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betathome

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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.

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.

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.