^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: UpdateEmpfehlung: HOLDseit: 15.01.2024Kursziel: 3.80Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Frederik JarchowOutlook for 2024: A promising bet After two transition years that were characterized by risks associated withthe liquidation of the Entertainment Ldt. as well as customer claims inAustria and Germany on the one hand and restructuring and stabilizing theremaining business on the other hand, we see good chances that we have seenthe trough in the stock. Here is why: Risk associated with the liquidation and customer claims are under control.The first claims that have been settled within the second half of 2024 inAustria can be seen as an indicator for the remaining claims, which is whywe do not expect further provisions here. The claims in Germany (23 in sum)are more difficult to anticipate. Still, the total value in dispute is onlyEUR 1.9m. Topline growth ahead. After the seasonally weaker Q2 and Q3, we expect astronger Q4 topline (eNuW: EUR 12.9m), especially driven by the bettingsegment. Lower betting margins (eNuW: 10.5%) should have beenovercompensated by higher betting volumes (eNuW: EUR 123m). Further, highermarketing spending in Q3 (eNuW: EUR 6.2m with lead-times of 3-6 months)should have already started to materialize, thus supporting top-linedevelopment from Q4Ž23e onwards. On top, the upcoming EURO 2024 is expectedto fuel sales in Q2 and Q3Ž24. Overall we expect sales of EUR 47.4m in FY23and EUR 49.8m in FY24. Improving profitability. On the back of risks that are largely undercontrol, improving topline, the full positive effect of headcount reductionin 2023 and the successful outsourcing and streamlining of operations, weexpect bet-at-home to double EBITDA to EUR 1.5m in FY24. Favorable macroeconomic trends. Long-term trends such as the shift towardsonline, the increasing acceptance of betting and gambling and the dry outof the black market in Germany, as a result of the GlüStV are clear growthdrivers. Even better, betting and gambling revenues are rather independentfrom general consumption that is currently under pressure. For now, we remain cautious, but as soon as the abovementioned trends startto materialize and the risks vanish further, we are set to reevaluate orposition on the stock again. HOLD with an unchanged, PT of EUR 3.80 based on FCFYŽ23e.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28657.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.°