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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: Q3 Review
Empfehlung: HOLD
seit: 09.11.2023
Kursziel: 3,80
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow

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 EUR 10.3m (-17% yoy, -6% qoq), slightly below our estimates
of EUR 10.9m, mainly due to lower betting GGR (EUR 9.6m vs eNuW: EUR 10.0m)
caused by lower betting volumes of only EUR 83m (vs eNuW: EUR 91m), as result
of competitive pressure and regulatory changes (i.e. implementation of
crossproduct and cross-provider monthly betting limits). Gaming GGR stands
at EUR 0.7m, in line with expectations. Margins in both segments declined as
expected to 11.5% (betting) and 6.7% (gaming).

Q3 EBITDA was not as weak as expected with EUR -2.1m (vs eNuW: EUR 2.7m), as
personnel expenses as well as other operating expenses further declined
sequentially, showing that streamlining of operations paired with numerous
cost-cutting measures is bearing fruit and overcompensating for marketing
expenses that doubled yoy to EUR 6.2m (vs eNuW: EUR 5.3m), Unsurprisingly, the
positive effects of the high marketing spendings are not yet visible in the
numbers and should materialize within the next quarters.

With Q3 in the books and by taking into account the positive effects of the
high marketing spending, bet-at- home should easily reach its new sales
guidance of EUR 44-48m (eNuW: EUR 47m), as well as the upper end of its EBITDA
guidance of -3m to EUR 1m (eNuW: EUR 0.7m) as positive effects from outsourcing
and streamlining operations as well as declining new customer claims bode
well for bet-at-home. Still, the risks associated with the liquidation
process of the Entertainment Ldt. and provisions for current and potential
new customer claims make it difficult to adequately project EBITDA.

As only EUR 9.5m in accounts receivables against the Entertainment Ldt. are
at risk (according to the final Q2 figures) and new customer claims are
fading, which limits potential new provisions, we are cautiously optimistic
that both topics are off the table at year end. Further the implementation
of cross-product and cross-provider betting limits should not burden the
topline beyond 2023. That, paired with the promising long-term trends
(shift towards online and increasing acceptance of betting and gambling)
makes bet-at-home an interesting turnaround candidate for 2024 and beyond.

For now, we reiterate 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/28185.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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Quelle: dpa-AFX