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 operat
Companies: bet-at-home.com AG
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
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-ter
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.
bet-at-home’s (BAH) Q121 results are strong in the context of management guidance for FY21. Trading in the early part of FY21 is likely to be as bad as it gets for BAH. The initial (negative) effects of regulatory changes in Germany will be followed by a more favourable sporting calendar and management’s belief that increased legal certainty from Q321 will help the company to better plan and develop its business. Management is optimistic that regulated companies should be able to take share from
bet-at-home (BAH) is an established European online sports betting and e-gaming provider. It largely operates in unregulated grey markets that are characterised by strong cash flow, although they also carry commensurately higher regulatory risks. BAH enters FY21 with less regulatory uncertainty than it has for a number of years, as its largest market, Germany (c 36% of revenue) transitions to a fully regulated market. Following better than expected FY20 results we upgrade our FY21 EBITDA estimat
bet-at-home’s (BAH’s) Q320 results showed a strong increase in EBITDA of 27% whereas revenue continued to be affected by prior regulatory changes. After many years of uncertainty (and confusion), new regulations in Germany effective from July 2021 and transition regulations effective from the middle of October 2020 will broadly halve expectations for EBITDA next year. Despite the favourable award of a nationwide online sports betting licence to BAH, new restrictions to protect players, for examp
bet-at-home (BAH) is a long-established sports betting brand, successfully cross-selling into gaming. Despite the impact of COVID on sports betting and regulatory (Poland and Switzerland), the revenue (GGR) decline in Q220 of 11.2% was better than expected, with improved momentum from Q120 (13.4%). The resumption of sports events in the summer provides encouragement for the remainder of FY20. Regulatory risks remain high given impending changes in BAH’s most important market, Germany. The net ca
bet-at-home reported headline figures for H120 ahead of consensus expectations. The results are encouraging given revenue growth in Q220 was better than might have been expected with the regulatory changes (Poland and Switzerland) and the impact of COVID-19 on sports betting. Management has reiterated its guidance for FY20, and the strong financial position makes the prospective dividend yield of 7.0% look attractive.
Given the recent loss of revenue from Switzerland and the tough comparative of Q119, growth in Q120 was expected to be negative. The outbreak of COVID-19 and subsequent cancellation of many sporting events compounded the forecast negative growth rate. Comparatives become easier as the year progresses and management has acted quickly to reduce unnecessary costs, so the company’s guidance for FY20 has been reiterated. Our forecasts remain broadly unchanged. The prospective yield of 6.3%, which is
bet-at-home (BAH) is an established European online sports betting and e-gaming provider. It largely operates in unregulated grey markets that are characterised by strong cash flow, although they also carry commensurately higher regulatory risks. Upcoming legislation in Germany will provide clarity but will likely result in responsible gambling restrictions and potentially higher taxes. FY19 results were above our estimates but management has guided to a more conservative outlook for FY20 and w
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After a stellar period of trading through the various stages of Covid 19 restrictions, and easings, ScS
has reported a step-back in trading momentum in recent weeks. We await to see if the slower
trading is temporary, reflective of a change in Christmas shopping patterns, or of a more permanent
basis. We leave forecasts unchanged, looking for CPTP of £13.7m and EPS of 26.5p (both IFRS 16
compliant), as such the stock trades on an undemanding EV/EBITDA multiple of 4x for FY22 and 3.4x
Companies: ScS Group plc
Marks & Spencer ("M&S") has developed a ‘building the brands’ component to its overall strategy to transform and so improve its Clothing & Home ("C&H") performance. To date the most notable development in this complementary work to its core brand improvement has been the acquisition of Jaeger, which is now going through the gears of positive change. Alongside wholesale and exclusive collaborations, M&S has now announced that it is acquiring a 25% stake in ‘Nobody's Child’, a fast-growing respons
Companies: Marks and Spencer Group plc
STU’s integrated online retail/credit model performed well in H1, even with well-documented headwinds in late Q2. EBITDA margin in the traditionally quieter half was >14%. As outlined in the June CMD, Studio has a clear growth strategy capable of driving EPS to c100p in 3-5 years. However, new customer recruitment has softened short term. On top of cost headwinds, PBT guidance has reduced by c£6m and we have downgraded estimates across all years.
Companies: Studio Retail Group plc
Motorpoint’s interim results for the 6 months to 30th September are record breaking and reflect very well
on the Group’s ability to traverse what remain unusual and volatile market conditions. Whilst said
conditions have undoubtedly supported sales in the nearly new market, availability has been a challenge
which has brought to the fore Motorpoint’s flexible, agile and brand agnostic model, in our view. With H1
22 sales and margin strongly ahead, we are upgrading our FY22 CPTP forecast by c22
Companies: Motorpoint Group Plc
Nightcap has added another five cocktail bars to its portfolio through the acquisition of Barrio Familia Ltd (“Barrio”). The £4.94m acquisition price is being funded by £3.63m of existing cash resources and the issue of £1.31m of shares to the vendors at 23p. Barrio made £600k of EBITDA in the first quarter of the year to June 2022, conservatively assuming £1m EBITDA for the full year equates to a 4.9x EBITDA acquisition multiple (or 3.0x our Barrio June 2023 forecast). Funded principally throug
Companies: Nightcap PLC
Compass reported in line FY21 results and a weaker-than-consensus FY22 margin guidance due to short-term headwinds. The expected alleviation of these negatives in H2 22 and the cost reduction programmes should support a nearly-full recovery of margin in FY23. As a result, the FY22 consensus should come in lower but the FY23 consensus should be more optimistic.
Companies: Compass Group PLC
Bivictrix 26.5p £17.5m (BVX.L)
BiVictriX Therapeutics, an emerging biotechnology company applying a novel approach to develop next generation cancer therapies using insights derived from frontline clinical experience announced a collaboration to manufacture BiVictriX's antibody-drug conjugates with Abzena Limited, a partner research organisation for integrated discovery to cGMP manufacturing solutions for biologics. The collaboration will allow BiVictriX to cost-effectively manuf
Companies: CHRT CSSG CCS CYAN FIH MIRI YGEN
Last week Inchcape held a Capital Markets Day where it communicated the key elements of its Accelerate strategy. Through its two primary growth drivers – distribution excellence (Distribution) and vehicle lifecycle services (VLS) – the company is looking to win distribution market share and capture more of a vehicle’s lifetime value. With these growth pillars, Inchcape aims to deliver mid-to-high single digit profit growth in Distribution and an additional £50m of incremental PBT from VLS withi
Companies: Inchcape plc
Companies: Everyman Media Group PLC
M&B’s has announced a strong closure to FY20/21. The adjusted EPS came in much ahead of both our and market consensus. The publican has also made a good start to FY21/22, with 2.7% lfl growth (vs same period in FY19). In the coming few quarters, we expect M&B to perform ahead of close competitors, in turn gaining market share. Positive stock recommendation is maintained on the UK-based publican.
Companies: Mitchells & Butlers plc
One Media iP (OMiP) has released a solid set of H1/21A interim results, with revenue up 8.5% YoY in USD terms. The company has been active on the acquisition front, having deployed £4m of capital so far in FY21E (mostly post period end), and the pipeline remains strong. OMiP has a highly scalable platform, which should result in steadily improving margins as the group adds new royalty streams to its portfolio, and remains well-placed to benefit from the structural growth underway in the music in
Companies: One Media iP Group PLC
Photo-Me has detailed that the Group’s trading performance was better than expected in May, June and July. This was driven by a stronger than anticipated recovery in photobooth activity, mainly in continental Europe. Guidance for FY 2021 has been raised to sales of c.£210m (previously c.£200m) and adj. PBT of £25-30m (previously £21-24m). We have consequently upgraded our FY 2021E EPS by 22% but leave our FY 2022E forecasts onwards unchanged for now. In effect, we assume the recovery is taking p
Companies: Photo-Me International plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Draftkings has made a £16.4bn ($22.4bn) bid to acquire Entain in a cash (630p) and stock offer, valuing the target at 2800p/share. While the bid is promising, MGM (BetMGM’s JV partner) can throw a spanner in the works (counter-bid or a veto).
Companies: Entain PLC
Companies: Air Partner plc