gAMB Deep value play on prediction markets & US Gambling Growth

I always find it interesting that so many people can look at the same set of documents and come to vastly different conclusions. For example this is an extract of my own written analysis on their financial statements: "For the 3 Quarters of FY25, the business generated 26.862m of Operating Cash flow (share based expenses are not netted out). I didn’t reverse out the full 10.7M of depreciation and amortisation expense but rather 8.357M as I believe that amount is accounting adjustments but the other 2M\~ represents true economic costs such as amortisation of ROU Assets (they capitalise this, but if you don’t pay this expense, you lose access to the asset. It’s similar to how accounting treatment devolved for operating leases).  Calculating for Free cash flow, I net out the investments in PPE as well as capitalisation of internally developed intangibles. This leaves us with an FCF number of 23.254M. However, keep in mind that this number reverses out the contingent consideration as well as share based compensation. If we were to account for those costs (as we should, as these numbers are going to OddsHolding shareholders and not GAMB shareholders), then FCF number will be negative at: -11.268M. This fact is my primary concern for this business. Due to their earn-out agreement, they could potentially be liable of up to 80m in the next 2 years. That works out to be 40M per year. They also have their loans due within 3 years in early 2028, totalling roughly 83m (on balance sheet, which is slightly higher in face value). This means they’ll need to roughly generate around 120M (assuming 40M of earn-out is paid in stock) Free cash flow between October 2025 and February 2028. With the current free cash flow generation, this is no where near the case and the company needs to seriously step up its earning capabilities fast."