Original-Research: bet-at-home.com AG (von NuWays AG): BUY - T-Online
Original-Research: bet-at-home.com AG - from NuWays AG
The issuer is solely responsible for the content of this research. The
invitation to conclude certain stock exchange transactions.
Classification of NuWays AG to bet-at-home.com AG
Topic: On Monday, bet-at-home reported Q2 figures. The top line showed
additional expenses for new contracts with software providers. In detail:
Strong gross revenue growth. Gross betting and gaming revenue rose by 9.8%
yoy to EUR 13.0m, supported by both segments and in line with expectations
(eNuW: EUR 13m). This is seen to be largely carried by operator-favorable
match outcomes and gaming acceleration. Net revenue exceeded expectations,
rising 17% yoy to EUR 10.4m (eNuW: EUR 9.7m), as gaming taxes to sales ratio
fell to 20.3% with taxes on sports betting GGR coming at only 17.9%.
Betting GGR came in 7.9% stronger yoy at EUR 11.1m (eNuW: EUR 11.2m). A 2pp
higher betting margin at 16.1% (eNuW: 14.6%) compensated for a 5.6% yoy
volume decrease to 68.6m (eNuW: 76.9m). While the decrease in volume was
World Cup, it is seen to reflect lower customer engagement. At the same time
match results proved more favorable to the operator than anticipated.
Gaming GGR came 22.4% ahead yoy at EUR 1.9m (eNuW: EUR 1.7m), driven by 15.5%
yoy volume gains to 15.6m (eNuW: 14.7m) and raising its margin by 0.7pp to
12.3% (eNuW: 11.9%), as the segment accelerated on higher marketing
Reported EBITDA misses expectations. The reported EBITDA came in at EUR -1.5m
(eNuW: EUR -0.3m), significantly below the EUR 1.2m in Q2 2025. In addition to
higher operating expenses due to a EUR 0.7m settlement with litigation funders
0.4m). Removing legal fees, customer claims and other expenses and income
from previous years, EBITDA before special items came in at EUR -0.6m.
Stronger H2 on operational improvements ahead. We continue to project gross
revenue at EUR 49m and EBITDA of EUR 0.5m, based on elevated brand visibility
and a normalized cost base, with internal improvements contributing. Mind
providers, which we expect to improve the betting and gaming experience.
Notably, the NPS rose by 27 already to . Furthermore, payback on inflated
marketing expenses usually materializes within 3-6 months. Given these
our view. Further upside potential comes from the launch of Casinoro and a
potential positive ECJ ruling on the legacy legal proceedings. We reiterate
BUY with an unchanged PT of EUR 5.0 based on FCFY´26e.
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8fdffe5ce93423db68e0ad5a94fc3787
LinkedIn: https://www.linkedin.com/company/nuwaysag
analysierten Unternehmen befindet sich in der vollständigen Analyse.
Financial/Corporate News and Press Releases.
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