€339.7m market cap
€48.4 last close
Founded in 1999, bet-at-home is an online sports betting and gaming company with c 300 employees. It is licensed in Malta and headquartered in Dusseldorf, Germany. Since 2009 bet-at-home has been part of Betclic Everest, a privately owned French online gaming company.
Investment summary
Online gaming legislation varies widely across Europe and bet-at-home (BAH) focuses predominantly on grey (or ambiguous) markets. At H119, the company’s core markets were Germany (35% of gross win), Austria (c 30%) and Eastern Europe, and this report provides further detail on recent regulatory changes (particularly in Germany). BAH is a strong brand with 5m customers, a capital light model and high cash generation. The stock trades at 9.9x EV/EBITDA and 13.0x P/E for FY20e with an attractive 9.6% prospective dividend yield.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 145.4 | 36.4 | 36.6 | 481.22 | 10.1 | N/A |
| 2018A | 143.4 | 36.2 | 35.0 | 464.68 | 10.4 | N/A |
| 2019E | 136.9 | 32.1 | 30.3 | 396.62 | 12.2 | N/A |
| 2020E | 140.3 | 32.4 | 30.5 | 399.82 | 12.1 | N/A |
| Last updated on 18/09/2019 | ||||||
Industry outlook
According to H2 Gambling Capital (H2GC), the European online sports betting and gaming market is expected to grow 6.5% CAGR between 2018 and 2023 to c €33bn. Across Europe, there are a myriad of different regulatory frameworks in place, for both e-gaming and sports betting. BAH operates in ‘grey’ markets (no formal regulation but not illegal). These notably include Germany (36% of gross win), Austria (30% of gross win) and Eastern Europe (19% of gross win).
Last updated on 18/09/2019
Sector |
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| TMT |
Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (€m) | 49.7 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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Key management |
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|---|---|
| Franz Oemer | CEO |
| Michael Quatember | CEO |
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