bet-at-home AG
ISIN: DE000A0DNAY5
WKN: A0DNAY
26 July 2024 09:01AM

Original-Research: bet-at-home AG (von NuWays AG): BUY

bet-at-home AG · ISIN: DE000A0DNAY5 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20293

Original-Research: bet-at-home AG - from NuWays AG

26.07.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to bet-at-home AG

Company Name: bet-at-home AG
ISIN: DE000A0DNAY5
 
Reason for the research: Update
Recommendation: BUY
from: 26.07.2024
Target price: EUR 5.50
Last rating change:
Analyst: Frederik Jarchow

All eyes on the European Court of Justice; chg

Topic: Yesterday, the Federal Court of Justice in Germany announced to have appealed the European Court of Justice in the legal dispute of a Tipico client against Tipico over the reimbursement of losses between 2013-18 from unauthorized sports betting, a positive x-read for bet-at-home.

The expected ruling of the ECJ should point the way for thousands of similar cases against online betting providers in Germany, including customer claims against bet-at-home with the latest publicly available value in dispute of € 1.9m. As the ECJ had already ruled in criminal proceedings that the lack of a German license due to a non-transparent license procedure can not be held against providers authorized in the EU, we see a significantly higher likelihood of a ruling in favor of bet-at-home and other online betting providers. Still, we do not expect the ECJ to rule in the case before Q2/Q3´25. Until that, the current status of customer claims is seen to remain rather unchanged, while new customer claims should not appear.

With a likely ruling of the ECJ in favor of the betting providers, the current customer claims against bet-at-home and – even more importantly – the looming risks of new customer claims would be off the table, together with related lifted legal costs. As a result, risks and legal costs would normalize again, and provisions would be released. All that would bode well for EBITDA. Further, tailwinds from the UEFA EURO championship should have fuelled betting volumes topline in Q2/Q3 (assuming stable betting margins). Due to high expected marketing spending also throughout Q2, scale effects – also carried by taken efficiency measures, such as outsourcing and streamlining of processes – should not materialize before Q3. Taking all into account, FY24 sales should still end up at € 49.8m and (reported) EBITDA at € 1.4m, both in line with the guidance range of € 45-53m in sales and -1m to € 2.5m in EBITDA before special items. Mind you that we have not yet modeled in potential positive effects from the expected ruling of the ECJ, as there is still a minor likelihood, of a ECJ ruling not in favor of the betting providers.

Still, as of now, all sources of risk, that burdened the case for a long time, including risks associated with the liquidation process of the Entertainment Ldt. and provisions for current and potential new customer claims in Austria and Germany are seen to vanish. betat-home hence turns into a (speculative) BUY (old: HOLD) with an unchanged (but conservative) PT of € 5.50 based on FCFY´24e.

You can download the research here: http://www.more-ir.de/d/30293.pdf
For additional information visit our website: www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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1954675  26.07.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 143,35 143,29 126,93 59,35 53,53 46,18 48,00
EBITDA1,2 36,22 35,17 30,95 13,97 2,11 0,81 1,50
EBITDA-Margin3 25,27 24,55 24,38 23,54 3,94 1,75 3,13
EBIT1,4 34,95 33,24 28,92 11,67 -0,11 -0,84 -0,10
EBIT-Margin5 24,38 23,20 22,78 19,66 -0,21 -1,82 -0,21
Net Profit (Loss)1 32,61 17,96 23,29 -16,31 11,91 -1,51 -0,60
Net-Margin6 22,75 12,53 18,35 -27,48 22,25 -3,27 -1,25
Cashflow1,7 24,81 29,88 18,15 10,50 -5,02 0,16 0,00
Earnings per share8 4,65 2,56 3,32 -2,32 1,62 -0,21 -0,09
Dividend per share8 6,50 2,00 2,50 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: PKF Fasselt Schlage

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
bet-at-home.com
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A0DNAY DE000A0DNAY5 AG 17,48 Mio € 23.05.2005 Kaufen 9F387Q37+87
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
19,15 13,54 1,41 1,16 0,64 109,90 0,38
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
16.07.2024 14.05.2024 23.09.2024 06.11.2024 08.04.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-1,19%
2,49 €
ATH 150,30 €
-11,95% -15,51% -18,89% -18,36% -28,86%

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