bet-at-home - Becoming less grey
bet-at-home (BAH) is an established European online sports betting and e-gaming provider. It largely operates in unregulated grey markets that are characterised by strong cash flow, although they also carry commensurately higher regulatory risks. BAH enters FY21 with less regulatory uncertainty than it has for a number of years, as its largest market, Germany (c 36% of revenue) transitions to a fully regulated market. Following better than expected FY20 results we upgrade our FY21 EBITDA estimate by 54%; we now assume some underlying growth from sporting events in FY21 and a more positive outlook for Germany than previously. The dividend yield of 4.1% looks attractive given the strong (net cash) balance sheet.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.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.