Winvia Entertainment – what is not to like? This fast-growing gaming group is making a lot of cash, and its shares are on only 11 times earnings!

Mark Watson-Mitchell - 14.08.2026

In late September, the technology-led entertainment business focused on prize draw and online gaming, Winvia Entertainment (LON:WVIA) will declare its Interim Results to end-June.

Early last week, on Tuesday, 4^th August, the group updated investors on its first-half year’s trading – which showed a strong performance totally in-line with management expectations.

Capitalised at £249m, the group could well end this Trading Year with an adjusted pre-tax profit of over £30m (£23.9m), while increasing its net cash balance to almost £34m, on the back of turning over some £4.17m in weekly revenue.

What is more, the business could well jack those takings up to £5m a week next year and push its profits up by a third in the process.

At the same time, projections are for the 2027 year-end to show some £47m net cash in the bank.

Now these are figures that I just love to see from any business!

The group’s shares, which have been up to 285p this year, are currently trading at around the 241p level – which looks to me to be severely under-rating the equity.

The Business

Winvia Entertainment is a technology-led entertainment business, focused on two discrete fast-growing channels, being the large and highly fragmented UK Prize Draw market and the regulated Romanian online gaming market. 

Underpinning both channels is the proprietary Technology Platform, which has a track-record of supporting growth and operational improvement.

It is the second largest (by market share) Prize Draw operator in the UK (London Economics report for the Department for Media, Culture and Sport, June 2025) where players play for a range of prizes including cars, luxury watches, holidays, gadgets, properties and other items.

The Group currently owns three Prize Draw brands, Best of the Best, Click Competitions and the recently acquired Rev Comps.

The Romanian Online Gaming business is well established growing, profitable and highly cash generative.

It operates a multi-brand strategy including own brands, such as Princess Casino, Royal Slots and Luck, a number of white label brands and an expanding B2B business.

The company’s newly built innovative proprietary technology platform is a key strength of the business.

It has been built in-house, with significant investment and its application to date has significantly improved key performance metrics.

The Group's near-term growth plans are primarily focused on the highly fragmented, fast-growing UK Prize Draw market in which there are strong organic growth opportunities in addition to a strong pipeline of potential acquisitions that can leverage the Technology Platform.

Interim Trading Update

On Tuesday, 4^th August, the group reported a strong first half for 2026, with adjusted EBITDA expected to reach approximately £17.2m, an increase from £16.0m in the prior year, driven by growth in prize draw competitions and online gaming.

The company achieved a significant milestone with monthly recurring revenue from its BOTB subscribers now covering all prize costs, well ahead of schedule, and subscription revenues representing over 35% of monthly BOTB revenues.

Active customers in prize draw competitions increased by 11%, and online gaming saw substantial growth in customer deposits.

Post-period, the acquisition of Rev Comps was completed, and a B2B partnership with Aston Villa Football Club was launched, with further M&A and B2B discussions advancing.

The Group remains on track to deliver full-year results in line with market expectations of £37.1m adjusted EBITDA.

Management Comment

CEO Mihai Manoila stated that:

"The Group entered the period with significant momentum from the prior year and has delivered a strong performance in H1.

Notably, the exceptional growth of our subscription product has significantly reshaped the prize draw segment, increasing subscriber numbers and creating long-term recurring revenue.

The increased investment in marketing and prizes in the existing brands, and the migration of both Click Competitions and Rev Comps onto the proprietary technology platform, will drive future growth and allow the Group to realise operational synergies through our in-house capabilities.

Momentum has continued into the second half, supported by the completion of the Rev Comps acquisition and our B2B partnership with Aston Villa Football Club.

Alongside this, we continue to engage with a number of potential M&A targets and B2B partnerships in the Prize Draw Competitions segment.

We are well positioned to maintain this momentum through the second half and remain firmly on track to deliver full year expectations.”

The Equity

There are some 105.13m shares in issue.

The largest holder is the 54-year-old Israeli billionaire Teddy Sagi; his various interests own 66.8% of the group’s equity.

Two institutions own the stock - More Provident Funds & Pension (Investment Management) with 2.93%, and Gresham House Asset Management (Investment Management) with 1.27%, while a number of others own smaller positions.

Analyst View

At Shore Capital Markets, analyst Greg Johnson believes the group’s rapid subscription growth is setting the stage for margin and value accretion.

“Winvia's H1 FY26F trading update was strong, demonstrating excellent strategic progress in the period and in line with management’s stated plans, with H1 EBITDA expected to be around £17.2m, which compares with pro forma £16.0m in the corresponding period last year and our full year estimate of £37.1m.”

For the year to end-December, his estimates are for revenues of £217.2m (£170.3m), with adjusted pre-tax profits of £30.2m (£23.9m), with earnings of 21.7p (21.2p) and paying a dividend of 12.3p (5.9p) per share.

Next year he sees £260.3m revenues, £39.8m profits, 28.9p earnings and a 15.1p per share dividend.

Looking further ahead, Johnson estimates that the 2028 year will see £287.0m revenues, £45.5m profits, 33.1p earnings and paying a dividend of 18.0p per share.

Over the three years he looks for the group’s net cash balance growing from £33.7m in 2026, to £47.0m next year and up to £69.2m by end-2028.

My View

This really is a cracker!

It has a very low valuation, especially given the cash flows generated by its activity.

Appropriately perhaps for a gaming business, its shares at 241p are as cheap as chips!

(Profile 18.05.26 @ 225p set a Target Price of 270p*) 

(Profile 25.06.26 @ 245p set a Target Price of 300p) 

Winvia is a winner