Heh, DNB’s coverage has certainly started on a strong note looking at the post above: positive momentum in Kambi, target price 250 and buy 
The guidance seemed soft, which the market managed to react to before the interim report and now in the report itself. I guess you can’t call this very expensive anymore either 
new markets are opening, but slower than expected. I’ll have to put this on my buy consideration list.
I don’t think the Q4 numbers were what the market didn’t like, just that outlook. I picked this up from Finwire (translated from Swedish):
The company guides for revenues of 170-180 million euros in 2024, compared to the Factset consensus of 194 million. In 2023, revenue was 173 million.
Results for the fourth quarter were largely in line with consensus expectations. Partner results and launches were lower than expected, writes investment bank Jefferies in a comment.
Jefferies, which has a buy rating on the stock, sees a turnaround in the earnings curve in the second half of 2024 based on a growing string of new contracts.
There was also that news that the cooperation with Penn continues, but the market didn’t seem to care about it. In my opinion, they made a mistake by releasing that news before the report.
Anyway… I also have a small holding (-40%), no point in selling anymore.
Does anyone have an EPS or FCF forecast for this year?
Today -11.40%
Kambi’s American customer Rush Street Interactive is exploring strategic options, including a potential sale. According to Bloomberg News sources, a potential buyer could be DraftKings, which was previously a Kambi customer but moved away after merging with Kambi’s competitor SBTech. Kambi renewed its agreement with Rush Street Interactive in January 2023. “If DraftKings buys RSI, Kambi will likely be phased out, which would impact sales by about 10 percent,” commented Pareto Securities.
Kambi the subject of takeover rumors and trading suspended.
Big deal today. Brazil is a massive market. And it was certainly visible in the share price reaction today already.
Has anything interesting happened in Kambi’s world?
“Revenue in the third quarter 2025 was €37.4m (43.0m), a decrease of 13.1%. Excluding €2.3m of transition fees received in Q3 2024, revenues decreased by 8.1%. For the period January to September 2025, revenues were €119.3m (132.0m), a decrease of 9.6%”