€240.7m market cap

€34.3 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’s Q320 results showed a strong increase in EBITDA of 27% whereas revenue continued to be affected by prior regulatory changes. After many years of uncertainty (and confusion), new regulations in Germany effective from July 2021 and transition regulations effective from the middle of October 2020 will broadly halve expectations for EBITDA next year. Despite the favourable award of a nationwide online sports betting licence, new restrictions to protect players, for example on betting limits and customer acquisition, will affect sports and gaming. In addition, restrictions on the types of bets than can be offered (eg in-game betting), the types of casino games that can be offered (blackjack and roulette are banned) and increased competition will affect the sports and gaming segments to different extents. The lower profit base and cash flow will also reduce dividend distributions.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 143.4 35.8 34.6 458.56 7.5 9.7
2019A 143.3 35.2 33.2 426.20 8.0 8.0
2020E 127.9 26.1 24.0 278.66 12.3 11.4
2021E 107.8 13.8 11.6 134.98 25.4 21.8
Industry outlook

According to H2 Gambling Capital, 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). BAH operates in ‘grey’ markets (no formal regulation but not illegal), which are characterised by strong cash flow, but also carry commensurately higher regulatory risks.

Last updated on 03/12/2020
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Share price graph
Balance sheet
Forecast net cash (€m) 51.4
Forecast gearing ratio (%) N/A
Price performance
Actual (10.6) (5.0) (29.2)
Relative* (18.4) (6.4) (30.7)
52-week high/low €54.8/€18.3
*% relative to local index
Key management
Franz Oemer CEO
Michael Quatember CEO

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