The third quarter was another ATH quarter for Enlabs with a Y/Y growth of 32% and a Q/Q growth of 7%. The main driver was the online casino vertical with a Y/Y growth of 46% and a Q/Q growth of 7%. Both the sales and the profit margins came in below our estimates. However, the outlook has improved. The Lithuanian expansion continues to report rapid growth, and Enlabs has signed a letter of intent regarding an acquisition in Belarus. Moreover, there are plenty of additional growth drivers in 2020 and beyond. We have updated our estimates and increased the fair value to SEK 32 (31) per share in Base case.

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