In the tumultuous seas of the Nasdaq waves, a buoyant force surged beneath the shares of Bragg Gaming. On an otherwise unremarkable Wednesday, fortune smiled upon the company as investor winds propelled its stock to unprecedented heights. The catalyst of this financial gale was none other than Raper Capital founder Jeremy Raper, champion of a mere 375K shares, who thrust forth the bold proclamation that Bragg Gaming must chart a course toward strategic horizons, even consider the unfurling of sails toward a sale.
Bragg, a beacon in the murky depths of internet casino and sportsbook technology, had, alas, found itself navigating through doldrums over the past two years. Despite a stellar debut on the stock market stage in the summer of 2021, it lurked in the shadows of its potential, with its scrip languishing at a humble $5.55, a mere shadow of its $25 heyday.
However, the stroke of Jeremy Raper’s quill to Bragg CEO and Chairman Matevz Mazij was no ordinary correspondence. It was a clarion call challenging the company to awaken from its chronic slumber. Raper was candid, his message clear: The public markets, after ample consideration, failed to bestow the value upon Bragg’s enterprise that was duly deserved.
This was no mere speculator’s dissent. These were words of conviction, a seasoned investor’s acumen that saw beyond the horizon. Bragg’s ORYX Gaming brand had been steering the ship with aplomb, yet the market’s compass had not reflected the true north of the company’s worth. In response, the sails of Bragg’s shares bellied with a 21% windfall in late trading, catching volumes more than thrice the tenfold of the daily average.
The notion of a sale was not a tempest conjured from the blue. Bragg’s captains had long since acknowledged the turbulent waters of their valuation, even amidst the burgeoning gales of growth. In their 2021 cry to the market, Bragg’s brass hinted at a strategic review, and while the call for a sale had not yet been sounded, the possibility now beckoned like a siren’s song.
In Raper’s articulate musings, the sale of Bragg loomed as a haven, promising certainty of value—a veritable treasure chest of returns on the horizon. This path, he argued, was not only the last sanctuary but also the pinnacle strategy to crystallize the true worth of Bragg’s voyage thus far.
Indeed, the iGaming and sports betting realms were ripe for consolidation, stitching together a patchwork quilt of technology and talent. And Bragg, with its fertile growth and coveted content, was now a jewel that the behemoths of the iGaming seas would be eager to claim.
As industry acquisitions pranced across the ballrooms of enterprise, with valuations dancing at the average masquerade of a 15x EBITDA multiple, Bragg was but a wallflower at 5.5x. Yet, with the grace of a 12x multiple, the valuation could twirl to a dizzying $13.50 per share—over twice the current offerings.
Jeremy Raper’s epistle was a template, not just for a sale, but for an economic renaissance—a Renaissance for Bragg—a chance to unfurl its full majesty to the financial realms that had yet to recognize its worth. His was a testament that not only gripped the tiller of Bragg’s fate but might also steer other authors and readers to the rich narrative of Bragg’s unfolding saga.
