^Original-Research: bet-at-home.com AG - von NuWays AGEinstufung von NuWays AG zu bet-at-home.com AGUnternehmen: bet-at-home.com AGISIN: DE000A0DNAY5Anlass der Studie: Q3 ReviewEmpfehlung: HOLDseit: 09.11.2023Kursziel: 3,80Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Frederik JarchowMixed Q3 // High marketing spending to boost topline; chg Yesterday, bet-at-home reported mixed Q3 results with a slightly weakerthan expected topline, but lower OPEX. In detail: Sales came in at EUR 10.3m (-17% yoy, -6% qoq), slightly below our estimatesof EUR 10.9m, mainly due to lower betting GGR (EUR 9.6m vs eNuW: EUR 10.0m)caused by lower betting volumes of only EUR 83m (vs eNuW: EUR 91m), as resultof competitive pressure and regulatory changes (i.e. implementation ofcrossproduct and cross-provider monthly betting limits). Gaming GGR standsat EUR 0.7m, in line with expectations. Margins in both segments declined asexpected to 11.5% (betting) and 6.7% (gaming). Q3 EBITDA was not as weak as expected with EUR -2.1m (vs eNuW: EUR 2.7m), aspersonnel expenses as well as other operating expenses further declinedsequentially, showing that streamlining of operations paired with numerouscost-cutting measures is bearing fruit and overcompensating for marketingexpenses that doubled yoy to EUR 6.2m (vs eNuW: EUR 5.3m), Unsurprisingly, thepositive effects of the high marketing spendings are not yet visible in thenumbers and should materialize within the next quarters. With Q3 in the books and by taking into account the positive effects of thehigh marketing spending, bet-at- home should easily reach its new salesguidance of EUR 44-48m (eNuW: EUR 47m), as well as the upper end of its EBITDAguidance of -3m to EUR 1m (eNuW: EUR 0.7m) as positive effects from outsourcingand streamlining operations as well as declining new customer claims bodewell for bet-at-home. Still, the risks associated with the liquidationprocess of the Entertainment Ldt. and provisions for current and potentialnew customer claims make it difficult to adequately project EBITDA. As only EUR 9.5m in accounts receivables against the Entertainment Ldt. areat risk (according to the final Q2 figures) and new customer claims arefading, which limits potential new provisions, we are cautiously optimisticthat both topics are off the table at year end. Further the implementationof cross-product and cross-provider betting limits should not burden thetopline beyond 2023. That, paired with the promising long-term trends(shift towards online and increasing acceptance of betting and gambling)makes bet-at-home an interesting turnaround candidate for 2024 and beyond. For now, we reiterate HOLD with an unchanged, PT of EUR 3.80 based onFCFYŽ23e.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28185.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.Kontakt für RückfragenNuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++-------------------übermittelt durch die EQS Group AG.-------------------Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°