eBet jumps on new market opening
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Fledging gaming systems company eBET (EBT) could soon retest its five-month high, with the stock jumping on this morning’s news that the Victorian gaming regulator has given the company the green light to operate in the state.
The stock rallied 3.9% to $3.22, which marks a 185% surge in its share price since we highlighted eBET’s strong growth profile in late June last year.
The company now operates in three of the nation’s biggest poker machine markets, although Victorian is a distant third with only around 30,000 machines compared with the 100,000 machines in New South Wales (Australia’s biggest pokies market).
Nonetheless, Victoria is still important as it will help eBET achieve its goal of generating most of its income through recurring revenues from maintenance and servicing contracts with gaming venues.
While the stock may look fully valued based on consensus estimates, there is room for upgrades as analysts polled by Bloomberg are factoring very modest sales growth of 5.5% and 9.5% for the next two financial years.
Given that eBET has barely begun its sales efforts in Queensland for its stored value card system, called CARD IT, the risk to forecasts are to the upside.