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

Classification of NuWays AG to bet-at-home.com AG

Company Name: bet-at-home.com AG


Reason for the research: Update

Recommendation: Halten

from: 29.04.2024

Target price: EUR 5.50

Target price on sight of: 12 Monaten

Last rating change:

Analyst: Frederik Jarchow

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 EUR 46.2m (-14% yoy), fully in line with prelims (EUR 46.2m),

driven by Betting GGR of EUR 42.3m (-14% yoy) and Gaming GGR that stand at EUR

3.8m (-14% yoy).

EBITDA of EUR 0.8m (vs EUR 2.1m in FY22) was also fully in line prelims (EUR

0.8m). due to declining personnel expenses (-36%) and other operating

expenses (-22% yoy), compensating for the softer topline. Importantly,

leaving aside non-operating costs in connection with customer claims and

the liquidation of the Entertainment, bet-at-home even achieve an undiluted

operating performance (EBITDA before special items) of EUR 2.4m (vs EUR 4.4m in


With an after all solid transition year 2023 in the books, we expect

further tailwinds from the taken efficiency measures as well as from the

outsourcing and streamlining of processes that should show its full effect

in FY24. Further, higher marketing spending in Q3/Q4Ž23 should materialize

in H1, paving the way to a successful UEFA EURO championship. That, paired

with an industry showing avg mid- to high single-digit growth rates,

bet-at-home provide confidence that bet-at-home should reach its new sales

guidance of EUR 45-53m (eNuW: EUR 50m), as well as its guidance for EBITDA

before special items of -1m to EUR 2.5m, easily.

Also risks associated with the liquidation process of the Entertainment

Ldt. and provisions for current and potential new customer claims in

Austria are largely under control. Unfortunately, the indicative decision

of The Federal Court of Justice in Germany a couple of weeks ago, saying

that sports betting provider without a license should be in principle be

liable to pay a refund, brings new uncertainty of new customer claims to

the case. This should burden the stock for at least the next six month

(eNuW), despite a sustainably profitable operating business and a negative


Reflecting the new risks stemming from the indicative decision of The

Federal Court of Justice, we reiterate HOLD with an unchanged PT to EUR 5.50

based on FCFYŽ24e.

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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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