€371.6m market cap

€52.95 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, but BAH has reiterated FY19 guidance of €130–143m gross gaming revenue and €29–33m EBITDA. The company has consistently produced strong operating cash flow and its ability to pay high dividends is attractive. However, in September 2019, BAH announced that it will have to pay an additional €5m tax per year due to Austrian taxes, as well as €11.9m for back taxes.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 145.4 36.4 36.6 481.0 11.0 N/A
2018A 143.4 36.2 35.0 465.0 11.4 N/A
2019E 142.9 32.9 31.1 331.0 16.0 N/A
2020E 143.1 33.1 31.1 337.0 15.7 N/A
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 16/01/2020
Share price graph
Balance sheet
Forecast net cash (€m) 36.3
Forecast gearing ratio (%) N/A
Price performance
Actual 0.1 11.4 (16.0)
Relative* (0.1) 5.1 (31.6)
52-week high/low €73.6/€45.0
*% relative to local index
Key management
Franz Oemer CEO
Michael Quatember CEO

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