Nektan’s trading update implies a slower than hoped for ramp-up in the business and management is now focusing on higher margin real money gaming and away from freemium. We have cut our previous aggressive forecasts and it is still early days, with important new partners such as The Sun only just coming on stream, encouraging KPIs and rising interest from US casinos in Respin’s products. The next six months is an important proving period but we continue to expect strong growth and, if our estimates are achieved, the FY17e EV/EBITDA is only 5.8x.