B.Riley Resumes Inspired Entertainment Inc (INSE) at Buy

B.Riley analyst David Bain resumes coverage on Inspired Entertainment Inc (NASDAQ: INSE) with a Buy rating and a price target of $21.00.

The analyst commented: 'We resume coverage of Inspired Entertainment, Inc. (INSE) with a buy rating and a $21 price target. We believe INSE’s digital business alone can support a stock price ~70% higher than its 4/02 closing price. INSE’s mix shift to digital, now over 50% of its EBITDA, should continue and accelerate by 2H24, in our view. Within its digital segment, we believe INSE’s market-leading Virtual Sports (“VS”) business and hybrid dealer product are distinct from other digital offerings, creating scarcity value. INSE’s recent late filings, with no material change in its historical results and no change to its business or forward outlook, had a negative impact on shares, creating an even greater valuation disconnect with fundamentals. INSE should be a regular filer in the near term. INSE trades for 4.8x/4.1x CY24E/CY25E EV/EBITDA a 36%/39% discount to peers.'

For an analyst ratings summary and ratings history on Inspired Entertainment Inc click here. For more ratings news on Inspired Entertainment Inc click here.

Shares of Inspired Entertainment Inc closed at $9.55 yesterday.

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