bet-at-home.com AG (von NuWays AG): Buy 15.09.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

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



15.09.2026 / 09:00 CET/CEST
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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
     Target price:                EUR 5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



World Cup to boost growth in Q2 26; chg. Est



bet-at-home.com is to report its Q2 26 figures on 21 September. We expect a
quarter of strong top-line growth on the back of the World Cup. In detail:



Q2 net revenue is seen to accelerate by 9.8% yoy to EUR 9.7m (eNuW), driven by
special advertisements, which should support online betting and through
greater brand visibility also add to online gaming growth.



Growth to be carried by both segments. We expect online sports betting GGR
up 9.5% yoy to EUR 11.2m (eNuW), with volumes projected up 5.8% yoy to 76.9m
(eNuW) bets on the back of the World Cup and a gross margin improvement of
0.5pp yoy to 14.6% (eNuW) on a favorable betting mix development
anticipated. Online gaming GGR is seen to rise by 10.7% yoy to EUR 1.7m
(eNuW), as stronger brand visibility is expected to raise the volume (+ 8.3%
yoy) to 14.7m (eNuW) with a gross margin largely consistent with Q1 26 at
11.9% (eNuW; +0.5pp yoy).



World Cup-related marketing spending is to burden EBITDA, despite partial
compensation from a stronger top line. In our view, the additional special
advertisements in multiple countries (i. e. Germany and Austria) should
reflect in marketing expenses of EUR 5.7m (eNuW), up 72% yoy. Given the
substantially higher costs anticipated, we project reported EBITDA to come
in at EUR -0.3m (eNuW), below Q2 25 reported EBITDA of EUR 1.2m.



Upper half of FY26 guidance viewed as ambitious. The company expects FY26
results to reflect EUR 46-54m in gross betting and gaming revenue with EBITDA
before special items ranging from EUR 0-4m. Despite anticipating a stronger H2
from elevated brand visibility and a normalized cost base, we adjust our
full year targets from EUR 52.1m in gross betting revenue to EUR 49m (eNuW)
following a weak Q1 26 performance (-16.1% yoy) and our EBITDA projection
from EUR 3.6m to EUR 0.5m (eNuW) on a weak Q1 contribution (EUR -0.3m) and
anticipated higher costs in Q2.



Positive regulatory developments on the horizon. The Austrian government is
currently pursuing a major reform of the Glücksspielgesetz that would end
the effective monopoly in online gambling and replace it with a competitive
licensing system. If passed, this draft could open up the way to an official
license for bet-at-home.com AG. Although we do not yet include this in our
projections due to remaining uncertainty on timing and conditions, this
could become a favorable catalyst towards strengthening the online gaming
segment.



Our conviction remains that the company provides investors with an
attractive value proposition. This is supported by current valuation (0.9x
P/B), two highly cash generating double-digit margin segments and the
company's high net cash base. Looking ahead, we do not expect any
substantial risks arising from the ongoing, but mostly unchanged legal
legacy proceedings. We reiterate BUY with a new PT of EUR 5.0 (previously EUR
5.5), based on FCFY'26e.



- change in analyst -



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e873a5d7858d6a48d16027b8adc47d2b
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++



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2399168 15.09.2026 CET/CEST