BUY
|
Original-Research: bet-at-home.com AG - from NuWays AG
Classification of NuWays AG to bet-at-home.com AG
Solid FY24 figures // Waiting for the ECJ decision; chg Topic: bet-at-home reported final FY24 figures above our estimates on the topline and on EBITDA before special items, while one-offs burdened the reported EBITDA. In detail: Sales came in at € 52.3m (+13.3% yoy), above our estimates of € 50.2m (eNuW), driven by a substantial volume growth in the gaming segment (€ 51.4m vs € 38.4m in FY23 vs eNuW: € 46m) and an expansion of the margin in the betting segment (13% vs 12% in FY23 vs eNuW: 12.5%) and in the gaming segment (11.2% vs 10% in FY23 vs eNuW: 11.2%) resulting in a betting GGR of € 46.5m (+10% yoy) and Gaming GGR of € 5.8m (+51% yoy). EBITDA of € -3.3m (vs € 0.8m in FY23) came in even below expectations (eNuW: € -2.0m), due to oneoffs expenses for customer claims (€ 0.8m), revaluation of receivables against the bah Entertainment Ltd. (€ 2.4m) as well as provisions related to the value-added tax in Switzerland (€ 4.9m). Leaving oneoffs aside, the operating business developed nicely: growing topline paired with stable OPEX resulted in significant scale effects visible in an EBITDA before special items that more than doubled to € 4.8m (vs € 2.4m in FY23). After another year with an improving operating business, we are looking very optimistic into FY25e that should mark a turning point as 1) the liquidation of the Entertainment business is seen to take place and 2) the ECJ is expected to rule on customer claims in H2. While we consider the liquidation rather as a non-event, as the company “hedged” different scenarios, the ECJ decision could become a game-changer: With a likely ruling of the ECJ in favor of the betting providers, the current customer claims against bet-at-home and – even more importantly – the looming risks of new customer claims would be off the table, together with related lifted legal costs. For the moment, we have not modeled that in, expecting further topline growth and € 55.7m sales in FY25e and a reported EBITDA € 2.5m. Management played it more conservative expecting € 46-54m sales and € 0-4m EBITDA before special items as no event such as UEFA EURO championship is taking place in FY25 and the betting fees in Austria should increase from 2% to 5%. Still, as the operating business is developing nicely and all 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: http://www.more-ir.de/d/32276.pdf 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2119720 17.04.2025 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.