Company Name: bet-at-home.com AG ISIN: DE000A0DNAY5   Reason for the research: Update Recommendation: Buy from: 07.11.2024 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Strong Q3 figures and guidance hike; chg Topic: Yesterday bet-at-home reported a strong set of Q3 fig [ … ]

Solid Q1 // indicative decision weighs on the stock; chg Topic: bet-at-home reported Q1 figures broadly in line with estimates. Ramped-up marketing spending burdened bottom line but should fuel topline growth during UEFA EURO championship in Q2/Q3. In detail: Sales came in at € 11.7m (-12% yoy, 1% qoq), slightly above our estimates of &e [ … ]

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 Austria and Germany. In detail: Sales came in at € [ … ]

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. [ … ]

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  [ … ]

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) [ … ]