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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 ++++++++++ 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. ++++++++++

-------------------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