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bet-at-home

Stock affected by regulatory concerns

QuickView | Travel & Leisure | 03 May 2018

bet-at-home is a long-established sports betting brand, successfully cross-selling into gaming. As expected, Q118 revenues declined by 10.8% to EUR 33.2m, mainly due to IP blocking in Poland. The company has reiterated FY18 guidance of EUR 150m revenues and EUR 36–40m EBITDA. Risks to future forecasts include uncertainty regarding e-gaming regulation in core markets. The company now has c 4.9 million customers and is well positioned to benefit from the 2018 FIFA World Cup. Largely due to regulatory concerns, the stock is down 22% ytd, trading at 13.3x 2018e EV/EBITDA. This is still a premium to peers, but the company’s high cash flow and ability to pay special dividends is very attractive.

Fidelity European Values

Concentrating its portfolio and hedging its bets

Review | Investment Companies | 03 Apr 2018

Fidelity European Values (FEV) aims to achieve long-term capital and income growth from a portfolio of primarily continental European equities. Although well diversified, the portfolio became more concentrated during 2017, as the manager sold stocks that had performed well and reinvested in existing holdings. While retaining a positive net market gearing, the manager added 10 single-stock short positions to the portfolio in August 2017, reflecting the view that valuations had become stretched in many parts of the market. A lower 0.75% management fee on assets over GBP 400m takes effect from April 2018, while a reallocation of fees and expenses from revenue to capital will positively affect the level of future dividend payouts.

Nuevolution

Pipeline and strategic execution drives prospects

Outlook | Pharmaceutical & healthcare | 15 Mar 2018

Nuevolution’s 2017 was defined by internal progress of the RORγt inhibitor and BET-BD1 programmes (expected to be clinically ready in 2019). In 2018 we anticipate value will be driven by new and existing partners, for example we expect Almirall to initiate a RORγt inhibitor Phase I trial in late 2018, making it the first Nuevolution product candidate to enter the clinic. In addition to existing collaborations, a new partnership is anticipated by Nuevolution in the next three to nine months. If achieved, revenue from these events will aid Nuevolution’s strategy of transitioning into a clinical stage biotech. We value Nuevolution at SEK21.0/share or SEK901m from SEK21.4/share (SEK917m) previously.

bet-at-home

FY shortfall but cash pay-outs remain high

QuickView | Travel & Leisure | 06 Mar 2018

bet-at-home is a long-established sports betting brand, successfully cross-selling into gaming. FY17 revenues grew 4.8% to €145.4m, with an EBITDA of €35.5m, in line with guidance but lower than consensus of €146.4m and €37.3m respectively. Guidance for FY18 is also 8% and 13% below revenue and EBITDA consensus. Nonetheless, the company now has 4.8m customers and is well positioned to benefit from the 2018 FIFA World Cup. Largely due to regulatory concerns in Poland, the stock has fallen over 35% from its highs and now trades at 14.9x 2018e EV/EBITDA. This is still a premium to peers, but the 7.3% dividend yield for 2017 is very attractive.

UMT United Mobility Technology

New blockchain smart data and loyalty solution deal

Flash note | Technology | 15 Dec 2017

UMT has announced a new Letter of Intent with Berlin-based sports and casino gaming company, mybet Holding, to create an innovative blockchain-based smart data service and customer loyalty scheme for the betting company. The two companies expect this to make mybet the first European gaming company to offer blockchain-based payment functions. UMT has also agreed to invest EUR 500,000 in the new customer loyalty programme, which will also support the use of UMT’s payment solution by mybet’s customers. The launch of the loyalty scheme is envisaged as soon as 1 February 2018.

JPJ Group plc

An attractive deleveraging bet

Outlook | Travel & Leisure | 14 Nov 2017

Jackpotjoy plc (JPJ) is the clear leader in the c £800m UK bingo-led market, with exceptionally high EBITDA margins and strong cash flow. The group's balance sheet is simplifying following a major earnout payment and we expect it to reach 2.0x net debt/EBITDA in 2019. With four sets of strong quarterly figures under its belt, JPJ's shares have risen 42% since the January listing in London. Nonetheless, at 7.9x P/E, 8.2x EV/EBITDA and 11.7% free cash flow yield for 2018e, the stock still trades at a significant discount to peers and we believe the re-rating will continue as value steadily transfers from debt to equity.

artec technologies

Anticipating a strong H2

Update | Technology | 11 Oct 2017

The last 18 months has been a transitional period for artec, with the group repositioning itself as a provider of cloud-based data analysis systems. The new cloud platform is highly scalable and will enable artec to generate recurring revenues. While the group ran at a loss in H117, the cloud pipeline is growing and new cloud customers are expected to sign up in H2. The second stage of expansion is set to begin on a project in Qatar and the group has won a new MULTIEYE order with a betting company, which was driven by artec’s ability to provide access control, face recognition and data protection. Consequently, management expects sales and earnings to rebound strongly in H2.

bet-at-home

Full year on track, despite Polish concerns

QuickView | Travel & Leisure | 11 Sep 2017

bet-at-home is a long-established sports betting brand with positive online growth drivers. H117 revenues grew an impressive 17.5%, with an EBITDA margin of 22.6%. After heavy investment in marketing, the company now has 4.7m customers and is well positioned to benefit from the 2018 FIFA World Cup. Following regulatory concerns in Poland, the stock has fallen from its highs and now trades at 15.0x 2018e EV/EBITDA, which is still a premium to the peer group. However, management has reiterated its FY17 guidance. Solid cash position and 4.3% 2018e dividend yield are attractive.

bet-at-home

Marketing investment pays off

QuickView | Travel & Leisure | 13 Mar 2017

bet-at-home is a long-established sports betting brand with positive online growth drivers. An aggressive 2016 marketing campaign has boosted customer numbers and strong EBITDA growth is expected to continue into 2017. A high cash balance of €91.8m, together with a remaining €29m shareholder loan, supports the special dividend in May 2017. At 15.9x 2017e EV/EBITDA, the shares have traded well, helped by inclusion on the SDAX, as well as an attractive 7.1% 2016 dividend yield.

bet-at-home

Leading European online betting company

QuickView | Travel & Leisure | 08 Nov 2016

bet-at-home is a long-established sports-betting brand with positive growth drivers: an increasing proportion of betting is being done online, including on mobile. An aggressive H116 marketing campaign is forecastto deliver strong profits growth in 2017. Cash balances are expected to swell with the repayment of a €56m shareholder loan during 2017, part of which will be distributed to bet-at-home shareholders by way of dividendsin May 2017. The prospective yield (8.9%) adds to the shares' attractions.

bet-at-home

Executive Interview - bet-at-home.com (Deutsch)

Edison TV: | Travel & Leisure | 03 Nov 2016

bet-at-home (ACX:GF) is a long-established European sports betting brand with positive growth drivers: an increasing proportion of betting is being done online, including on mobile. Customer numbers have increased due to increased marketing investment over the 2016 UEFA Euro 2016 tournament, and this should pay off in 2017. Cash balances of €59.3m are expected to swell with the repayment of a €51m shareholder loan during 2017, part of which will be paid out as a special dividend in May. Betclic Everest owns 56%. In November, Bet at Home announced its best result’s since its founding in 1999 with an EBITDA of €12.3m euros in the third quarter of 2016. The gross gaming revenue will increase by 10% and reach the level of €134.0m in fiscal year 2016. The Group generated an EBITDA of €21.3m in the first three quarters as a result of increased marketing costs of €34.2m euros due to the European Football Championship in France.

bet-at-home

Leading European online betting company

QuickView | Travel & Leisure | 28 Sep 2016

bet-at-home is a long-established sports betting brand with positive growth drivers: an increasing proportion of betting is being done online, including on mobile. An aggressive H116 marketing campaign is forecast to deliver strong profits growth in 2017. Cash balances are expected to swell with the repayment of a €56m shareholder loan during 2017, part of which will be distributed to bet-at-home shareholders by way of dividends in May 2017. The prospective yield (8.9%) adds to the shares' attractions.