Maxim Group Starts Elys Game Technology Corp. (ELYS) at Buy, $10 PT

(Updated - July 26, 2021 8:56 AM EDT)

Maxim Group analyst Jack Vander Aarde initiates coverage on Elys Game Technology Corp. (NASDAQ: ELYS) with a Buy rating and a price target of $10.00. The analyst commented:

• The Elys Gameboard platform allows business-to-business (B2B) customers to rapidly and effectively model their gaming businesses, manage gaming accounts, monitor and analyze performance, share dashboards, and generate management reports all within a fully integrated sports betting solution.
• The U.S. sports betting market has recently emerged with explosive growth and represents an untapped market opportunity for ELYS.
• We expect continued growth in Europe and Italy, where ELYS is an established and well-respected technology brand and sportsbook operator.
• The recent acquisition of US Bookmaking (USB) immediately bolsters Elys’s U.S.strategic roadmap, leadership team, and should unlock synergies.
• Based on our projections, along with ~$23M of net cash and no debt, we do not expect the company to require additional capital (excluding any acquisitions) in the foreseeable future.
• Initiating coverage with a Buy rating and price target of $10, representing an EV/revenue multiple of 3x our 2022 estimate.

For an analyst ratings summary and ratings history on Elys Game Technology Corp. click here. For more ratings news on Elys Game Technology Corp. click here.

Shares of Elys Game Technology Corp. closed at $3.96 yesterday.

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