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bet-at-home

DE: ACXX

Market Cap€169.8m

Last Close €24.2

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 gaming company.

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Investment summary

Q221 results (revenue declined by c 12%) reflected the first signs of the revenue weakness in Germany that led to the recent downgrade to management’s guidance for FY21. H221 will bring further declines as the lower revenues in Germany are compounded by no revenue from Poland. FY22 should see improving operational momentum in Germany and potential new licences in the Netherlands and Poland may improve the growth outlook. The balance sheet remains strong but the legal position in Austria creates near-term uncertainty for the level of potential shareholder returns. We no longer provide estimates for BAH.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 143.3 35.2 33.1 425.53 5.7 5.7
2020A 126.9 30.9 28.8 331.92 7.3 9.4
2021E N/A N/A N/A N/A N/A N/A
2022E 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, is becoming fully regulated in FY21.

Last updated on 17/09/2021
Content on bet-at-home
bet-at-home – executive interview
Consumer | Edison TV | 5 August 2021
bet-at-home – First signs of revenue weakness
Consumer | Update | 3 August 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 (10.4) (39.6) (36.1)
Relative* (7.9) (38.6) (45.6)
52-week high/low €47.4/€23.9
*% relative to local index
Key management
Franz Oemer CEO
Michael Quatember CEO