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bet-at-home

DE: ACXX

€297.6m market cap

€42.4 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

Given the recent loss of revenue from Switzerland and the tough comparative of Q119, growth in Q120 was expected to be negative. The outbreak of COVID-19 and subsequent cancellation of many sporting events compounded the forecast negative growth rate. Comparatives become easier as the year progresses and management has acted quickly to reduce unnecessary costs, so the company’s guidance for FY20 has been reiterated. Our forecasts remain broadly unchanged. The prospective yield of 6.3%, which is well supported by cash, continues to look attractive.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 143.4 36.2 35.0 464.67 9.1 12.0
2019A 143.3 35.2 33.1 425.52 10.0 9.9
2020E 127.9 26.1 24.0 278.66 15.2 15.1
2021E 130.4 26.5 24.3 282.54 15.0 14.8
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 03/06/2020
Sector
Consumer
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 7.2 8.1 (25.7)
Relative* (6.8) 3.8 (29.8)
52-week high/low €59.6/€18.3
*% relative to local index
Key management
Franz Oemer CEO
Michael Quatember CEO

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