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bet-at-home.com AG (von NuWays AG): BUY 10.11.2025, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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

10.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


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 5.5
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow

Topic: Last week, bet-at-home reported soft Q3 figures that were below our estimates on both, top and bottom line. Further, the majority shareholder Betclic Everest Group SAS announced that it will sell its 53.9% stake in bet-at-home. In detail:

Sales came in at € 10.2m (-14% qoq, -16% yoy), significantly below our estimates of € 12.5m (eNuW), mainly driven by the absence of major events such as a soccer World Cup or a European championship this year as well as unfavourable soccer results in Q3 (i.e. many favourite wins), resulting in lower betting margins. With betting volumes of € 66m (-19% yoy) and margins of 13.0% (vs. 14.1% in Q2), € 8.5m GGR (-20% yoy) were achieved in the Betting segment . The Gaming segment developed nicely and in line with expectations: € 1.7m GGR (+12% yoy) stemming from € 14m volume (6% yoy) and a margin of 12.1% (vs 11.5% in Q3´24). Still, the Gaming segment with only 17% revenue share is not yet able to compensate for the soft results in the Betting segment.

EBITDA before special items of € -0.9m was below estimates of € 1.0m and previous year´s figure of € 1.6m, due to the soft top line, while OPEX came in broadly in line with estimates. Lower personnel expenses of € 2.0m (1% yoy vs eNuW: € 2.2m) and lower other OPEX of € 2.9m (-65% yoy vs eNuW: € 3.1m) compensated for higher marketing expenses of € 4.3m (23% yoy vs eNuW: € 3.8m). Reported EBITDA stood at € -1.7m (vs € 1.2m in Q3´24 vs eNuW: € 1.0m).

After the disappointing Q3, we are expecting a stronger Q4 and Q1´26, as the inflated marketing expenses usually materialize within 3-6 month and as Q4 and Q1 are historically the strongest quarters of the year, always compensating for softer Q2/Q3. Despite the fact that we cut our estimates after the weak Q3 results, the company should easily achieve its guidance of € 46-54m sales and € 0-4m EBITDA before special items (vs. eNuW: € 49m sales and € 2.0m EBITDA before special items). Going forward, the structural trends (growing online betting and gaming market, the dry out of the black market and the increasing acceptance and adoption of betting and gaming) are fully intact. Tailwinds should come potential positive ECJ ruling that is now expected for Q1 next year. With a likely ruling of the ECJ in favour 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.

Apart from that, the Banijay Group N.V, which is the mother of bah’s major shareholder Betclic Everest Group SAS, announced that it has entered into an agreement to acquire a majority stake in the Tipico Group. As part of the transaction, Betclic will sell its 53.9% stake in bah. We we assume that antitrust reasons are behind the divestment. More details around the divestment are expected to be published until year end. Regarding the potential selling price everything but a significant premium to the current low share price would be a surprise for us (still, we do not expect one party to disclose the price).

We reiterate BUY with an unchanged PT of € 5.50 based on FCFY´26e.
 

You can download the research here: bet-at-homecom-ag-2025-11-10-previewreview-en-0ac4c_nd
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: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2226580  10.11.2025 CET/CEST

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Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer