MeritValue

Bragg Gaming Group Inc.

BRAGdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Bragg Gaming Group Inc. earns about -6% on invested capital, below its ~9% cost of capital, but has diluted owners by 31% over 5 years — no moat visible in the numbers. The estimate methods put fair value between €14.47 and €26.31 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue€58.3M1€84.7M2€93.5M3€102M4€106.1M4
Net income−€7.51M5−€3.48M6−€3.84M7−€5.15M8−€8.12M8
Operating cash flow€115,0009€5.75M10€11.7M11€11.2M12€17.9M12
Capital expenditure€123,00013€544,00014€332,00015€1.06M16€364,00016
Free cash flow (derived)−€8,0009€5.21M10€11.4M11€10.1M12€17.6M12
Total debt—€7.97M17€2.92M18€6.58M18€3.51M18
Cash & equivalents€16M19€11.3M20€8.8M21€10.5M21€6.66M21
Diluted shares19.5M21.4M23.0M25.0M25.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
€24.54
your share of equity
Profit it earned you last year
−€3.18
Free cash flow it threw off
€6.88
Debt you’d be carrying
€1.37

10 shares is a claim on €24.54 of net worth that earned you −€3.18 and generated €6.88 of cash last year, against €1.37 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 -11%FY22 -2%FY23 -4%FY24 -7%FY25 -8%

It earned about -6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+31% shares · 5y

Share count is up 31% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 56% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 2 estimate methods that apply put fair value between €14.47 and €26.31 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
€26.31
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase€11.4M
DCF · Growth Exit 5Y
€14.47
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase€11.4M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth €14.47
The three cases
Bear0.0%€6.42
Base20.0%€14.47
Bull20.0%€14.47

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001558370-23-004232 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001558370-24-003884 (Revenue)
  3. 40-F · period ending 2023-12-31 · accession 0001558370-25-004123 (Revenue)
  4. 40-F · period ending 2024-12-31 · accession 0001104659-26-037580 (Revenue)
  5. 40-F · period ending 2021-12-31 · accession 0001558370-23-004232 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001558370-24-003884 (ProfitLoss)
  7. 40-F · period ending 2023-12-31 · accession 0001558370-25-004123 (ProfitLoss)
  8. 40-F · period ending 2024-12-31 · accession 0001104659-26-037580 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001558370-23-004232 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001558370-24-003884 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001558370-25-004123 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001104659-26-037580 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001558370-23-004232 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001558370-24-003884 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-12-31 · accession 0001558370-25-004123 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-12-31 · accession 0001104659-26-037580 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2022-12-31 · accession 0001558370-25-004123 (Borrowings)
  18. 40-F · period ending 2023-12-31 · accession 0001104659-26-037580 (Borrowings)
  19. 40-F · period ending 2021-12-31 · accession 0001558370-24-003884 (CashAndCashEquivalents)
  20. 40-F · period ending 2022-12-31 · accession 0001558370-25-004123 (CashAndCashEquivalents)
  21. 40-F · period ending 2023-12-31 · accession 0001104659-26-037580 (CashAndCashEquivalents)