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

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

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17.04.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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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: BUY

from: 17.04.2025

Target price: EUR 5.50

Target price on sight of: 12 months

Last rating change:

Analyst: Frederik Jarchow

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 EUR 52.3m (+13.3% yoy), above our estimates of EUR 50.2m

(eNuW), driven by a substantial volume growth in the gaming segment (EUR 51.4m

vs EUR 38.4m in FY23 vs eNuW: EUR 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

EUR 46.5m (+10% yoy) and Gaming GGR of EUR 5.8m (+51% yoy).

EBITDA of EUR -3.3m (vs EUR 0.8m in FY23) came in even below expectations (eNuW:

EUR -2.0m), due to oneoffs expenses for customer claims (EUR 0.8m), revaluation

of receivables against the bah Entertainment Ltd. (EUR 2.4m) as well as

provisions related to the value-added tax in Switzerland (EUR 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 EUR 4.8m (vs EUR 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 EUR 55.7m sales in FY25e and a reported EBITDA EUR 2.5m. Management

played it more conservative expecting EUR 46-54m sales and EUR 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 EUR 5.50 based on FCFYŽ25e.

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: [email protected]

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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2119720 17.04.2025 CET/CEST

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Quelle: dpa-AFX