Märkte & Kurse

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

17.04.2025 / 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.

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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
     from:                        17.04.2025
     Target price:                EUR 5.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Frederik Jarchow

Solid FY24 figures // Waiting for the ECJ decision; chg

Topic: bet-at-home reported final FY24 figures above our estimates on the
topline and on EBITDA before special items, while one-offs burdened the
reported EBITDA. In detail:

Sales came in at EUR 52.3m (+13.3% yoy), above our estimates of EUR 50.2m
(eNuW), driven by a substantial volume growth in the gaming segment (EUR 51.4m
vs EUR 38.4m in FY23 vs eNuW: EUR 46m) and an expansion of the margin in the
betting segment (13% vs 12% in FY23 vs eNuW: 12.5%) and in the gaming
segment (11.2% vs 10% in FY23 vs eNuW: 11.2%) resulting in a betting GGR of
EUR 46.5m (+10% yoy) and Gaming GGR of EUR 5.8m (+51% yoy).

EBITDA of EUR -3.3m (vs EUR 0.8m in FY23) came in even below expectations (eNuW:
EUR -2.0m), due to oneoffs expenses for customer claims (EUR 0.8m), revaluation
of receivables against the bah Entertainment Ltd. (EUR 2.4m) as well as
provisions related to the value-added tax in Switzerland (EUR 4.9m). Leaving
oneoffs aside, the operating business developed nicely: growing topline
paired with stable OPEX resulted in significant scale effects visible in an
EBITDA before special items that more than doubled to EUR 4.8m (vs EUR 2.4m in
FY23).

After another year with an improving operating business, we are looking very
optimistic into FY25e that should mark a turning point as 1) the liquidation
of the Entertainment business is seen to take place and 2) the ECJ is
expected to rule on customer claims in H2. While we consider the liquidation
rather as a non-event, as the company "hedged" different scenarios, the ECJ
decision could become a game-changer: With a likely ruling of the ECJ in
favor 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.

For the moment, we have not modeled that in, expecting further topline
growth and EUR 55.7m sales in FY25e and a reported EBITDA EUR 2.5m. Management
played it more conservative expecting EUR 46-54m sales and EUR 0-4m EBITDA
before special items as no event such as UEFA EURO championship is taking
place in FY25 and the betting fees in Austria should increase from 2% to 5%.

Still, as the operating business is developing nicely and all sources of
risks are likely to vanish soon, we reiterate BUY with an unchanged (but
conservative) PT of EUR 5.50 based on FCFY´25e.

You can download the research here: http://www.more-ir.de/d/32276.pdf
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
++++++++++
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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2119720 17.04.2025 CET/CEST

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