iGB-Affiliate-Monitor_FEBRUARY 2022 - Page 24

24

Affiliate Monitor Company-by-company Q3 results analysis
A longer-term look at the company ’ s revenues over the past two years shows the extent to which the company is now on a different path .
This transformation is even more stark when we look at the company ’ s previous seven quarters of NDCs .
However , these topline numbers are only half the story . Looking at the EBITDA numbers from Acroud ’ s recent trading history shows the needle barely moving despite the enhanced revenues . In fact , between the fourth quarter 2019 and the third quarter 2013 , the EBITDA figure has declined by over 34 %. Explaining the numbers , Andersson said in the Q321 results statement that the company has “ actively continued to invest in new growth initiatives for the future at the expense of short-term profitability ”.
But he added : “ It would be wrong to say that we are satisfied with the EBITDA level , however internally we are sure of our progress and underlying KPIs are showing strong trends which will bear fruit going forward .”
Those underlying KPIs include the NDC figure . But that itself is somewhat misleading as the majority of the increase is due to the affiliate platform business , meaning Acroud receives less of the economic benefit from these players versus what it receives as part of players flowing through to its own affiliate arm .
Chart 18 : Acroud revenues Q419-Q321 (€ m )
6.5
6.2 6
5.6
5
4 3.6
3.3 3.2
3 2.4
2.5
2
1
0 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321
Source : company reports
Chart 19 : Acroud NDCs Q120-Q321
45000
40000
39632
35000
30000
29448
25000
20000
18001
15000
10000
9622
10079
11262
5000
5312
0
Q120
Q220
Q320
Q420
Q121
Q221
Q321
Chart 20 : Acroud EBITDA Q419-Q321 (€ m )
45000
40000
39632
35000
30000
29448
25000
20000
18001
15000
10000
9622
10079
11262
5000
5312
0
Q120
Q220
Q320
Q420
Q121
Q221
Q321
Source : Company reports iGB Affiliate Monitor