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bet-at-home

DE: ACXX

Market Cap€214.8m

Last Close €30.6

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

bet-at-home’s (BAH’s) reduced FY21 financial guidance, at the mid-point revenue down by c 6% and EBITDA by 55%, reflects likely temporary effects (in Germany and Poland), more permanent effects (Germany) and litigation where the outlook is uncertain. As the temporary issues are resolved, FY22 should see improving operational momentum in Germany and potential new licences in the Netherlands and Poland (H122) may improve growth.

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 7.2 7.2
2020A 126.9 30.9 28.8 331.92 9.2 11.8
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 23/07/2021
Content on bet-at-home
bet-at-home – Becoming less grey
Consumer | Outlook | 15 March 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 (21.5) (30.3) (21.0)
Relative* (20.9) (31.2) (33.3)
52-week high/low €47.4/€29.4
*% relative to local index
Key management
Franz Oemer CEO
Michael Quatember CEO