Original-Research: bet-at-home.com AG (von NuWays AG): Halten
Source: EQSClassification of
Company
ISIN: DE000A0DNAY5
Reason for the research: Update
Recommendation: Halten
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Final FY23 in line // uncertainty from indicative decision
Topic: bet-at-home reported final FY23 figures fully in line with prelims.
Importantly, the report provide us with an update regarding receivables
and liabilities against the Entertainment as well as regarding customer
claims in
Sales came in at € 46.2m (-14% yoy), fully in line with prelims (€ 46.2m), driven by Betting GGR of € 42.3m (-14% yoy) and Gaming GGR that stand at € 3.8m (-14% yoy).
EBITDA of € 0.8m (vs € 2.1m in FY22) was also fully in line prelims (€
0.8m). due to declining personnel expenses (-36%) and other operating
expenses (-22% yoy), compensating for the softer topline. Importantly,
leaving aside non-operating costs in connection with customer claims and
the liquidation of the Entertainment, bet-at-home even achieve an undiluted
operating performance (EBITDA before special items) of € 2.4m (vs € 4.4m in
FY22).
With an after all solid transition year 2023 in the books, we expect
further tailwinds from the taken efficiency measures as well as 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, paving the way to a successful UEFA EURO championship. That, paired
with an industry showing avg mid- to high single-digit growth rates,
bet-at-home provide confidence that bet-at-home should reach its new sales
guidance of € 45-53m (eNuW: € 50m), as well as its guidance for EBITDA
before special items of -1m to € 2.5m, easily.
Also risks associated with the liquidation process of the Entertainment
Ldt. and provisions for current and potential new customer claims in
Reflecting the new risks stemming from the indicative decision of
You can download the research here:
http://www.more-ir.de/d/29555.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
-------------------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.