Stock

B90 Holdings

B90.L

Gambling, Resorts & Casinos · Consumer Cyclical

Price

3.90 GBp

+0.25 (+6.85%)

Market Cap

17.2M GBp

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 7, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

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Share count rising — dilution

+152.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 174.3M (2021) → 440.8M (2025)

§Winston Score History

The full picture

B90 Holdings is a small online gambling company listed on the London Stock Exchange. It operates business-to-consumer betting and casino websites, as well as business-to-business marketing services that help drive traffic to online gaming platforms. The company focuses on emerging and underserved markets rather than competing head-on with major operators in saturated regions.

B90 makes money through online gambling revenue from its own platforms and by providing digital marketing and player acquisition services to other gaming operators. It targets markets in Latin America, Africa, and parts of Europe and Asia. The company is a micro-cap with very limited scale, which makes it higher risk than established gambling firms. Its key growth opportunity lies in expanding into fast-growing online betting markets in developing regions, but its small size, thin margins, and dependence on regulatory environments across multiple countries represent significant ongoing risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+121.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+131.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

69.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€967,383 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

B90 Holdings grew revenue 121% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

117.2%

Premium pricing power — 117.2% gross margin

Profit after running costs

Operating Margin

9.0%

Modest — 9.0% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+103.1%

Fast-growing sales (+103.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

153%

Turns 153% of profit into real cash

Spare cash per sale

FCF Margin

8.4%

Modest free cash flow (8.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

43.3x

Pricey — P/E 43.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+31.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (43.3 → 11.5)

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Dividends

Not applicable for this business.

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