Super Group: Buy-Rated Multi-Year Earnings Acceleration Driven by African Growth, Margin Expansion, and 2026 CatalystsWe believe SGHC is positioned to open at least one new African market in 2026, while Nigeria represents a meaningful recovery opportunity following its technology migration and improved regulatory clarity. With an estimated ~$2.6B TAM, Nigeria offers a path to accelerating revenue growth as product execution and marketing investment normalize, supporting both revenue and margin expansion.