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bet-at-home

XETRA: ACXX

Market Cap€51m

Last Close €7.22

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.

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Investment summary

bet-at-home’s (BAH’s) interim results were consistent with the view in our May 2022 outlook note that 2022 would be a challenging year, as the group continues to navigate the regulatory landscape in its key markets. Full year guidance was lowered in June given legal and regulatory changes in Germany and Switzerland, and BAH exited the UK market in July following a licence review. Management continues to look forward to a potential new licence in the Netherlands, which would provide a new growth opportunity. Given the significant fall in BAH’s share price in the year to date, the group’s June 2022 net cash position (excluding client money) of €28.3m would represent 92% of its current market capitalisation.

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 5.6 1.6
2021A 59.3 14.0 11.4 152.45 4.7 3.7
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 30/11/2022
Content on bet-at-home
bet-at-home – Navigating challenges in 2022
Consumer | research Update | 15 November 2022
cards-casino-chance-269630
bet-at-home – A year of consolidation
Consumer | research Outlook | 16 May 2022
cards-casino-chance-269630
bet-at-home – FY21 guidance reiterated
Consumer | research Update | 6 December 2021
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 62.4 (3.1) (47.1)
Relative* 49.5 (13.6) (44.5)
52-week high/low €16.8/€4.2
*% relative to local index
Key management
Marco Falchetto CEO

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