bet-at-home - A strong start to the year
bet-at-home (BAH) has started the year very well, with Q119 gross gaming revenues (GGR) increasing by 12.1% y-o-y to €37.2m, and an EBITDA of €12.7m. This is especially encouraging in light of management’s recent guidance of €130–143m GGR (0–10% decline) and an EBITDA of €29–33m for FY19. While this guidance seems conservative, we are leaving our forecasts broadly unchanged until there is further clarity on the impact of the Swiss IP blocking. The stock trades at 13.1x EV/EBITDA and 18.1x P/E for FY19e, which is at the top of the peer group, although its ability to pay high dividends is very attractive.Bet-at-home.com AG is a holding company and as such does not have business operations beyond managing its own holdings. All operational activities are carried out exclusively by its subsidiaries.
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