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Kambi Group
(KAMBI)
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Rating:72Outperform
Price Target:
kr195.00
▲(13.37% Upside)
Action:Reiterated
Date:07/23/26
The score is driven primarily by solid financial stability (low leverage and strong operating cash flow) and a constructive technical uptrend (price above major moving averages with positive momentum). This is reinforced by a strong earnings update with raised full-year EBITA guidance and sharp YoY profitability improvement. Offsetting these positives, valuation is a key constraint due to the high P/E and no stated dividend yield, and longer-term profitability/ROE remain below historical levels.
Positive Factors
Conservative balance sheet
Very low leverage and a substantial equity base provide resilience to revenue volatility and regulatory shocks. This durable capital cushion supports continued investment in product development, syndication of new operator deals, and shareholder returns (buybacks) without forcing distress financing.
Negative Factors
Compressed profitability & lower ROE
Material decline in margins and ROE versus prior years signals weaker earnings conversion and less efficient capital use. If sustained, lower profitability limits reinvestment returns, constrains margin of safety for operations, and reduces long-term capacity to fund growth from internal cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a substantial equity base provide resilience to revenue volatility and regulatory shocks. This durable capital cushion supports continued investment in product development, syndication of new operator deals, and shareholder returns (buybacks) without forcing distress financing.
Read all positive factors
Kambi Group (KAMBI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.57B
Dividend YieldN/A
Average Volume (3M)44.03K
Price to Earnings (P/E)36.6
Beta (1Y)0.44
Revenue Growth-10.22%
EPS Growth-33.31%
CountrySE
Employees995
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.42
Shares Outstanding27,709,944
10 Day Avg. Volume40,125
30 Day Avg. Volume44,029
Financial Highlights & Ratios
PEG Ratio-0.97
Price to Book (P/B)2.22
Price to Sales (P/S)2.21
P/FCF Ratio93.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr170.00Price Target Upside-1.16% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.58
Revenue Forecast (FY)kr178.33M
Kambi Group Business Overview & Revenue Model
Company Description
Kambi Group plc functions as a business-to-business partner, supplying comprehensive sports betting solutions to gaming operators that serve consumers across Europe, the Americas, and other international markets. Its extensive suite of services co...
How the Company Makes Money
Kambi primarily makes money by providing its sportsbook technology and managed services to gambling operators under commercial agreements tied to its partners’ betting activity. A core revenue stream is partner-driven fees that are commonly linked...
Kambi Group Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call reported strong top-line growth, a sharp increase in adjusted EBITA (102% YoY), major World Cup operational success (100% uptime, >100M bets, >EUR1bn turnover), accelerated AI adoption and several commercial wins which together drove management to raise full-year EBITA guidance. Offsetting items include one-off operational credits, higher recharged data costs, tax and contractual pressures in some jurisdictions, short-term turnover risk after the very high margins in the World Cup, and some regulatory uncertainty. On balance, the positive operational execution, margin expansion and guidance raise materially outweigh the negatives.Positive Updates
Revenue Growth
Q2 revenue EUR 45.9M, up 13% year-on-year from EUR 40.5M.
Negative Updates
Operational Issues and Credits
Operational technical downtime in April resulted in low single-digit million euro credits to customers which reduced earlier guidance potential; management said the incident was not excluded from adjusted EBITA.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Q2 revenue EUR 45.9M, up 13% year-on-year from EUR 40.5M.
Read all positive updates
Company Guidance
Kambi raised its 2026 adjusted EBITA (acq) guidance from EUR 20–25m to EUR 23–27m, citing strong Q2 and World Cup performance: Q2 revenue was EUR 45.9m (up from EUR 40.5m), Q2 adjusted EBITA (acq) EUR 7.6m (vs EUR 3.7m last year, +102%), and H1 adjusted EBITA ~EUR 13.3m (about 50% of the low end of the new range). The upgrade reflects World Cup volumes (over 100m bets, >EUR 1bn Turnkey turnover, >EUR 500m turnover in Q2) and high operator trading margins (Q2 margin ~14%, World Cup margin ~17–18% producing ~EUR 6m revenue in Q2), plus a Turnover Index of 685 and ~2% YoY turnover growth; average turnover per match was ~+20% vs 2022, Bet Builders accounted for 22% of live bets (35% of all bets in the tournament), and 46% of tournament turnover came from South America. Management noted the guidance already reflects a low single‑digit million EUR hit from April operational credits, expects the remainder of the year to assume an ~11% sportsbook margin, and highlighted cash/returns actions including a EUR 9.2m (100m SEK) buyback program (EUR 3.6m executed in Q2) and a closing cash balance of EUR 33m.Kambi Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 169.50M | 162.02M | 176.41M | 173.30M | 166.01M | 162.42M |
| Gross Profit | 166.61M | 133.39M | 176.41M | 173.30M | 166.01M | 162.42M |
| EBITDA | 49.35M | 49.53M | 59.47M | 57.51M | 63.51M | 79.21M |
| Net Income | 11.48M | 6.81M | 15.45M | 14.90M | 26.45M | 46.43M |
Balance Sheet | ||||||
| Total Assets | 193.81M | 187.46M | 220.13M | 214.89M | 242.89M | 196.86M |
| Cash, Cash Equivalents and Short-Term Investments | 33.02M | 32.89M | 66.22M | 55.05M | 60.70M | 79.66M |
| Total Debt | 8.23M | 4.99M | 9.49M | 12.99M | 20.68M | 24.77M |
| Total Liabilities | 35.45M | 26.38M | 39.80M | 42.74M | 79.50M | 61.48M |
| Stockholders Equity | 158.36M | 161.07M | 180.32M | 172.15M | 163.39M | 135.38M |
Cash Flow | ||||||
| Free Cash Flow | 15.51M | 3.82M | 24.24M | 18.67M | 20.58M | 47.46M |
| Operating Cash Flow | 40.26M | 31.68M | 53.70M | 49.84M | 49.00M | 72.33M |
| Investing Cash Flow | -28.60M | -28.31M | -29.66M | -42.73M | -64.78M | -39.62M |
| Financing Cash Flow | -30.10M | -30.19M | -13.07M | -17.35M | -1.86M | -14.25M |
Kambi Group Technical Analysis
Positive
172.00
Price Trends
173.34
Positive
165.10
Positive
142.66
Positive
Market Momentum
-0.36
Positive
46.76
Neutral
37.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KAMBI, the sentiment is Positive. The current price of 172 is below the 20-day moving average (MA) of 175.61, below the 50-day MA of 173.34, and above the 200-day MA of 142.66, indicating a neutral trend. The MACD of -0.36 indicates Positive momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 37.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:KAMBI.
Kambi Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | kr172.21B | 14.63 | ― | 4.76% | -5.44% | -12.23% | |
78 Outperform | kr12.73B | 8.49 | 15.17% | 7.59% | -2.36% | -31.79% | |
72 Outperform | kr4.57B | 36.64 | 7.14% | ― | -10.22% | -33.31% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | kr120.43M | -2.94 | 406.23% | ― | 57.81% | 9.24% | |
51 Neutral | kr166.30M | -5.80 | -15.07% | ― | 17.97% | 93.95% | |
46 Neutral | kr480.91M | 8.11 | -44.77% | 19.90% | -20.52% | ― |
* Consumer Cyclical Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.