bet-at-home

DE: ACXX

Market Cap€82m

Last Close €11.66

Founded in 1999, bet-at-home (BAH) is an online sports betting and gaming company, licensed in Malta and headquartered in Düsseldorf, Germany. Since 2009 BAH has been part of BetClic Everest, a privately owned gaming company, which currently holds 53.9% of BAH’s shares.

Investment summary

bet-at-home (BAH) reported FY21 gross gaming revenue (GGR) growth of c 9% to €59m and EBITDA growth of 6% to €14m. Management’s prior guidance for FY22 for GGR of €50–60m and EBITDA of €-2/+2m has been re-iterated. The guidance excludes any deconsolidation effects of BAH’s Maltese-based company, ie the settlement of assets and liabilities on winding up of the company, following the client loss litigation issues in Austria. There is potential better news flow towards the end of the year if BAH is awarded new licences in Poland and the Netherlands, where it already has high brand awareness.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2020A	54.6	13.2	11.0	128.50	9.1	2.7
2021A	59.3	14.0	11.4	152.45	7.6	6.0
2022E	N/A	N/A	N/A	N/A	N/A	N/A
2023E	N/A	N/A	N/A	N/A	N/A	N/A

Industry outlook

According to H2 Gambling Capital, the European online sports betting and gaming market is expected to grow 7.4% CAGR between 2019 and 2024. BAH operates mainly in ‘grey’ markets (no formal regulation but not illegal), which are characterised by strong cash flow, but also carry commensurately higher regulatory risks. Its main market, Germany, was fully regulated in FY21.

Last updated on 30/06/2022