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Bet-at-home.com AG Shows Strong Q3 Performance; NuWays Recommends Buy

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Bet-at-home.com AG revealed robust Q3 results, surpassing expectations. The company reported sales of €12.2m, a slight increase above NuWays' estimate of €12.0m. The UEFA EURO championship positively impacted sales in both the betting (€10.7m) and gaming (€1.5m) segments. EBITDA before special items rose significantly to €1.6m, driven by increased sales and reduced expenses.

Despite these favorable outcomes, reported EBITDA was impacted by a provision of €4.8m due to legal costs, resulting in a figure of €-2.7m. However, the company aims to achieve the upper end of its FY24 guidance with projected sales of €50.2m and an EBITDA of €2.5m before special items.

NuWays maintains a BUY recommendation with a target price of €5.50, anticipating further positive outcomes influenced by potential legal developments in mid-2025.

R. H.

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