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Analyse d'entreprise & recherche de marché
Dans cette section, vous pouvez accéder aux publications actuelles dans le domaine des analyses d'entreprises et de la recherche. Les analyses sont rédigées par des entreprises renommées et reflètent leurs estimations quant à l'évolution des entreprises cotées en bourse.

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mar., 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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lun., 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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lun., 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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mer., 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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mer., 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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mar., 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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ven., 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
Remarque
Les informations disponibles dans la section Analyses d'entreprises & Recherche de marché sont fournies par EQS Group AG via le service de distribution DGAP. EQS est l'un des principaux fournisseurs internationaux de technologies pour les relations investisseurs numériques. Grâce à ses applications et services, plus de 8 000 entreprises dans le monde sont en mesure de répondre de manière sûre, efficace et simultanée à des exigences nationales et internationales complexes en matière d'information et de reporting, et d'atteindre la communauté d'investissement dans le monde entier.

Actuellement, les analyses d'entreprises des maisons de recherche suivantes peuvent être consultées : BankM AG, Montega AG, First Berlin Equity Research GmbH, GSC Research GmbH, GBC AG, Sphene Capital GmbH et Edison Investment Research.