Bernstein resumes Cirsa at 'outperform' on balanced mix, fragmented market

Cirsa Enterprises SAU

17/04/2026 13:34

** Bernstein resumes Spanish gaming operator Cirsa CIRSA.MC at "outperform" with a 19.3 euro target price on a balanced business and geographical mix in a fragmented market

** It notes the group operates in an "under-penetrated and fragmented" 33 billion euro ($38.95 billion) market especially across its main geographies in Europe and Latin America

** It adds that this position is supported by a well-balanced business and geographical mix with earnings primarily driven by casinos alongside slots and a growing online betting unit

** Bernstein highlights that Spain generates nearly half of its EBITDA while Latin America accounts for 40%

** It also emphasizes that the group is run by a "top-quality Spanish management team" that possesses extensive international experience in the gaming sector

** Out of 10 analysts that cover Cirsa, 10 rate the stock "strong buy" or "buy" - LSEG data

($1 = 0.8472 euros)

 (Reporting by Marta Serafinko in Gdansk)

 ((marta.serafinko@thomsonreuters.com; +48 58 769 66 00;))