Gambling.com Group Limited

GAMB

Consumer CyclicalGambling, Resorts & CasinosNASDAQ

$4.36

Market Cap: $153.02M

Gambling.com Group Limited (GAMB) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$2.48 – $34.28	$4.92	+28.5%
▸ Trading Multiples
EV/Revenue	-$0.68 – $5.77	$0.47	-87.7%

Valuation History

DCF Analysis

Gambling.com Group Limited (GAMB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.92

Market Price

$4.36

Upside / Downside

+12.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from 18.1% to a target of 7.7% over 5 years, discounted at a WACC of 8.1%, Gambling.com Group Limited (GAMB) has an intrinsic value of $4.92 per share (range: $2.48 – $34.28).

Key Assumptions

Current Operating Margin

18.1%

Target Operating Margin

7.7%

WACC

8.1%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

12.2%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

Tax Rate

8.7%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	172	4.0%	16.0%	28	25	10	(20)	7	8	8
2027	187	8.8%	13.9%	26	24	11	(22)	2	12	10
2028	213	13.7%	11.9%	25	23	13	(24)	3	9	7
2029	242	13.5%	9.8%	24	22	14	(26)	3	6	5
2030	314	30.0%	7.7%	24	22	19	(33)	8	-1	-0
2031	408	30.0%	7.7%	32	29	24	(42)	11	0	0
2032	523	28.1%	7.7%	40	37	31	(52)	13	3	2
2033	637	21.8%	7.7%	49	45	38	(61)	13	9	5
2034	736	15.5%	7.7%	57	52	44	(69)	11	16	8
2035	804	9.3%	7.7%	62	57	48	(72)	8	25	12

Enterprise Value Bridge

Sum of PV(FCFF)57

Terminal Value (Gordon Growth at 2.5%)452

PV of Terminal Value215

Enterprise Value272

(–) Net Debt98

Equity Value175

(÷) Shares Outstanding35

Fair Value per Share$4.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
6.1%	$-5	$-2	$10	$22	$34
7.1%	$-5	$-2	$7	$16	$25
8.1%	$-5	$-2	$5	$12	$19
9.1%	$-5	$-2	$4	$9	$15
10.1%	$-4	$-2	$2	$7	$12

Current price: $4.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.47

Market Price

$4.36

Upside / Downside

-89.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Gambling.com Group Limited (GAMB) has a fair value of $0.47 based on 7 comparable companies in the Gambling, Resorts & Casinos industry.

EV/Revenue Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Gambling.com Group LimitedGAMB	155	1.5x	1.5x
Envela CorporationELA	439	1.8x	2.8x
Strattec Security CorporationSTRT	318	0.4x	0.4x
Weyco Group, Inc.WEYS	307	0.8x	0.5x
The Lovesac CompanyLOVE	219	0.4x	0.4x
Inspired Entertainment, Inc.INSE	186	1.7x	1.7x
OneWater Marine Inc.ONEW	165	0.6x	0.6x
Studio City International Holdings LimitedMSC	138	3.0x	15.8x
Industry Median		0.8x	0.6x
(*) Revenue		165	166
= Enterprise Value		130	99
(-) Net Debt		98	98
Equity Value		33	1
(/) Outstanding shares		35	35
Fair Price		$1	$0

Selected Fair Value (avg of trailing + forward)

$0.47

-89.2%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$2.48 – $34.28

$4.92

+28.5%

▸ Trading Multiples

EV/Revenue

-$0.68 – $5.77

$0.47

-87.7%

DCF Analysis

Gambling.com Group Limited (GAMB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.92

Market Price

$4.36

Upside / Downside

+12.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

18.1%

Target Operating Margin

7.7%

WACC

8.1%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

12.2%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

Tax Rate

8.7%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	172	4.0%	16.0%	28	25	10	(20)	7	8	8
2027	187	8.8%	13.9%	26	24	11	(22)	2	12	10
2028	213	13.7%	11.9%	25	23	13	(24)	3	9	7
2029	242	13.5%	9.8%	24	22	14	(26)	3	6	5
2030	314	30.0%	7.7%	24	22	19	(33)	8	-1	-0
2031	408	30.0%	7.7%	32	29	24	(42)	11	0	0
2032	523	28.1%	7.7%	40	37	31	(52)	13	3	2
2033	637	21.8%	7.7%	49	45	38	(61)	13	9	5
2034	736	15.5%	7.7%	57	52	44	(69)	11	16	8
2035	804	9.3%	7.7%	62	57	48	(72)	8	25	12

Enterprise Value Bridge

Sum of PV(FCFF)57

Terminal Value (Gordon Growth at 2.5%)452

PV of Terminal Value215

Enterprise Value272

(–) Net Debt98

Equity Value175

(÷) Shares Outstanding35

Fair Value per Share$4.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
6.1%	$-5	$-2	$10	$22	$34
7.1%	$-5	$-2	$7	$16	$25
8.1%	$-5	$-2	$5	$12	$19
9.1%	$-5	$-2	$4	$9	$15
10.1%	$-4	$-2	$2	$7	$12

Current price: $4.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.47

Market Price

$4.36

Upside / Downside

-89.2%

Verdict

Overvalued

EV/Revenue Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Gambling.com Group LimitedGAMB	155	1.5x	1.5x
Envela CorporationELA	439	1.8x	2.8x
Strattec Security CorporationSTRT	318	0.4x	0.4x
Weyco Group, Inc.WEYS	307	0.8x	0.5x
The Lovesac CompanyLOVE	219	0.4x	0.4x
Inspired Entertainment, Inc.INSE	186	1.7x	1.7x
OneWater Marine Inc.ONEW	165	0.6x	0.6x
Studio City International Holdings LimitedMSC	138	3.0x	15.8x
Industry Median		0.8x	0.6x
(*) Revenue		165	166
= Enterprise Value		130	99
(-) Net Debt		98	98
Equity Value		33	1
(/) Outstanding shares		35	35
Fair Price		$1	$0

Selected Fair Value (avg of trailing + forward)

$0.47

-89.2%