bet-at-home.com AG
ISIN: DE000A0DNAY5
WKN: A0DNAY
07 November 2024 09:02AM

Original-Research: bet-at-home.com AG (von NuWays AG): Buy

bet-at-home.com AG · ISIN: DE000A0DNAY5 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21211

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

07.11.2024 / 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.com AG

Company Name: bet-at-home.com AG
ISIN: DE000A0DNAY5
 
Reason for the research: Update
Recommendation: Buy
from: 07.11.2024
Target price: EUR 5.50
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow

Strong Q3 figures and guidance hike; chg

Topic: Yesterday bet-at-home reported a strong set of Q3 figures that are above our estimates on both – top- and bottom line. Further, it increased its EBITDA before special items guidance. In detail:

Sales came in at € 12.2m (-11% qoq, 18% yoy), slightly above our estimates of € 12.0m (eNuW), mainly driven by the UEFA EURO championship that lasted until early Q3 as well as higher marketing spending between Q3´23 and Q2´24, that prepared the UEFA EURO championship. While sales in the betting segment were € 10.7m (12% yoy vs eNuW: € 10.6m), achieved with € 86m betting volume and a 12.5% margin, the gaming segment contributed € 1.5m (103% yoy vs eNuW: € 1.4m), based on € 13m volume and an 11.1% margin.

EBITDA before special items increased to € 1.6m (vs -1.9m in Q3´23 vs eNuW: € 0.6m). Key drivers were higher sales as well as lower than anticipated personnel expenses (€ 2.0m vs eNuW: € 2.3m), marketing expenses (€ 3.5m vs eNuW: € 4.0m) and other operating expenses of € 2.5m (vs eNuW: € 3.0m). Still, due to one-offs such as € 4.8m for the provision for the ruling of the Swiss Federal Supreme Court in the dispute over VAT liability for sports betting which drove up other operating expenses (€ 8.3m vs eNuW: € 2.7m), reported EBITDA amounted to € -2.7m.

With Q3 in the books, bet-at-home is heading towards the upper end of its FY24 guidance of € 45-53m in sales (vs eNuW old: € 49.8m). More importantly and thanks to the strong operating performance in the first nine months, as well as the sound start into Q4, bet-at-home increased its EBITDA before special items guidance to € 1.5-4.5m from € -1m to 2.5m (vs eNuW old: € 1.4m). In light of the strong Q3 figures paired with stable OPEX, we raised our estimates to € 50.2m in sales and € 2.5m in EBITDA before special items.

More tailwinds should come from a potential positive ECJ ruling, expected mid-2025, that would eliminate the looming risks of new customer claims, normalize lifted legal costs again and release provisions. On the back of the solid operating performance and vanishing sources of risks, that burdened the case for a long time, we reiterate BUY with an unchanged (but conservative) PT of € 5.50 based on FCFY´25e.

You can download the research here: http://www.more-ir.de/d/31211.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
++++++++++
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.
++++++++++


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


2024419  07.11.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=2024419&application_name=news&site_id=boersengefluester_html

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 17,47 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
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%

Advertising is an important revenue channel for us. But we understand, that sometimes it becomes annoying. If you want to reduce the number of shown ADs just simply login to your useraccount and manage the settings from there. As registered user you get even more benefits.
          Qualitätsjournalismus · Made in Germany © 2024          
The news manufactory

Good luck with all your investments

Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.

Contact

Idea & concept: 3R Technologies   
boersengefluester.de GmbH Copyright © 2024 by Gereon Kruse #BGFL