“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in EUR
Last close As at 09/06/2023
EUR4.55
▲ −0.10 (−2.15%)
Market capitalisation
EUR32m
Founded in 1999, bet-at-home (BAH) is an online sports betting and gaming company, licensed in Malta and headquartered in Düsseldorf, Germany. Since 2009 BAH has been part of BetClic Everest, a privately owned gaming company, which currently holds 53.9% of BAH’s shares.
Director, Consumer
Marco Falchetto
CEO
Forecast net debt (€m)
N/A
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (1.3) | (28.2) | (64.1) |
| Relative | (1.5) | (29.8) | (67.6) |
| 52 week high/low | €12.4/€4.2 |
bet-at-home’s (BAH’s) Q322 profitability was helped by cost-saving initiatives, particularly lower personnel expenditure, which offset lower quarter-on-quarter betting volumes. After the Q322 update, management raised FY22 gross gaming revenue (GGR) guidance due to positive trading around the FIFA World Cup. Management has maintained FY22 EBITDA guidance, which includes ongoing uncertainty from the effect of risk provisions associated with former business activities, and the effect of increased marketing spend for the tournament.
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 54.6 | 13.2 | 11.0 | 128.50 | 3.5 | 1.0 |
| 2021A | 59.3 | 14.0 | 11.4 | 152.45 | 3.0 | 2.3 |
| 2022E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2023E | N/A | N/A | N/A | N/A | N/A | N/A |
Get access to the very latest content matched to your personal investment style.
