^Original-Research: bet-at-home.com AG - from NuWays AGClassification of NuWays AG to bet-at-home.com AGCompany Name: bet-at-home.com AGISIN: DE000A0DNAY5Reason for the research: UpdateRecommendation: HOLDfrom: 07.03.2024Target price: 5.50Target price on sight of: 12 MonatenLast rating change: Analyst: Frederik JarchowSolid FY23 prelims and FY24 guidance; chg. Topic: Yesterday, bet-at-home reported solid FY23 prelims and released anew guidance for FY24, which is in line with estimates. In detail: Sales came in at EUR 46.2m (-14% yoy), slightly below our estimates of EUR47.4m, mainly due to lower betting GGR of EUR 42.3m (-14% vs eNuW: EUR 44.5m)that was partially compensated by Gaming GGR that stand, at EUR 3.8m (-14%yoy vs eNuW: EUR 2.9m). but Still, sales met the management guidance of EUR44-48m exactly at mid-point. EBITDA of EUR 0.8m (vs EUR 2.1m in FY22) was in line with expectations (eNuW: EUR0.7m): While personnel expenses declined as expected by 36% to EUR 8.7m(eNuW: EUR 8.8m), other operating expenses of EUR 12.6m (-22% yoy) came in evenbelow our estimates (eNuW: EUR 14.2m), thanks to declining legal expenses andefficiency measures (i.e. streamlining of operations, cost-cutting) thatbear fruit, compensating for higher marketing expenses of EUR 17.0m (25% yoyvs eNuW: EUR 15.4m). Importantly, bet-at-home introduced the new KPI EBITDAbefore special items (customer claims, liquidation of the Entertainment) inorder to show the undiluted operating performance that stand at EUR 2.4m (vsEUR 4.4m in FY22). With a solid transition year in the books, we expect tailwinds from theimplemented efficiency measures and from the outsourcing and streamliningof processes that should show its full effect in FY24. Further, highermarketing spending in Q3/Q4Ž23 should materialize in H1Ž24, paving the wayto a successful UEFA EURO championship. bet-at-home should hence easilyreach its FY24 sales guidance of EUR 45-53m (eNuW: EUR 50m) and its EBITDAguidance before special items of -1m to EUR 2.5m. Still, the risks associated with the liquidation process of theEntertainment Ldt. and provisions for current and potential new customerclaims are for now limiting the share's upside. Positively, we assume thatonly a small portion of the receivables against the Entertainment Ldt. areat risk and that customer claims should have stabilized. That said andtaken into account a worst-case scenario, the EV should be still clearlynegative, despite a sustainably profitable operating business.Unfortunately, both topics should weigh on the case throughout FY24. In order to reflect the small but incalculable risk from customer claims,we reiterate HOLD but increase our PT to EUR 5.50 (old: EUR 3.80) rolling overvaluation to FCFYŽ24e.You can download the research here:http://www.more-ir.de/d/29089.pdfFor additional information visit our websitewww.nuways-ag.com/research.Contact for questionsDie 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.++++++++++-------------------transmitted by EQS Group AG.-------------------The issuer is solely responsible for the content of this research.The result of this research does not constitute investment adviceor an invitation to conclude certain stock exchange transactions.°