Juroszek Family Brands DigiPlus Valuation “Absurd” in Push for Urgent Share Buyback

Key Points

• Three Juroszek family foundations, collectively holding 1.4% of DigiPlus, have written to the board demanding a wide-scale share repurchase programme, on the basis that the company ranks as the lowest-valued B2C gaming operator in the world across every major valuation measure.
• DigiPlus trades at 2.4x EV/EBITDA, about a third of what its global peers command, while posting a 32% free cash flow yield, more than six times the peer median of roughly 5%.
• The buyback push lands at a moment when DigiPlus is weighing a land-based expansion in Manila, putting the company’s substantial cash position at the centre of a sharp disagreement over capital priorities.

The DigiPlus board has received a letter, and the Juroszek family made sure it would not be easy to ignore. Tomasz Juroszek signed it on behalf of Betplay Capital Foundation, ZJ Foundation, and MJ Foundation, three entities that together hold 1.4% of the company and are adding to that position. Their argument is blunt: DigiPlus is priced so poorly that putting capital to work anywhere else amounts to leaving money behind. The instruction to the board carries no ambiguity; repurchase shares now, at this price, before the market corrects itself.

The Numbers That Make Juroszek’s Case Hard to Dismiss

The letter asks nothing complicated of DigiPlus. Its weight rests on one core claim: the stock has been mispriced so severely that buying it back would generate more value than any other capital decision available to the company. DigiPlus trades at 2.4x EV/EBITDA, placing it at around a third of where its listed global B2C peers sit, while its free cash flow yield runs at approximately 32%, more than six times the peer median of around 5%.

Run peer median multiples against DigiPlus’s own financials and the implied fair value lands north of PHP30 per share, a figure sitting more than 150% above a recent market price stuck in the low teens. The balance sheet carries over PHP20 billion ($325 million) in cash and almost no debt. That pile, the foundations argue, is precisely the ammunition DigiPlus needs to act.

“The shares are so far below any reasonable estimate of fair value that buying them back is worth more to shareholders than any other use of that capital we can identify,” Juroszek wrote.

Why the Stock Fell This Far?

DigiPlus did not arrive at a 2.4x multiple by accident. Two pressures hit the company over the past twelve months, neither of which it caused or controlled. Regulators stripped e-wallet in-app access from licensed gaming platforms in the Philippines, cutting across how players fund sessions on BingoPlus and ArenaPlus and pulling activity down with it. Separately, the fuel crisis born from the war in Iran drained consumer confidence across Southeast Asia, tightening the discretionary spending that online gaming markets run on.

Juroszek’s letter does not sidestep these pressures; it names them directly, then frames them as “transitory.” The company, he argues, responded the way a market leader should: restructuring its payment setup, pulling back from third-party access points, and keeping a firm grip on costs. Revenue in the first quarter of 2026 reached approximately PHP17.2 billion ($280 million), around 27% ahead of the same quarter in 2024, even with the disruptions still running.

“Revenue has already stabilised sequentially, the balance sheet remains a fortress with over PHP 20bn (€284.9m) of cash and virtually no debt, and as these transitory pressures normalise, we expect the return to growth in 2027 to bring the company’s trading multiples back towards industry standards,” Juroszek said.

Juroszek’s Argument: One Decision, Two Payoffs

Juroszek is not just saying DigiPlus shares are cheap. His logic goes further: retiring cheap shares now locks in a structural advantage before the discount closes. If the current spread between price and intrinsic value is only a temporary one, as assumed by the family, then every share that is retired currently was retired at a fraction of its intrinsic future value. Once the mood changes, and the multiples return to more normal levels for the industry, those shareholders who have hung on earn their reward from the re-rating on a smaller number of shares.

“This stock buyback not only takes advantage of the spread once, but twice: It retires shares when the spread exists, and it leverages the per-share gain from the future re-rating.” Put simply, the company can buy its own future re-rating at a two-thirds discount,” Juroszek wrote.

The urgency is not just rhetorical. DigiPlus’s existing share repurchase authorisation expired on 4 July, leaving the company without a live mandate to act. The Juroszek foundations are pushing the board to renew it and to move to a larger scale than the previous programme allowed.

The Land-Based Bet That Complicates Everything

Juroszek’s letter does not drop into empty air. DigiPlus has been making moves toward land-based operations, and the scale of those moves matters here. The company has already completed subscriptions to HK$1.6 billion ($204 million) in convertible notes from Hong Kong-listed International Entertainment Corp, the owner of New Coast Hotel Manila, split into equal tranches across March and June. Full conversion of those notes would hand DigiPlus a 53.89% controlling stake in IEC. None of the notes has been converted yet.

Where the foundations stand on that deal is equally clear. The letter states that “further land-based investments are not optimal at this stage and can be deferred,” and calls on the board to park any non-committed capital expenditure and route the freed cash flow into share repurchases instead. City of Dreams Manila has also been reported in connection with DigiPlus expansion plans, though the company has not put its name to any acquisition publicly.

The Shareholder Register Tells Conflicting Stories

Not everyone holding DigiPlus shares is reading from the same script. Chairman Eusebio Tanco committed PHP1.04 billion ($16.9 million) in late February to push his personal stake to nearly 16%, while Clearspring Holdings sold 113.12 million shares on the same day at the same price, according to disclosures to the Philippine Stock Exchange.

The Juroszek family’s own record on the stock is not straightforward either. Tomasz Juroszek told Forbes Poland in February 2025 that the family had begun trimming its position in the Philippines’ largest online casino operator after generating returns of more than 150% in under a year. Now the foundations say they have been in DigiPlus for roughly two and a half years and are continuing to build the position at current prices.

The family’s eye for capital decisions predates its DigiPlus position. The Juroszeks sold their controlling stake in Polish bookmaker STS in June 2023, a deal that fed into the investor pressure that eventually pushed Entain chief executive Jette Nygaard-Andersen out of her role later that year. Entain has since been working to unwind the STS transaction back to its CEE joint venture partner, EMMA Capital.

DigiPlus had not responded to requests for comment at the time of publication.

Expert Analysis

This is not the kind of letter boards typically receive from a 1.4% holder. The Juroszeks are not unknown quantities; they called their shots on STS, made their money, and left a trail of consequences behind them in the European gaming industry. Arriving at DigiPlus with a detailed valuation brief and a specific capital allocation prescription is consistent with how this family operates. A 2.4x EV/EBITDA on a cash-heavy, debt-free operator in the only regulated online gaming market in Asia is hard to justify on fundamentals alone, and the letter knows it.

The harder question lies in what the buyback would displace. DigiPlus is already committed to HK$1.6 billion in IEC convertible notes, and full conversion would hand it control of a Manila hotel casino. Deferring further land-based ambition is one thing; the family’s letter stops short of addressing what the company should do with the IEC position already in place. Whether the board sees this letter as a shareholder pressure campaign or a serious capital framework is a decision that will define where DigiPlus sits in two years: a focused digital operator with a higher share price, or a more complex business with more moving parts and a story investors still struggle to price.