STS Holding - Bet on the Champion
STS Holding (“STS” or the “Company”) is Poland’s #1 sports betting company with a market share of 46% (28% #2 player). As an omni-channel sportsbook operator, STS generates 82% of its revenue from online channel, with 68% provided by its mobile app. The STS sportsbook offers a complete range of wagering from classic prematch and live odds to more innovative features (i.a. e-sport, virtual sports, and bets on live dealer games) that represent a fast-growing share of total sales (12% in 2020 vs. 6% in 2018). The business model of STS is to own technology and marketing tactics for major strategic advantage and an ability to maximize customer acquisition (reflected in 2x industry avg. conversion rate) and retention (low churn at 30%) and keep user activity at 3x the levels achieved by the competition. With a focus on mobile-first innovation and data-driven user experience, STS is perfectly positioned to capture growth in a fast-moving market. With 23% estimated 2020-23 revenue and 28% EBITDA CAGR, STS is poised to deliver strong free cash flow and high returns to shareholders. We initiate coverage of STS Holding with a buy recommendation and a target price of PLN 30.30.
Set up in 1986, mBank (originally BRE – Export Development Bank) is Poland’s 4th largest universal banking group in terms of total assets and 5th by net loans and deposits at the end of June 2019. mBank has one of the oldest brokerages in Poland – we have been providing brokerage services since 1991 - and the biggest, serving about 300 ths clients.
We provide all brokerage services available in the Polish capital market (i.e. Warsaw Stock Exchange, non-public markets and forex) in a way that meets the expectations of all groups of investors, both individual and institutional. Participating in the dynamic growth of the Polish capital market since its inception, we have acquired competences and experience needed to provide the highest quality of service and we have won the trust and satisfaction of our Clients.
Over the past decade, mBank's Equity Research Team has been consistently ranked among the top research teams in Parkiet's annual institutional investor surveys (Parkiet is Poland's leading daily business newspaper). mBank analysts provide coverage on an extensive list of companies, mainly in Poland but also elsewhere in the CEE region: Austria, Czechia, Portugal, Ukraine and Hungary.
Clients get access to a comprehensive selection of research products including daily market insights, monthly roundups, macroeconomic views, industry- and company- specific analyses, investing strategies, earnings comments, etc.
We give our institutional clients numerous opportunities to connect with industry professionals, top executives, and leading analysts:
- Get direct access to senior management teams at listed companies (over 30 meetings in 2018),
- Engage in our many industry events, featuring listed Polish and global firms (in 2018, we hosted sector-themed conferences around industrials, chemical companies, telecoms, retail, and financials, and co-hosted a Best of Poland investors' with Commerzbank and the Warsaw Stock Exchange),
- Stay informed through an array of enlightening discussion panels, workshops, and briefing sessions with regulatory officials.
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.