€414.4m market cap
€59.05 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
bet-at-home (BAH) is a long-established European sports betting brand, successfully cross-selling into gaming. Regulatory risks are high, as witnessed by IP blocking in Poland and Switzerland and the company has issued guidance of a c 10–20% decline in EBITDA for FY19. Nonetheless, BAH has consistently produced strong operating cash flow and its ability to pay high dividends is very attractive. The stock is up 28% ytd and trades at 14.9x P/E, 10.9x EV/EBITDA and 8.5% dividend yield for FY19e.
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 | 12.3 | N/A |
| 2018A | 143.3 | 36.2 | 35.0 | 464.68 | 12.7 | N/A |
| 2019E | 136.3 | 31.2 | 30.0 | 392.65 | 15.0 | N/A |
| 2020E | 139.0 | 32.5 | 31.2 | 408.85 | 14.4 | N/A |
| Last updated on 21/03/2019 | ||||||
Sector |
|---|
| TMT |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net cash (€m) | 48.8 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Franz Oemer | CEO |
| Michael Quatember | CEO |
You may also be interested in…
- Aladdin Blockchain Technologies
- artec technologies
- Beta Systems
- Cliq Digital
- CREALOGIX Group
- Cyan
- DATAGROUP
- Edel
- EQS Group
- Esker
- Expert System
- FinTech Group
- GO internet
- Max 21
- Mensch & Maschine Software
- Mondo TV
- mVISE
- Mynaric
- OPAP
- Pantaflix
- Piteco
- SNP Schneider-Neureither & Partner
- STEMMER IMAGING
- TerraNet
- The Marketing Group
- The NAGA Group
- Thin Film Electronics
- TXT e-solutions
- Vectron Systems