Original-Research: bet-at-home.com AG (von NuWays AG): BUY
|
Original-Research: bet-at-home.com AG - from NuWays AG
Classification of NuWays AG to bet-at-home.com AG
Solid FY24 figures // Waiting for the ECJ decision; chg Topic: bet-at-home reported final FY24 figures above our estimates on the topline and on EBITDA before special items, while one-offs burdened the reported EBITDA. In detail: Sales came in at € 52.3m (+13.3% yoy), above our estimates of € 50.2m (eNuW), driven by a substantial volume growth in the gaming segment (€ 51.4m vs € 38.4m in FY23 vs eNuW: € 46m) and an expansion of the margin in the betting segment (13% vs 12% in FY23 vs eNuW: 12.5%) and in the gaming segment (11.2% vs 10% in FY23 vs eNuW: 11.2%) resulting in a betting GGR of € 46.5m (+10% yoy) and Gaming GGR of € 5.8m (+51% yoy). EBITDA of € -3.3m (vs € 0.8m in FY23) came in even below expectations (eNuW: € -2.0m), due to oneoffs expenses for customer claims (€ 0.8m), revaluation of receivables against the bah Entertainment Ltd. (€ 2.4m) as well as provisions related to the value-added tax in Switzerland (€ 4.9m). Leaving oneoffs aside, the operating business developed nicely: growing topline paired with stable OPEX resulted in significant scale effects visible in an EBITDA before special items that more than doubled to € 4.8m (vs € 2.4m in FY23). After another year with an improving operating business, we are looking very optimistic into FY25e that should mark a turning point as 1) the liquidation of the Entertainment business is seen to take place and 2) the ECJ is expected to rule on customer claims in H2. While we consider the liquidation rather as a non-event, as the company “hedged” different scenarios, the ECJ decision could become a game-changer: 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. For the moment, we have not modeled that in, expecting further topline growth and € 55.7m sales in FY25e and a reported EBITDA € 2.5m. Management played it more conservative expecting € 46-54m sales and € 0-4m EBITDA before special items as no event such as UEFA EURO championship is taking place in FY25 and the betting fees in Austria should increase from 2% to 5%. Still, as the operating business is developing nicely and all sources of risks are likely to vanish soon, 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/32276.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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. |
||||||||||||||||||||
2119720 17.04.2025 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 143,29 | 126,93 | 59,35 | 53,53 | 46,18 | 52,30 | 49,00 | |
| EBITDA1,2 | 35,17 | 30,95 | 13,97 | 2,11 | 0,81 | -3,29 | 2,00 | |
| EBITDA-Margin3 | 24,55 | 24,38 | 23,54 | 3,94 | 1,75 | -6,29 | 4,08 | |
| EBIT1,4 | 33,24 | 28,92 | 11,67 | -0,11 | -0,84 | -4,53 | 0,00 | |
| EBIT-Margin5 | 23,20 | 22,78 | 19,66 | -0,21 | -1,82 | -8,66 | 0,00 | |
| Net Profit (Loss)1 | 17,96 | 23,29 | -16,31 | 11,91 | -1,51 | -4,45 | 0,00 | |
| Net-Margin6 | 12,53 | 18,35 | -27,48 | 22,25 | -3,27 | -8,51 | 0,00 | |
| Cashflow1,7 | 29,88 | 18,15 | 10,50 | -5,02 | 0,16 | 0,79 | 0,00 | |
| Earnings per share8 | 2,56 | 3,32 | -2,32 | 1,62 | -0,21 | -0,63 | 0,07 | |
| Dividend per share8 | 2,00 | 2,50 | 0,00 | 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: Möhrle Happ Luther
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 | 16,77 Mio € | 23.05.2005 | Halten | 9F387Q37+87 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 18,38 | 16,84 | 1,09 | 10,39 | 0,73 | 21,18 | 0,32 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 06.06.2025 | 14.05.2025 | 23.09.2025 | 05.11.2025 | 07.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -7,18% | -11,74% | -3,63% | -5,91% | -31,71% |
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
