.74M | 79.50M | 61.48M |
| Stockholders Equity | 158.53M | 161.07M | 180.32M | 172.15M | 163.39M | 135.38M |
Cash Flow | ||||||
| Free Cash Flow | 12.74M | 3.82M | 24.24M | 18.67M | 20.58M | 47.46M |
| Operating Cash Flow | 36.19M | 31.68M | 53.70M | 49.84M | 49.00M | 72.33M |
| Investing Cash Flow | -30.25M | -28.31M | -29.66M | -42.73M | -64.78M | -39.62M |
| Financing Cash Flow | -28.74M | -30.19M | -13.07M | -17.35M | -1.86M | -14.25M |
Kambi Group Technical Analysis
Positive
131.20
Price Trends
129.16
Positive
123.30
Positive
123.98
Positive
Market Momentum
6.79
Positive
59.57
Neutral
75.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KAMBI, the sentiment is Positive. The current price of 131.2 is below the 20-day moving average (MA) of 147.57, above the 50-day MA of 129.16, and above the 200-day MA of 123.98, indicating a bullish trend. The MACD of 6.79 indicates Positive momentum. The RSI at 59.57 is Neutral, neither overbought nor oversold. The STOCH value of 75.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:KAMBI.
Kambi Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | kr138.86B | 10.60 | ― | 5.04% | -5.41% | -14.76% | |
72 Outperform | kr12.08B | 12.71 | 23.20% | 5.03% | -1.24% | -21.32% | |
69 Neutral | kr4.09B | 33.13 | 4.76% | ― | -11.15% | -53.91% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | kr196.62M | 3.07 | -19.82% | ― | 8.09% | 88.25% | |
53 Neutral | kr5.61B | 28.12 | 2.04% | 6.24% | -0.94% | 14.56% | |
47 Neutral | kr181.65M | -3.44 | -74.31% | ― | 16.20% | 78.91% |
* Consumer Cyclical Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.