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Company analyses & market research
In this section you can access current publications from the area of company analyses and research. The analyses are written by renowned companies and reflect their assessments with regard to the development of listed companies.

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Tue, 15.11.2022       Edison Investment Research | Update
Tags: bet-at-home, ACXX, DE000A0DNAY5, Travel & Leisure
bet-at-home’s (BAH’s) interim results were consistent with the view in our May 2022 outlook note that 2022 would be a challenging year, as the group continues to navigate the regulatory landscape in its key markets. Full year guidance was lowered in June given legal and regulatory changes in Germany and Switzerland, and BAH exited the UK market in July following a licence review. Management continues to look forward to a potential new licence in the Netherlands, which would provide a new growth opportunity. Given the significant fall in BAH’s share price in the year to date, the group’s June 2022 net cash position (excluding client money) of €28.3m would represent 92% of its current market capitalisation.
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Research bet-at-home @ Edison Research
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Tue, 15.11.2022       Edison Investment Research | Update
Tags: Borussia Dortmund, BVB, DE0005493092, Travel & Leisure
Borussia Dortmund’s Q123 results demonstrated the expected recovery in its more variable revenue streams as the club welcomed the return of more fans to the stadium versus the COVID-19-affected Q122. The return to normality was also reflected in a relatively busy transfer window in the summer with five player additions and three sales, involving a transfer fee. The team’s performance on the pitch is consistent with our existing financial estimates, therefore we make no changes to our forecasts. Our asset-backed sum-of the-parts valuation is unchanged at €10.50 per share.
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Research Borussia Dortmund @ Edison Research
Fri, 28.10.2022       Edison Investment Research | Outlook
Tags: Borussia Dortmund, BVB, DE0005493092, Travel & Leisure
Borussia Dortmund is one of the most successful football clubs in Europe. It has a consistent record of success in its domestic league, which enables it to participate regularly in the financially lucrative European competitions. It is well positioned to benefit from structural growth drivers of growing global interest in football, which should enable it to continue growing its multiple revenue streams domestically and in international markets. After a relatively disappointing sporting performance and some unexpected disruption due to COVID-19 in FY22, management expects a strong financial recovery in FY23. Continued profit momentum with relatively good visibility on a number of revenue streams, unlike many other consumer-facing business, is attractive given Borussia Dortmund’s valuation multiples are low relative to its own history. It continues to look well supported by our asset-backed valuation of €10.50 per share.
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Research Borussia Dortmund @ Edison Research
Tue, 17.05.2022       Edison Investment Research | Update
Tags: Borussia Dortmund, BVB, DE0005493092, Travel & Leisure
Borussia Dortmund’s football season finished on 14 May 2022 with another (comfortable) second place in the Bundesliga confirming qualification for the Champions League in the 2022/23 season. Management’s reiterated guidance for FY22, a net loss of €17–24m, represents a robust performance given the restrictions on fan attendance for the majority of the year and a less successful season in European competitions than is typical. The company is well-placed to deliver an improved financial performance in FY22/23 if further COVID-19 related restrictions can be avoided. Our valuation of €9.8/share suggests significant upside in a normalised operating environment.
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Research Borussia Dortmund @ Edison Research
Mon, 16.05.2022       Edison Investment Research | Outlook
Tags: bet-at-home, ACXX, DE000A0DNAY5, Travel & Leisure
bet-at-home (BAH) is an established European online sports betting and casino gaming provider. It largely operates in regulated markets and seeks formal licences in markets where it already operates when possible. The formal regulation of a market is typically positive for the operators in the long term, but can lead to short-term disruption to the revenue growth and profitability of the operators. Management expects FY22 will be a year of consolidation as BAH restructures following the challenges presented in FY21 and the decision to withdraw from Austria. There is potential better news flow towards the end of the year if BAH is awarded new licences in Poland and the Netherlands, where it already has high brand awareness.
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Research bet-at-home @ Edison Research
Tue, 05.04.2022       Edison Investment Research | Update
Tags: Borussia Dortmund, BVB, DE0005493092, Travel & Leisure
Borussia Dortmund’s Q222 results were affected by the imposition of new COVID-related restrictions towards the end of the period. Following the period end, the team was eliminated from the Europa League, having failed to qualify for the Champions League knockout stages before Christmas. Against this backdrop, the small downgrade in management guidance for FY22 profitability is testimony to the tight management of costs. The team is currently (comfortably) placed second in the Bundesliga so all will be looking forward to a more successful and profitable FY23. Our sum-of-the-parts valuation reduces to €11 per share.
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Research Borussia Dortmund @ Edison Research
Mon, 06.12.2021       Edison Investment Research | Update
Tags: bet-at-home, ACXX, DE000A0DNAY5, Travel & Leisure
bet-at-home (BAH) has reported headline figures for its delayed Q321 results. The results reflect a combination of a tough comparative from Q320, the ongoing effects of German regulation changes from the middle of October 2020, and evidence of good cost control. Full financials have not been disclosed as the company continues to evaluate the accounting treatment of activities post the decision to cease some operations in Austria. Management has reiterated its guidance for FY21, indicating a better performance on an underlying basis.
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Research bet-at-home @ Edison Research
Mon, 01.11.2021       Edison Investment Research | Outlook
Tags: Borussia Dortmund, BVB, DE0005493092, Travel & Leisure
Borussia Dortmund has an established track record as one of the most successful football clubs in Europe. This enables it to exploit structural tailwinds, increasing global and multi-media coverage, to drive long-term revenue growth. FY21 was a challenging year financially due to the negative effects of COVID-19 related restrictions, but the team was relatively successful including winning major silverware and guaranteed participation in the financially lucrative Champions League in FY22. The phased return of fans to the stadium through FY22 should lead to better financial results. The share price weakness has led to it trading at recent low multiples and well below our sum-of-the-parts valuation of €11.56/share.
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Research Borussia Dortmund @ Edison Research
Wed, 20.10.2021       Edison Investment Research | QuickView
Tags: bet-at-home, ACXX, DE000A0DNAY5, Travel & Leisure
bet-at-home (BAH) is a long-established sports betting brand, successfully cross-selling into gaming. 2021 was expected to be challenging, as the new online gaming regulations in Germany took effect, but management’s guidance for FY21 has reduced on two occasions. These reflect transitional changes in Germany that were more negative than initially expected, the June 2021 withdrawal of BAH’s offer in Poland ahead of applying for a sports betting licence, and the suspension of online casino operations in Austria in response to growing litigation losses for reimbursement of player losses. The potential award of new licences in the Netherlands and Poland could lead to an improved outlook from FY22.
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Research bet-at-home @ Edison Research
Wed, 20.10.2021       Edison Investment Research | Update
Tags: bet-at-home, ACXX, DE000A0DNAY5, Travel & Leisure
bet-at-home (BAH) made its first provision (€3.2m) for the reimbursement of player losses arising in its Austrian online casino offer in H121. A recent domestic legal decision means that more favourable rulings on appeal, as management expected, are unlikely in a reasonable timeframe. As a result, management has decided to suspend its online casino offering in Austria, and provided a further €21.4m to cover claims that continue to increase. Management now guides to an EBITDA loss in FY21, making the payment of a dividend unlikely.
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Research bet-at-home @ Edison Research
Tue, 17.08.2021       Edison Investment Research | Flash note
Tags: Borussia Dortmund, BVB, DE0005493092, Travel & Leisure
Borussia Dortmund’s FY21 preliminary results are slightly above management’s expectations at the EBITDA level and testimony to how well the cost base has been managed given the on-off expectations through the season about the return of fans to the stadium. The challenging year has led to an increase in the company’s net debt position, unusual for a club that is conservatively run from a financial perspective, but recent transfer activity and higher match attendance should lead to an improved financial position through FY22. Our FY22 forecasts are unchanged ahead of the publication of the full financial statements on 28 September 2021.
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Research Borussia Dortmund @ Edison Research
Tue, 03.08.2021       Edison Investment Research | Update
Tags: bet-at-home, ACXX, DE000A0DNAY5, Travel & Leisure
bet-at-home’s (BAH’s) Q221 results reflect the first signs of the revenue weakness in Germany that led to the recent downgrade to management’s guidance for FY21. H221 will bring further declines as the lower revenues in Germany are compounded by no revenue from Poland. FY22 should see improving operational momentum in Germany and potential new licences in the Netherlands and Poland may improve the growth outlook. The balance sheet remains strong but the legal position in Austria creates near-term uncertainty for the level of potential shareholder returns.
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Research bet-at-home @ Edison Research
Fri, 23.07.2021       Edison Investment Research | Update
Tags: bet-at-home, ACXX, DE000A0DNAY5, Travel & Leisure
bet-at-home’s (BAH’s) reduced FY21 financial guidance, at the mid-point revenue down by c 6% and EBITDA by 55%, reflects likely temporary effects (in Germany and Poland), more permanent effects (Germany) and litigation where the outlook is uncertain. As the temporary issues are resolved, FY22 should see improving operational momentum in Germany and potential new licences in the Netherlands and Poland (H122) may improve growth.
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Research bet-at-home @ Edison Research
Note
The information available in the Company Analyses & Market Research section is provided by EQS Group AG via the distribution service DGAP. EQS is a leading international technology provider for digital investor relations. Thanks to its applications and services, more than 8,000 companies worldwide are able to fulfil complex national and international information requirements and reporting obligations securely, efficiently and simultaneously and to reach the investment community worldwide.

Currently, company analyses of the following research houses can be accessed: BankM AG, Montega AG, First Berlin Equity Research GmbH, GSC Research GmbH, GBC AG, Sphene Capital GmbH and Edison Investment Research.