€200.4m market cap

€28.55 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 an established European online sports betting and e-gaming provider. It largely operates in unregulated grey markets that are characterised by strong cash flow, although they also carry commensurately higher regulatory risks. Upcoming legislation in Germany will provide clarity but will likely result in responsible gambling restrictions and potentially higher taxes. COVID-19 represents a significant risk to near-term forecasts, as the cancellations of sports fixtures will impact c 40% of revenues.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 143.4 36.2 35.0 464.68 6.1 N/A
2019A 143.3 35.2 33.1 425.52 6.7 N/A
2020E 128.0 26.2 24.0 279.06 10.2 N/A
2021E 130.5 27.3 25.2 292.56 9.8 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 (pre COVID-19 impact). 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). Notably, these include Germany (35% of gross win), Austria (30% of gross win) and Eastern Europe (17% of gross win).

Last updated on 06/04/2020
Share price graph
Balance sheet
Forecast net debt (€m) 0
Forecast gearing ratio (%) 0
Price performance
Actual (22.1) (45.0) (52.4)
Relative* (10.8) (28.4) (43.3)
52-week high/low €73.6/€18.3
*% relative to local index
Key management
Franz Oemer CEO
Michael Quatember CEO

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