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Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - All aboard the rev-share train

Q3 miss does not deflate our optimism Solid outlook remains, limited adj. EBITA revisions Retain BUY at 8x ‘23e EV/EBITA

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Reiterated 2022 targets is reassuring

Q3: miss on numbers, partly due to more rev-share We expect limited revisions on reiterated targets Share should outperform slightly today

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - NFL season is here, and FIFA 23 as well

Q3e to show 38% top line growth and 26% EBITA margin Small total revisions in ‘22e-‘24e on offsetting factors We remain BUYers and highlight the rev-share value

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Short-term pain, long-term gain

Q2 miss, but many short-term effects once again Limited ’22e estimate revisions – ’23e-’24e up slightly Keep BUY – appealing entrepreneurial story

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Margin miss will likely send the share down

Q2 sales beat driven by paid media, miss on adj. EBITDA We expect negative cons revisions of 2-5% Share likely to come down in line with expected revisions

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Remember the seasonality

Slower sports season in Q2, Futbin is Q4-heavy Minor adj. EBITA estimate changes ‘22e-‘24e Overlooked gem, quality growth at 10x ‘23e EV/EBITA

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Reassuring outlook

Impressive sales given short-term impacts Strong outlook reiterated, but costs seem to have risen Retain BUY at 9x ‘23e EV/EBITA

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Strong outlook should lift the share today

Q1 sales beat but margins slightly below Solid trading update and raised organic growth guidance Expect the share to outperform today

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Strong Q1 awaits and M&A pace remains

Multiple tailwinds – Q1’22e sales +67% y-o-y CSB and Futbin acquisitions included in estimates Years of growth ahead at attractive multiples, BUY

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Sector Fast Comment - Leo Vegas receives a 44% premium bid

Bid corresponds to 11.3x ‘22e EV/EBITDA (Factset cons) We prefer Kindred, and note the 11 US market accesses Consolidation continues – positive read-x to the sector

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Acquiring Futbin to diversify with e-soccer

Acquires a global e-soccer brand Raises its ‘22 EBITDA guidance by ~ 6% Share remains attractive - BUY

 PRESS RELEASE

Better Collective – Share buyback program completed

Better Collective – Share buyback program completed Regulatory Release 18/2022March 29, 2022 On March 1, 2022, Better Collective A/S initiated a share buyback program for up to EUR 5 million to be executed during the period from March 1, 2022, to April 22, 2022. The following transactions have been executed under the program on March 29, 2022: Date Number of sharesAverage weighted purchase price(SEK per share)Amount (SEK)29/03/202213,347173.52692,316,063.53Accumulated under the program following above purchases:13,347 2,316,063.53 Following the above purchases, Better Collective A/S...

 PRESS RELEASE

Better Collective – Share buyback program

Better Collective – Share buyback program Regulatory Release 17/2022March 29, 2022 On March 1, 2022, Better Collective A/S initiated a share buyback program for up to EUR 5 million to be executed during the period from March 1, 2022, to April 22, 2022. The following transactions have been executed under the program during the period from March 22, 2022, to March 28, 2022: Date Number of sharesAverage weighted purchase price(SEK per share)Amount (SEK)22/03/202218,000157.99022,843,823.6023/03/202224,000154.50943,708,225.6024/03/202215,000156.38852,345,827.5025/03/202221,096168.97573,564,711...

 PRESS RELEASE

Nomination committee Proposal to the Annual General Meeting 2022

Nomination committee Proposal to the Annual General Meeting 2022 InformationMarch 28, 2022 The Nomination Committee composed of Søren Jørgensen (chair), appointed by co-founders Jesper Søgaard and Christian Kirk Rasmusen, Martin Jonasson, appointed by Andra AP Fonden and also representing Tredje AP Fonden, Jesper Ribacka, and Jens Bager, chairman of the board of directors, Better Collective, presents the following proposals: that Andreas Nielsen, Partner at Bruun & Hjejle, is appointed chair of the general meeting,that the board of directors shall be comprised of six (6) board members,t...

 PRESS RELEASE

Notice to convene annual general meeting

Notice to convene annual general meeting Regulatory Release no. 16/2022 March 28, 2022 The board of directors of Better Collective A/S (the “Company”) hereby convenes the annual general meeting to be held on Tuesday 26 April 2022 at 14.00 pm CET at the Company’s offices, Toldbodgade 12, 1253 Copenhagen K, Denmark. Better Collective offers its shareholders the opportunity to participate in the annual general meeting via webcast provided, however, that shareholders who choose to do so will not have the possibility to cast their vote during the annual general meeting or ask questions. Su...

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Buckle up for the launch in Ontario

Acquires an established Canadian OSB brand Raises its ’22 EBITDA target by ~7% Strong start confirmed – expect a solid H1’22

 PRESS RELEASE

Better Collective acquires Canada Sports Betting 

Better Collective acquires Canada Sports Betting  Regulatory Release 15/2022                                                                                                                                                                     March 23, 2022 With the acquisition of Canada Sports Betting, Better Collective makes a strong entry to the Canadian market just before the largest province of Ontario launches online sports betting in April 2022. In connection, Better Collective is updating its Financial Targets for the financial year 2022. Sports betting media group, Better Col...

 PRESS RELEASE

Better Collective releases its annual and sustainability report for 20...

Better Collective releases its annual and sustainability report for 2021 Regulatory Release no. 14/2022 March 23, 2022 Better Collective has today published its annual report including a corporate governance report, together with the company’s sustainability- and remuneration reports. All reports can be accessed on Better Collective’s website. Better Collective has today released its annual and sustainability report for the 2021 financial year together with a corporate governance report as well as a remuneration report. Overall, the report introduces the Better Collective group and presen...

 PRESS RELEASE

Better Collective – Share buyback program

Better Collective – Share buyback program Regulatory Release 13/2022March 22, 2022 On March 1, 2022, Better Collective A/S initiated a share buyback program for up to EUR 5 million to be executed during the period from March 1, 2022, to April 22, 2022. The following transactions have been executed under the program during the period from March 15, 2022, to March 21, 2022: Date Number of sharesAverage weighted purchase price(SEK per share)Amount (SEK)15/03/202218,000145.89982,626,196.4016/03/202213,000154.13912,003,808.3017/03/202217,000157.24202,673,114.0018/03/2022  6,839154.452...

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