Recent Insider Transactions • May 15
Independent Director recently bought US$578k worth of stock On the 11th of May, Bruce Wardinski bought around 50k shares on-market at roughly US$11.55 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$11m more in shares than they bought in the last 12 months. Live News • May 08
Accel Entertainment Posts Record Q1 Revenue With Expansion in Key U.S. Markets Accel Entertainment reported record Q1 2026 revenue of about US$352 million, with year-over-year growth described in the 8.5% to 9% range and results above revenue forecasts.
Adjusted EBITDA was US$53.8 million and net income was US$14.7 million, with earnings per share of US$0.17 coming in slightly below some analyst expectations.
The company expanded to 4,540 locations and 28,353 gaming terminals, continued rolling out ticket-in, ticket-out technology, launched table games at Fairmount Park Casino & Racing, and repurchased 1.1 million shares.
For investors, the key takeaway is that Accel is pairing top-line growth with a fairly consistent operating margin of 7.7%, while also returning capital through buybacks. The record revenue figure, combined with stable profitability metrics, indicates a business that is adding scale across Illinois, Nebraska, Georgia and Nevada without a sharp change in overall margin structure.
Management is signaling confidence through expansion plans in Chicago’s potential video gaming terminal market and active acquisition efforts in Louisiana and Nevada. The focus on both organic growth and smaller tuck-in deals, alongside the rollout of TITO technology and new table games, indicates that the company is working to deepen its position in existing markets while selectively entering new ones. Reported Earnings • May 06
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: US$0.18 (up from US$0.17 in 1Q 2025). Revenue: US$351.6m (up 8.5% from 1Q 2025). Net income: US$14.7m (flat on 1Q 2025). Profit margin: 4.2% (down from 4.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 07
Co-Founder recently sold US$497k worth of stock On the 1st of April, Andrew Rubenstein sold around 45k shares on-market at roughly US$11.05 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$5.4m. Andrew has been a net seller over the last 12 months, reducing personal holdings by US$856k. Announcement • Apr 07
Accel Entertainment, Inc. to Report Q1, 2026 Results on May 05, 2026 Accel Entertainment, Inc. announced that they will report Q1, 2026 results After-Market on May 05, 2026 Announcement • Mar 20
Accel Entertainment, Inc., Annual General Meeting, May 07, 2026 Accel Entertainment, Inc., Annual General Meeting, May 07, 2026. Recent Insider Transactions • Mar 17
Co-Founder recently sold US$315k worth of stock On the 16th of March, Andrew Rubenstein sold around 28k shares on-market at roughly US$11.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Andrew's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Mar 13
Co-Founder exercised options and sold US$121k worth of stock On the 10th of March, Andrew Rubenstein exercised options to acquire 11k shares at no cost and sold these for an average price of US$11.45 per share. This trade did not impact their existing holding. For the year to December 2019, Andrew's total compensation was 25% salary and 75% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Andrew's direct individual holding has decreased from 4.08m shares to 3.89m. Company insiders have collectively sold US$2.3m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 04
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$0.60 (up from US$0.42 in FY 2024). Revenue: US$1.33b (up 8.1% from FY 2024). Net income: US$51.5m (up 46% from FY 2024). Profit margin: 3.9% (up from 2.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Feb 05
Accel Entertainment, Inc. to Report Q4, 2025 Results on Mar 03, 2026 Accel Entertainment, Inc. announced that they will report Q4, 2025 results After-Market on Mar 03, 2026 Recent Insider Transactions Derivative • Jan 16
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of January. If the sale is conducted around the recent share price of US$11.44, it would amount to US$286k. Since March 2025, David's direct individual holding has decreased from 1.09m shares to 863.62k. Company insiders have collectively sold US$2.2m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 19
Independent Director recently sold US$140k worth of stock On the 15th of December, David Ruttenberg sold around 13k shares on-market at roughly US$11.19 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.4m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Dec 12
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 13k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of December. If the sale is conducted around the recent share price of US$10.76, it would amount to US$135k. Since December 2024, David's direct individual holding has decreased from 1.14m shares to 913.62k. Company insiders have collectively sold US$2.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 02
Co-Founder notifies of intention to sell stock Andrew Rubenstein intends to sell 45k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of December. If the sale is conducted around the recent share price of US$10.22, it would amount to US$460k. For the year to December 2018, Andrew's total compensation was 25% salary and 75% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Andrew's direct individual holding has decreased from 4.02m shares to 3.94m. Company insiders have collectively sold US$2.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: US$0.16 (up from US$0.059 in 3Q 2024). Revenue: US$329.7m (up 9.1% from 3Q 2024). Net income: US$13.4m (up 173% from 3Q 2024). Profit margin: 4.1% (up from 1.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Oct 21
Accel Entertainment, Inc. to Report Q3, 2025 Results on Nov 04, 2025 Accel Entertainment, Inc. announced that they will report Q3, 2025 results After-Market on Nov 04, 2025 Announcement • Sep 23
Accel Entertainment, Inc. Announces CFO Changes, Effective September 22, 2025 Accel Entertainment, Inc. announced that Brett Summerer has been named Chief Financial Officer, effective September 22, 2025. Mr. Summerer will report directly to Accel’s Chief Executive Officer, Andy Rubenstein. Mr. Summerer succeeds Mark Phelan, who has served as acting CFO in addition to his ongoing role as President, U.S. Gaming. In his new role, Mr. Summerer will oversee all financial aspects of the Company’s business, including internal and external financial reporting, internal audit, compliance and controls, investor relations, and the Company’s treasury and capital markets functions. Mr. Summerer also will take a prominent role in strategic planning, business development, and mergers and acquisitions. With over 25 years of experience, Mr. Summerer has held senior finance, operations, and IT roles across public, private, and founder-led companies. He brings a strong record of delivering enterprise-wide transformational and sustainable growth, while balancing strategic investments with operational rigor. Mr. Summerer’s prior leadership roles at Kraft Heinz, Corning, and General Motors included managing global P&Ls, leading strategic initiatives, and driving profitable growth. Most recently, Mr. Summerer served as CFO of Verano Holdings, where he built a 70-person Finance and IT team, led multiple system implementations, and completed more than 20 M&A transactions in a regulated, multi-state company operating in a high-growth industry. Mr. Summerer holds multiple Bachelor of Science degrees and a Master’s degree from Michigan State University, as well as an MBA in Finance and Accounting from the University of Michigan’s Ross School of Business. Recent Insider Transactions Derivative • Sep 16
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 13k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of September. If the sale is conducted around the recent share price of US$11.13, it would amount to US$139k. Since September 2024, David's direct individual holding has decreased from 1.28m shares to 661.16k. Company insiders have collectively sold US$3.2m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.8% Last year net profit margin: 4.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Significant insider selling over the past 3 months (US$1.3m sold). Reported Earnings • Aug 06
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.085 (down from US$0.17 in 2Q 2024). Revenue: US$335.9m (up 8.6% from 2Q 2024). Net income: US$7.32m (down 50% from 2Q 2024). Profit margin: 2.2% (down from 4.7% in 2Q 2024). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 51%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jul 23
Accel Entertainment, Inc. to Report Q2, 2025 Results on Aug 05, 2025 Accel Entertainment, Inc. announced that they will report Q2, 2025 results After-Market on Aug 05, 2025 Recent Insider Transactions Derivative • Jul 22
Co-Founder notifies of intention to sell stock Andrew Rubenstein intends to sell 180k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of July. If the sale is conducted around the recent share price of US$12.19, it would amount to US$2.2m. For the year to December 2018, Andrew's total compensation was 25% salary and 75% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Andrew's direct individual holding has decreased from 4.18m shares to 4.00m. Company insiders have collectively sold US$3.3m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 20
Independent Director recently sold US$282k worth of stock On the 16th of June, David Ruttenberg sold around 25k shares on-market at roughly US$11.30 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$613k. Insiders have been net sellers, collectively disposing of US$2.3m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jun 18
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 38k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of June. If the sale is conducted around the recent share price of US$11.25, it would amount to US$422k. Since September 2024, David's direct individual holding has decreased from 1.28m shares to 736.16k. Company insiders have collectively sold US$3.0m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 11
Vice Chairman of the Board & Co-Founder recently sold US$613k worth of stock On the 6th of June, Gordon Rubenstein sold around 55k shares on-market at roughly US$11.17 per share. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Gordon's only on-market trade for the last 12 months. Reported Earnings • May 06
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.17 (up from US$0.088 in 1Q 2024). Revenue: US$323.9m (up 7.3% from 1Q 2024). Net income: US$14.6m (up 97% from 1Q 2024). Profit margin: 4.5% (up from 2.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 01
Now 22% overvalued Over the last 90 days, the stock has fallen 6.7% to US$10.51. The fair value is estimated to be US$8.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. Announcement • Apr 30
Accel Entertainment, Inc. Announces CFO Transition Accel Entertainment, Inc. announced that Mathew Ellis, Chief Financial Officer, has resigned, effective May 9, 2025, to pursue other business interests. Mark Phelan, Accel’s President, U.S. Gaming, has been appointed as acting Chief Financial Officer upon Ellis’ departure. The Company is undertaking a search to fill the CFO position on a permanent basis. Mat first joined the company in 2015. Announcement • Apr 22
Accel Entertainment, Inc. to Report Q1, 2025 Results on May 05, 2025 Accel Entertainment, Inc. announced that they will report Q1, 2025 results After-Market on May 05, 2025 Recent Insider Transactions Derivative • Apr 17
Co-Founder notifies of intention to sell stock Andrew Rubenstein intends to sell 245k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of April. If the sale is conducted around the recent share price of US$11.01, it would amount to US$2.7m. For the year to December 2018, Andrew's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Andrew's direct individual holding has decreased from 4.25m shares to 4.08m. Company insiders have collectively sold US$4.7m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Apr 14
Accel Entertainment, Inc., Annual General Meeting, Jun 06, 2025 Accel Entertainment, Inc., Annual General Meeting, Jun 06, 2025. Announcement • Apr 12
Accel Entertainment, Inc. Announces Board Changes, Effective April 10, 2025 On April 10, 2025, Eden Godsoe, a Class 3 director on the Board of Directors (the Board") of Accel Entertainment, Inc. (the "Company"), informed the Company that she will not stand for reelection at the Company's upcoming 2025 Annual Meeting of Stockholders (the Annual Meeting"). Ms. Godsoe's decision not to stand for reelection was not due to any disagreement with the Company on any matter relating to its operations, policies, or practices. In addition, on April 10, 2025, the Board appointed Cheryl Kondra, effective immediately, as a Class 2 director on the Board with a term expiring at the Company's 2027 Annual Meeting of Stockholders. Following the Annual Meeting, Mrs. Kondra will be appointed as Chair of the Audit Committee of the Board (the Audit Committee") and as a member of the Compensation Committee of the Board (the Compensation Committee"). Buy Or Sell Opportunity • Apr 08
Now 20% overvalued Over the last 90 days, the stock has fallen 5.0% to US$9.98. The fair value is estimated to be US$8.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. Announcement • Apr 08
Accel Entertainment, Inc. Announces Executive Changes Accel Entertainment, Inc. announced the appointment of Scott Levin as Chief Legal Officer and Secretary, effective immediately. Levin brings more than three decades of experience as an executive and senior legal advisor for a variety of high-growth public and private companies and will support Accel’s continued expansion as not only the preferred gaming operations partner of bars, restaurants, convenience stores, and fraternal and veteran establishments across the country, but also a premier operator of brick-and-mortar retail stores and casinos. As Chief Legal Officer, Scott Levin will oversee all the Company’s legal affairs and report directly to Andy Rubenstein, Chief Executive Officer at Accel Entertainment.
Levin has held senior leadership positions with several public and private companies across various industries, including serving as CEO of FTD Companies, leading the company in pursuing strategic opportunities and developing a robust legal function, and as the first General Counsel for Morton’s Restaurant Group, a publicly held restaurant holding company, helping Morton’s expand its leading hospitality footprint internationally. Levin was most recently the Founder and Managing Director of Portco Advisors LLC, where he served as outside general counsel and executive advisor for growing companies undergoing periods of significant transformation. Prior to founding Portco Advisors, Levin also served as General Counsel for companies including Torex Retail, a provider of information technology systems for the retail, fuel and convenience stores, and pub markets in Europe, and several successful startups including Atlas Power Group, Coskata, eMac Digital, and OurHouse. Levin received his Juris Doctor with Honors from George Washington University and received his Bachelor of Arts degree from Boston College. As a part of this announcement, Derek Harmer, current General Counsel and Chief Compliance Officer, will now serve as Accel’s first dedicated Chief Compliance Officer and will continue to report to Accel CEO Andy Rubenstein. Harmer will continue to leverage his decades of industry insights and experience to lead Accel’s national Compliance and Government Affairs functions, supporting the company in an increasingly complex regulatory and legislative environment. Recent Insider Transactions Derivative • Mar 19
Co-Founder exercised options and sold US$298k worth of stock On the 16th of March, Andrew Rubenstein exercised options to acquire 30k shares at no cost and sold these for an average price of US$9.82 per share. This trade did not impact their existing holding. For the year to December 2018, Andrew's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Andrew's direct individual holding has decreased from 4.25m shares to 4.04m. Company insiders have collectively sold US$4.7m more than they bought, via options and on-market transactions in the last 12 months. Buy Or Sell Opportunity • Mar 14
Now 22% overvalued Over the last 90 days, the stock has fallen 17% to US$9.82. The fair value is estimated to be US$8.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. New Risk • Mar 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$0.42 (down from US$0.53 in FY 2023). Revenue: US$1.23b (up 5.2% from FY 2023). Net income: US$35.3m (down 23% from FY 2023). Profit margin: 2.9% (down from 3.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Recent Insider Transactions Derivative • Feb 19
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 13k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of February. If the sale is conducted around the recent share price of US$12.22, it would amount to US$153k. Since March 2024, David's direct individual holding has decreased from 1.40m shares to 1.11m. Company insiders have collectively sold US$4.6m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 13
Accel Entertainment, Inc. to Report Q4, 2024 Results on Feb 27, 2025 Accel Entertainment, Inc. announced that they will report Q4, 2024 results After-Market on Feb 27, 2025 Recent Insider Transactions Derivative • Jan 06
Co-Founder exercised options and sold US$121k worth of stock On the 1st of January, Andrew Rubenstein exercised options to acquire 11k shares at no cost and sold these for an average price of US$10.68 per share. This trade did not impact their existing holding. For the year to December 2018, Andrew's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Andrew's direct individual holding has decreased from 4.24m shares to 4.02m. Company insiders have collectively sold US$4.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 04
President of U.S. Gaming notifies of intention to sell stock Mark Phelan intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of December. If the sale is conducted around the recent share price of US$12.63, it would amount to US$121k. Since December 2023, Mark's direct individual holding has increased from 169.25k shares to 190.79k. Company insiders have collectively sold US$4.2m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Dec 04
Accel Entertainment, Inc. (NYSE:ACEL) completed the acquisition of FanDuel Sportsbook & Horse Racing. Accel Entertainment, Inc. (NYSE:ACEL) agreed to acquire FanDuel Sportsbook & Horse Racing for $35 million on July 12, 2024. The consideration consists of 3.456119 million common equity of Accel Entertainment, Inc. to be issued for common equity of FanDuel Sportsbook & Horse Racing. For the period ending December 31, 2023, FanDuel Sportsbook & Horse Racing reported total revenue of $29 million. The transaction reflects TEV/EBITDA multiple of 5.5x. The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders, approval of offer by acquirer board and approval by regulatory board/committee. The transaction has been approved by Accel’s Board of Directors, the Board of Directors and shareholders of Fairmount Holdings. The deal received approvals from both the Illinois Gaming Board and Illinois Racing Board. The expected completion of the transaction is in the fourth quarter of 2024.
Wells Fargo Securities, LLC acted as financial advisor for Accel Entertainment, Inc. Lewis Rice LLC acted as legal advisor for FanDuel Sportsbook & Horse Racing. McDermott Will & Emery LLP acted as legal advisor for Accel Entertainment, Inc.
Accel Entertainment, Inc. (NYSE:ACEL) completed the acquisition of FanDuel Sportsbook & Horse Racing on December 2, 2024. Wells Fargo & Company (NYSE:WFC) acted as financial advisor to Fairmount Holdings. New Risk • Nov 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risk Significant insider selling over the past 3 months (US$821k sold). Recent Insider Transactions Derivative • Nov 17
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 38k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of November. If the sale is conducted around the recent share price of US$11.77, it would amount to US$441k. Since December 2023, David's direct individual holding has decreased from 1.46m shares to 277.46k. Company insiders have collectively sold US$7.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 10
Independent Director recently sold US$821k worth of stock On the 8th of November, David Ruttenberg sold around 70k shares on-market at roughly US$11.73 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$6.8m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 04
Co-Founder notifies of intention to sell stock Andrew Rubenstein intends to sell 165k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of November. If the sale is conducted around the recent share price of US$11.04, it would amount to US$1.8m. For the year to December 2018, Andrew's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Andrew has owned 4.18m shares directly. Company insiders have collectively sold US$6.8m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Nov 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (128% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Nov 01
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$0.059 (down from US$0.12 in 3Q 2023). Revenue: US$302.2m (up 5.1% from 3Q 2023). Net income: US$4.90m (down 53% from 3Q 2023). Profit margin: 1.6% (down from 3.6% in 3Q 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 48%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Oct 16
Accel Entertainment, Inc. to Report Q3, 2024 Results on Oct 30, 2024 Accel Entertainment, Inc. announced that they will report Q3, 2024 results After-Market on Oct 30, 2024 Recent Insider Transactions Derivative • Aug 18
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 26k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of August. If the sale is conducted around the recent share price of US$10.84, it would amount to US$279k. Since September 2023, David's direct individual holding has decreased from 1.52m shares to 1.33m. Company insiders have collectively sold US$6.7m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Aug 02
Co-Founder notifies of intention to sell stock Andrew Rubenstein intends to sell 256k shares in the next 90 days after lodging an Intent To Sell Form on the 31st of July. If the sale is conducted around the recent share price of US$12.20, it would amount to US$3.1m. For the year to December 2018, Andrew's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Andrew's direct individual holding has increased from 4.23m shares to 4.25m. Company insiders have collectively sold US$7.2m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 01
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.17 (up from US$0.12 in 2Q 2023). Revenue: US$309.4m (up 5.7% from 2Q 2023). Net income: US$14.6m (up 46% from 2Q 2023). Profit margin: 4.7% (up from 3.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jul 17
Accel Entertainment, Inc. to Report Q2, 2024 Results on Jul 30, 2024 Accel Entertainment, Inc. announced that they will report Q2, 2024 results After-Market on Jul 30, 2024 Announcement • Jul 16
Accel Entertainment, Inc. (NYSE:ACEL) agreed to acquire FanDuel Sportsbook & Horse Racing for $35 million. Accel Entertainment, Inc. (NYSE:ACEL) agreed to acquire FanDuel Sportsbook & Horse Racing for $35 million on July 12, 2024. The consideration consists of 3.456119 million common equity of Accel Entertainment, Inc. to be issued for common equity of FanDuel Sportsbook & Horse Racing. For the period ending December 31, 2023, FanDuel Sportsbook & Horse Racing reported total revenue of $29 million. The transaction reflects TEV/EBITDA multiple of 5.5x. The transaction is subject to approval of merger agreement by target board and approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is in the fourth quarter of 2024.
Wells Fargo Securities, LLC acted as financial advisor for Accel Entertainment, Inc. Lewis Rice LLC acted as legal advisor for FanDuel Sportsbook & Horse Racing. McDermott Will & Emery LLP acted as legal advisor for Accel Entertainment, Inc. Recent Insider Transactions Derivative • Jul 15
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of July. If the sale is conducted around the recent share price of US$10.30, it would amount to US$258k. Since September 2023, David's direct individual holding has decreased from 1.52m shares to 1.36m. Company insiders have collectively sold US$7.1m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 17
Independent Chairman of the Board recently sold US$647k worth of stock On the 14th of June, Karl Peterson sold around 65k shares on-market at roughly US$9.98 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.0m. This was Karl's only on-market trade for the last 12 months. Recent Insider Transactions • May 20
Vice Chairman of the Board & Co-Founder recently sold US$2.0m worth of stock On the 16th of May, Gordon Rubenstein sold around 200k shares on-market at roughly US$9.80 per share. This transaction amounted to 9.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gordon has been a net seller over the last 12 months, reducing personal holdings by US$7.2m. Recent Insider Transactions Derivative • May 17
Vice Chairman of the Board & Co-Founder notifies of intention to sell stock Gordon Rubenstein intends to sell 200k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of May. If the sale is conducted around the recent share price of US$9.93, it would amount to US$2.0m. Since June 2023, Gordon's direct individual holding has decreased from 2.39m shares to 2.10m. Company insiders have collectively sold US$5.8m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • May 15
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$0.601 to US$0.514 per share. Revenue forecast steady at US$1.20b. Net income forecast to grow 6.9% next year vs 30% growth forecast for Hospitality industry in the US. Consensus price target up from US$14.00 to US$14.33. Share price fell 15% to US$9.83 over the past week. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.088 (vs US$0.11 in 1Q 2023) First quarter 2024 results: EPS: US$0.088 (down from US$0.11 in 1Q 2023). Revenue: US$301.8m (up 2.9% from 1Q 2023). Net income: US$7.42m (down 19% from 1Q 2023). Profit margin: 2.5% (down from 3.1% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 26
Accel Entertainment, Inc. to Report Q1, 2024 Results on May 08, 2024 Accel Entertainment, Inc. announced that they will report Q1, 2024 results After-Market on May 08, 2024 Recent Insider Transactions Derivative • Apr 14
Independent Chairman of the Board notifies of intention to sell stock Karl Peterson intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of April. If the sale is conducted around the recent share price of US$11.62, it would amount to US$116k. Since June 2023, Karl's direct individual holding has decreased from 2.77m shares to 2.51m. Company insiders have collectively sold US$6.8m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Mar 22
Accel Entertainment, Inc., Annual General Meeting, May 09, 2024 Accel Entertainment, Inc., Annual General Meeting, May 09, 2024, at 13:00 Central Standard Time. Agenda: To elect two members of board of directors; to approve, on a non-binding advisory basis, the compensation of named executive officers; to ratify the appointment of KPMG LLP as independent registered public accounting firm for the fiscal year ending December 31, 2024; and to consider other matters. Recent Insider Transactions Derivative • Mar 18
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 38k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of March. If the sale is conducted around the recent share price of US$11.28, it would amount to US$423k. Since June 2023, David's direct individual holding has decreased from 1.58m shares to 1.42m. Company insiders have collectively sold US$7.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Mar 03
Independent Chairman of the Board notifies of intention to sell stock Karl Peterson intends to sell 30k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of February. If the sale is conducted around the recent share price of US$11.00, it would amount to US$330k. Since March 2023, Karl's direct individual holding has decreased from 2.79m shares to 2.57m. Company insiders have collectively sold US$7.6m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$0.53 (down from US$0.82 in FY 2022). Revenue: US$1.17b (up 21% from FY 2022). Net income: US$45.6m (down 39% from FY 2022). Profit margin: 3.9% (down from 7.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Hospitality industry in the US. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Feb 18
Independent Director notifies of intention to sell stock David Ruttenberg intends to sell 20k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of February. If the sale is conducted around the recent share price of US$10.28, it would amount to US$206k. Since March 2023, David's direct individual holding has decreased from 1.60m shares to 1.44m. Company insiders have collectively sold US$7.6m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 15
Accel Entertainment, Inc. to Report Q4, 2023 Results on Feb 28, 2024 Accel Entertainment, Inc. announced that they will report Q4, 2023 results After-Market on Feb 28, 2024 Recent Insider Transactions Derivative • Dec 06
Co-Founder notifies of intention to sell stock Andrew Rubenstein intends to sell 315k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of December. If the sale is conducted around the recent share price of US$10.15, it would amount to US$3.2m. For the year to December 2018, Andrew's total compensation was 21% salary and 79% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, Andrew's direct individual holding has decreased from 8.58m shares to 4.22m. Company insiders have collectively sold US$8.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 24
Vice Chairman of the Board recently sold US$3.3m worth of stock On the 20th of November, Gordon Rubenstein sold around 317k shares on-market at roughly US$10.52 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gordon has been a net seller over the last 12 months, reducing personal holdings by US$6.2m. Recent Insider Transactions Derivative • Nov 10
Independent Chairman of the Board notifies of intention to sell stock Karl Peterson intends to sell 38k shares in the next 90 days after lodging an Intent To Sell Form on the 8th of November. If the sale is conducted around the recent share price of US$10.96, it would amount to US$411k. Since March 2023, Karl's direct individual holding has decreased from 2.79m shares to 2.63m. Company insiders have collectively sold US$5.1m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Nov 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.7% Last year net profit margin: 7.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (137% net debt to equity). Profit margins are more than 30% lower than last year (3.7% net profit margin). 
