Original-Research: bet-at-home AG (von NuWays AG): Halten
Original-Research: bet-at-home AG - from NuWays AG
Classification of NuWays AG to bet-at-home AG
Company Name: bet-at-home AG
ISIN: DE000A0DNAY5
Reason for the research: Update
Recommendation: Halten
from: 16.05.2024
Target price: EUR 5.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Solid Q1 // indicative decision weighs on the stock; chg
Topic: bet-at-home reported Q1 figures broadly in line with estimates. Ramped-up marketing spending burdened bottom line but should fuel topline growth during UEFA EURO championship in Q2/Q3. In detail:
Sales came in at € 11.7m (-12% yoy, 1% qoq), slightly above our estimates of € 11.5m, driven by the Betting GGR of € 10.6m (-13% yoy, 2% qoq vs eNuW: € 10.6m) and Gaming GGR that stood at € 1.1m (4% yoy, -15% qoq vs eNuW: € 0.9m). While gaming volume and gaming margin were higher than expected (€ 11.1m vs eNuW: 10.4m and 9.8% vs eNuW: 8.4%), betting volume and margin were fully in line with estimates.
EBITDA of € 0.7m (-58% yoy; -13% qoq) was broadly in line (eNuW: € 0.8m). Lower than anticipated other operating expenses (€ 2.6m vs eNuW: € 3.0m) compensated for higher marketing spending (€ 4.5m vs eNuW: € 4.1m), while personnel expenses remained rather stable, as anticipated. Undiluted operating performance measured with EBITDA before special items (i.e. non-operating costs in connection with customer claims and the liquidation of the Entertainment) came in at € 0.2m (vs € 2.5m in Q1´23).
Overall, the figures indicate a solid start into the year. Ramped-up marketing spending pave the way for strong growth of betting volumes during the UEFA EURO championship in Q2/Q3, resulting in ramped-up topline (assuming stable betting margins). As we expect marketing spending to remain high throughout Q2, scale effects – also carried by taken efficiency measures, such as outsourcing and streamlining of processes – should not materialize before Q3. Taking all that into account, FY24 sales should end up at € 49.8m and FY24 EBITDA at € 1.4m, both in line with the guidance range of € 45-53m sales and -1m to € 2.5m EBITDA before special items. While the risks associated with the liquidation process of the Entertainment Ltd. and provisions for current and potential new customer claims in Austria seem to be largely under control, the new uncertainty arising from the indicative decision of The Federal Court of Justice should burden the stock for at least the next six months (eNuW), despite a sustainably profitable operating business and a negative EV.
We hence reiterate HOLD with an unchanged PT to € 5.50 based on FCFY´24e.
You can download the research here:
http://www.more-ir.de/d/29773.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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-------------------transmitted by 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.
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 | |
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 | 17,47 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 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| 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 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -11,95% | -15,51% | -18,89% | -18,36% | -28,86% |
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