Original-Research: bet-at-home.com AG (von NuWays AG): HOLD
Original-Research: bet-at-home.com AG - von NuWays AG
Einstufung von NuWays AG zu bet-at-home.com AG
Unternehmen: bet-at-home.com AG
ISIN: DE000A0DNAY5
Anlass der Studie: Q3 Review
Empfehlung: HOLD
seit: 09.11.2023
Kursziel: 3,80
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Mixed Q3 // High marketing spending to boost topline; chg
Yesterday, bet-at-home reported mixed Q3 results with a slightly weaker than expected topline, but lower OPEX. In detail:
Sales came in at € 10.3m (-17% yoy, -6% qoq), slightly below our estimates of € 10.9m, mainly due to lower betting GGR (€ 9.6m vs eNuW: € 10.0m) caused by lower betting volumes of only € 83m (vs eNuW: € 91m), as result of competitive pressure and regulatory changes (i.e. implementation of crossproduct and cross-provider monthly betting limits). Gaming GGR stands at € 0.7m, in line with expectations. Margins in both segments declined as expected to 11.5% (betting) and 6.7% (gaming).
Q3 EBITDA was not as weak as expected with € -2.1m (vs eNuW: € 2.7m), as personnel expenses as well as other operating expenses further declined sequentially, showing that streamlining of operations paired with numerous cost-cutting measures is bearing fruit and overcompensating for marketing expenses that doubled yoy to € 6.2m (vs eNuW: € 5.3m), Unsurprisingly, the positive effects of the high marketing spendings are not yet visible in the numbers and should materialize within the next quarters.
With Q3 in the books and by taking into account the positive effects of the high marketing spending, bet-at- home should easily reach its new sales guidance of € 44-48m (eNuW: € 47m), as well as the upper end of its EBITDA guidance of -3m to € 1m (eNuW: € 0.7m) as positive effects from outsourcing and streamlining operations as well as declining new customer claims bode well for bet-at-home. Still, the risks associated with the liquidation process of the Entertainment Ldt. and provisions for current and potential new customer claims make it difficult to adequately project EBITDA.
As only € 9.5m in accounts receivables against the Entertainment Ldt. are at risk (according to the final Q2 figures) and new customer claims are fading, which limits potential new provisions, we are cautiously optimistic that both topics are off the table at year end. Further the implementation of cross-product and cross-provider betting limits should not burden the topline beyond 2023. That, paired with the promising long-term trends (shift towards online and increasing acceptance of betting and gambling) makes bet-at-home an interesting turnaround candidate for 2024 and beyond.
For now, we reiterate HOLD with an unchanged, PT of € 3.80 based on FCFY´23e.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28185.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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% |
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.
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