bet-at-home (XETRA: ACXX)

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.

Latest Insights

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Consumer

bet-at-home — FY22 GGR guidance raised

Consumer

bet-at-home — A year of consolidation

Consumer

bet-at-home — FY21 guidance reiterated

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Marco Falchetto

    CEO

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 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

Financials

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

Thematics

Consumer

ConsumerWatch – April 2023

Consumer

ConsumerWatch – January 2023

Consumer

ConsumerWatch – October 2022

Consumer

IPO apocalypse

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