Original-Research: bet-at-home.com AG (von NuWays AG): HOLD
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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: Update
Empfehlung: HOLD
seit: 15.01.2024
Kursziel: 3.80
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Outlook for 2024: A promising bet
After two transition years that were characterized by risks associated with
the liquidation of the Entertainment Ldt. as well as customer claims in
Austria and Germany on the one hand and restructuring and stabilizing the
remaining business on the other hand, we see good chances that we have seen
the trough in the stock. Here is why:
Risk associated with the liquidation and customer claims are under control.
The first claims that have been settled within the second half of 2024 in
Austria can be seen as an indicator for the remaining claims, which is why
we do not expect further provisions here. The claims in Germany (23 in sum)
are more difficult to anticipate. Still, the total value in dispute is only
EUR 1.9m.
Topline growth ahead. After the seasonally weaker Q2 and Q3, we expect a
stronger Q4 topline (eNuW: EUR 12.9m), especially driven by the betting
segment. Lower betting margins (eNuW: 10.5%) should have been
overcompensated by higher betting volumes (eNuW: EUR 123m). Further, higher
marketing spending in Q3 (eNuW: EUR 6.2m with lead-times of 3-6 months)
should have already started to materialize, thus supporting top-line
development from Q4Ž23e onwards. On top, the upcoming EURO 2024 is expected
to fuel sales in Q2 and Q3Ž24. Overall we expect sales of EUR 47.4m in FY23
and EUR 49.8m in FY24.
Improving profitability. On the back of risks that are largely under
control, improving topline, the full positive effect of headcount reduction
in 2023 and the successful outsourcing and streamlining of operations, we
expect bet-at-home to double EBITDA to EUR 1.5m in FY24.
Favorable macroeconomic trends. Long-term trends such as the shift towards
online, the increasing acceptance of betting and gambling and the dry out
of the black market in Germany, as a result of the GlüStV are clear growth
drivers. Even better, betting and gambling revenues are rather independent
from general consumption that is currently under pressure.
For now, we remain cautious, but as soon as the abovementioned trends start
to materialize and the risks vanish further, we are set to reevaluate or
position on the stock again.
HOLD with an unchanged, PT of EUR 3.80 based on FCFYŽ23e.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28657.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.
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