Original-Research: bet-at-home.com AG (von NuWays AG): BUY
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Original-Research: bet-at-home.com AG - from NuWays AG
Classification of NuWays AG to bet-at-home.com AG
Mixed Q2 figures // ECJ ruling expected until year end, chg Q2 Sales came in at € 11.8m (-14% yoy, -13% qoq), below our estimate of € 13.6m, driven by a Betting GGR of only € 10.2m (-16% yoy, -15% qoq vs eNuW: € 12.0m) while Gaming GGR grew as anticipated to € 1.6m (+12% yoy, +4% qoq vs eNuW: € 1.6m). Especially the absence of major sport events like the soccer EURO Championship last year burdened Q2 betting GGR. Note that Q2 is in general a weaker quarter, characterized by the offseason of most sports that are relevant for betting. Positively, margins improved significantly to 14.1% in the betting segment (vs 12.9% in Q2´24 vs eNuW: 13.2%) and to 11.4% in the gaming segment (vs 10.9% in H1´24 vs eNuW: 11.2%). EBITDA of € 1.2m (+61% yoy; +1% qoq) was above our estimates (eNuW: € 0.8m). Lower than anticipated other operating expenses (€ 2.5m vs eNuW: € 3.4m), lower marketing spending (€ 3.3m vs eNuW: € 4.9m) and personal expenses in line with our estimates (€ 2.2m vs eNuW: € 2.2m) compensated for softer net gaming revenues. 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 € 1.4m (vs € 1.0m in Q2´24, vs eNuW: € 0.9m). In H1, bet-at-home realized a reported EBITDA of € 2.3m and an EBITDA before special items of € 3.0m. Overall, the Q2 figures mark another solid quarter, proving that bet-at-home is running a very healthy and profitable operating business. In light of this, any positive news regarding the two events overshadowing the operating performance (Customer claims and liquidation of the Entertainment) would serve as a catalyst for the stock. Especially the pending ECJ ruling could trigger such positive newsflow as it seems very likely that the ECJ is ruling in favour of the betting providers. Such an event would have the potential to eliminate the looming risk of new customer claims and related legal costs. For the moment, we have not modeled that in expecting € 52.8m sales in FY25e, a reported EBITDA of € 2.5m and an EBITDA before special items of € 4.0m, in line with management guidance of € 46-54m sales and € 0-4m EBITDA before special items. As the operating business is developing positively and 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: bet-at-homecom-ag-2025-09-29-previewreview-en-ac0e1 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. ++++++++++
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2204772 29.09.2025 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 | ||||||
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| bet-at-home.com | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0DNAY | DE000A0DNAY5 | AG | 17,12 Mio € | 23.05.2005 | Halten | 9F387Q37+87 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 18,77 | 16,94 | 1,11 | 10,61 | 0,74 | 21,62 | 0,33 |
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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 |
| -5,57% | -10,03% | -3,63% | -4,78% | -31,71% |
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