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

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

bet-at-home.com AG · ISIN: DE000A0DNAY5 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19089

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

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: HOLD
from: 07.03.2024
Target price: 5.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

Solid FY23 prelims and FY24 guidance; chg.

Topic: Yesterday, bet-at-home reported solid FY23 prelims and released a new guidance for FY24, which is in line with estimates. In detail:

Sales came in at € 46.2m (-14% yoy), slightly below our estimates of € 47.4m, mainly due to lower betting GGR of € 42.3m (-14% vs eNuW: € 44.5m) that was partially compensated by Gaming GGR that stand, at € 3.8m (-14% yoy vs eNuW: € 2.9m). but Still, sales met the management guidance of € 44-48m exactly at mid-point.

EBITDA of € 0.8m (vs € 2.1m in FY22) was in line with expectations (eNuW: € 0.7m): While personnel expenses declined as expected by 36% to € 8.7m (eNuW: € 8.8m), other operating expenses of € 12.6m (-22% yoy) came in even below our estimates (eNuW: € 14.2m), thanks to declining legal expenses and efficiency measures (i.e. streamlining of operations, cost-cutting) that bear fruit, compensating for higher marketing expenses of € 17.0m (25% yoy vs eNuW: € 15.4m). Importantly, bet-at-home introduced the new KPI EBITDA before special items (customer claims, liquidation of the Entertainment) in order to show the undiluted operating performance that stand at € 2.4m (vs € 4.4m in FY22).

With a solid transition year in the books, we expect tailwinds from the implemented efficiency measures and from the outsourcing and streamlining of processes that should show its full effect in FY24. Further, higher marketing spending in Q3/Q4´23 should materialize in H1´24, paving the way to a successful UEFA EURO championship. bet-at-home should hence easily reach its FY24 sales guidance of € 45-53m (eNuW: € 50m) and its EBITDA guidance before special items of -1m to € 2.5m.

Still, the risks associated with the liquidation process of the Entertainment Ldt. and provisions for current and potential new customer claims are for now limiting the share's upside. Positively, we assume that only a small portion of the receivables against the Entertainment Ldt. are at risk and that customer claims should have stabilized. That said and taken into account a worst-case scenario, the EV should be still clearly negative, despite a sustainably profitable operating business. Unfortunately, both topics should weigh on the case throughout FY24.

In order to reflect the small but incalculable risk from customer claims, we reiterate HOLD but increase our PT to € 5.50 (old: € 3.80) rolling over valuation to FCFY´24e.

You can download the research here:
http://www.more-ir.de/d/29089.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
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 ++++++++++
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. ++++++++++

-------------------transmitted by 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.

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%

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