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
Q3'26: Setting the stage for a stronger performance from FY27e Yesterday, bet-at-home.com reported Q3 figures: Online Gaming and the bottom line beat expectations, while Online Betting has yet to return to volume growth, leaving the top line slightly short. Management is seen to address this with additional digital marketing and customer management efforts highlighted in Tuesday’s guidance adjustment. In detail: Moderate GGR growth in seasonally weak quarter. GGR grew by 5.6% yoy to € 10.8m (eNuW: € 11.2m). Key growth driver was a strong Online Gaming performance, partially compensating for the shortfall in Online Betting. Net revenue increased by 7% yoy to € 8.1m (eNuW: € 8.5m), mainly driven by growth in GGR and a slight positive tax effect resulting from a lower tax burden on betting revenue. Online Gaming GGR accelerated by 33.3% yoy to € 2.3m (eNuW: € 2.1m). Volumes rose 32% yoy to 18.5m (eNuW: 17.4m), positively impacted by a strong customer response to the regulatory change in maximum stake per virtual slot in Germany. The gaming margin improved by 0.2pp to 12.3% (eNuW: 12.1%), benefitting from the company's efforts to maintain its margin gains (Q2'26:12.3%). Online Sports Betting GGR remained flat yoy at € 8.6m (eNuW: € 9.1m). While volumes continued on their trajectory towards stabilization, they still fell by 1.6% (eNuW: +2.5%) to 64.7m (eNuW: 67.4m). Despite increased Q2 marketing, an improved betting offering and better usability, customer response remained slower than anticipated during the seasonally weaker quarter. The betting margin rose 0.2pp yoy to 13.3%, slightly below our expectations (eNuW: 13.5%) due to unfavorable match outcomes. Bottom-line ahead of expectations. EBITDA before special items improved to € -0.1m (eNuW: € -0.5m; Q3'25: € -0.9m), helped by more effective marketing, with the margin up 7.5pp to -1.3% (eNuW: -4.7%). Reported EBITDA stood at € -0.5m (eNuW: € -0.7m). FY26 guidance adjusted. The company narrowed and lowered its FY26 GGR guidance from € 46-54m to € 46-49m (c. € 47m expected by management) and cut its EBITDA before special items guidance from € 0-4m to € -1.6-0m, to reflect the top-line adjustment and the € 0.8m in additional expenses related to optimizing digital marketing and existing customer management. While this weighs on near-term profitability, we view the initiatives as the foundation for a recovery from FY27e, when we expect GGR growth of 7.8%. Further upside stems from the launch of Casinoro and a potentially positive ECJ ruling on legacy legal proceedings. Adjusting our estimates to reflect the new pace. We lower our FY26 GGR estimate to € 47.4m (previously € 49m) and EBITDA before special items to € -0.3m (previously € 0.5m). For FY27e, we reduce GGR to € 51.1m (previously € 53.9m) and EBITDA before special items to € 3.9m (previously € 5.3m). As FY26 FCF is burdened by the combination of the softer top line and additional investments, it is no longer a meaningful valuation basis. Hence, we roll forward to FCFY’27e. Maintaining BUY at a PT of € 4.7 (previously € 5.0). You can download the research here: bet-at-homecom-ag-2026-11-06-update-en-35567 For additional information visit our website: https://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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2429688 06.11.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 126,93 | 59,35 | 53,53 | 46,18 | 52,30 | 48,03 | 47,00 | |
| EBITDA1,2 | 30,95 | 13,97 | 2,11 | 0,81 | -3,29 | 3,10 | -1,10 | |
| EBITDA-Margin3 | 24,38 | 23,54 | 3,94 | 1,75 | -6,29 | 6,45 | -2,34 | |
| EBIT1,4 | 28,92 | 11,67 | -0,11 | -0,84 | -4,53 | 2,28 | -1,20 | |
| EBIT-Margin5 | 22,78 | 19,66 | -0,21 | -1,82 | -8,66 | 4,74 | -2,55 | |
| Net Profit (Loss)1 | 23,29 | -16,31 | 11,91 | -1,51 | -4,45 | 2,27 | -1,60 | |
| Net-Margin6 | 18,35 | -27,48 | 22,25 | -3,27 | -8,51 | 4,73 | -3,40 | |
| Cashflow1,7 | 18,15 | 10,50 | -5,02 | 0,16 | 0,79 | -1,44 | 0,60 | |
| Earnings per share8 | 3,32 | -2,32 | 1,62 | -0,21 | -0,63 | 0,32 | -0,22 | |
| Dividend per share8 | 2,50 | 0,00 | 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 | 18,25 Mio € | 23.05.2005 | Halten | 9F387Q37+87 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 17,33 | 12,06 | 1,44 | 11,30 | 0,72 | -12,68 | 0,38 |
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Dividend '2024 in € |
Dividend '2025 in € |
Dividend '2026e in € |
Div.-Yield '2026e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 29.05.2026 | 11.05.2026 | 21.09.2026 | 05.11.2026 | 14.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -15,36% | -9,38% | +21,50% | +0,39% | -25,71% |
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