bet-at-home - Solid H119 underpins FY19 guidance
bet-at-home (BAH) has reported a 1.3% increase in Q219 gross gaming revenues (GGR) to €33.9m, with a 25.5% EBITDA margin. Sports GGR was 7.5% lower (€13.8m), due to the lack of major sporting events, but e gaming GGR increased by 8.5% to €20.0m. As previously highlighted, H219 results will be affected by IP blocking in Switzerland and management has maintained guidance of €130–143m GGR and €29–33m EBITDA. Our estimates remain broadly unchanged, apart from a slightly higher FY19 EBITDA forecast, due to lower marketing spend. BAH trades at 10.3x EV/EBITDA and 13.4 x P/E for FY20e, with a 9.3% dividend yield.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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