The $130M Company That Rules What Others Refuse To Touch...(MRDN)

MRDN: $130M mkt cap, 14% float (1.77M tradeable shares), 2.7% institutional ownership. MeridianBet founders declined $330M cash, took equity at $35/share, kept buying. 25-year regulatory moat across 25 markets (Tanzania, Nigeria, Brazil etc) competitors won't touch. B2C sportsbook +26% at 69% margin. Expanse Studios (B2B game dev) +433% YoY, 1,519 operators→3,000 target, vertical integration captures aggregator+studio margin vs Pragmatic Play. Brazil license (1 of 79): market hit $6.27B GGR yr1 (+20% vs est), regional rev +66.6%; 2026 World Cup = $70B global wagering catalyst. Net debt 0.53x, Q1'26 first GAAP profit. Conservative 2027: $276M rev, $48-52M net income, $3.70-4.00 EPS. 15x = $55-60 PT. Risks: 2.7% inst ownership may reflect informed rejection not undiscovery, reverse split history, Brazil competition (Flutter/Betsson), 25-jurisdiction regulatory exposure, currency risk, prediction market threat (mitigated by existing Free Bet product). Low float + founder conviction + World Cup timing = potential discontinuous re-rating.

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