A quick one-pager on $Meridian Hldg(MRDN)$ , an online casino company with a market cap of around $144M.
🌍 Retail Growth
The company operates its online casino business across Southern Europe, Brazil, Mexico, and Africa, while expanding its B2B business through online casino game developers.
📉 Low Valuation, Lower Leverage
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0.7x sales
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4x adjusted EBITDA
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0.37 leverage ratio
The company is also actively deleveraging, which could strengthen its financial position over time.
🚀 The Potential Catalyst
The bigger opportunity may be in B2B expansion. $MRDN is working to secure licenses in New Jersey and Ontario, potentially opening access to a larger North American market.
The thesis: A small valuation, an expanding B2B business, and potential new market access make $MRDN worth watching. The key risks are licensing outcomes, execution, and the regulatory uncertainty that comes with online gambling.
Small cap, potentially meaningful upside—but this remains a speculative setup, not a guaranteed bargain. 🎲
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