While JIN’s FY21 result was in line with our forecasts and consensus, the stock was sold off heavily, which we attribute to some specific reasons below. JIN has expanded its Managed Services business into the Canadian charity lottery market through the bolt-on acquisition of Stride. Further bolt-on M&A in the UK is possible and the US commercial iLottery market remains a further opportunity. We remain attracted to JIN’s long runway of potential growth, structural industry tailwinds and net cash balance sheet position. Add rating maintained.
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