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bet-at-home

DE: ACXX

€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
Actual (1.5) 23.1 (19.1)
Relative* (2.6) 13.3 (13.7)
52-week high/low €90.3/€44.3
*% relative to local index
Key management
Franz Oemer CEO
Michael Quatember CEO