^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: Haltenfrom: 29.04.2024Target price: EUR 5.50Target price on sight of: 12 MonatenLast rating change: Analyst: Frederik JarchowFinal FY23 in line // uncertainty from indicative decision Topic: bet-at-home reported final FY23 figures fully in line with prelims.Importantly, the report provide us with an update regarding receivablesand liabilities against the Entertainment as well as regarding customerclaims in Austria and Germany. In detail: Sales came in at EUR 46.2m (-14% yoy), fully in line with prelims (EUR 46.2m),driven by Betting GGR of EUR 42.3m (-14% yoy) and Gaming GGR that stand at EUR3.8m (-14% yoy). EBITDA of EUR 0.8m (vs EUR 2.1m in FY22) was also fully in line prelims (EUR0.8m). due to declining personnel expenses (-36%) and other operatingexpenses (-22% yoy), compensating for the softer topline. Importantly,leaving aside non-operating costs in connection with customer claims andthe liquidation of the Entertainment, bet-at-home even achieve an undilutedoperating performance (EBITDA before special items) of EUR 2.4m (vs EUR 4.4m inFY22).With an after all solid transition year 2023 in the books, we expectfurther tailwinds from the taken efficiency measures as well as from theoutsourcing and streamlining of processes that should show its full effectin FY24. Further, higher marketing spending in Q3/Q4Ž23 should materializein H1, paving the way to a successful UEFA EURO championship. That, pairedwith an industry showing avg mid- to high single-digit growth rates,bet-at-home provide confidence that bet-at-home should reach its new salesguidance of EUR 45-53m (eNuW: EUR 50m), as well as its guidance for EBITDAbefore special items of -1m to EUR 2.5m, easily. Also risks associated with the liquidation process of the EntertainmentLdt. and provisions for current and potential new customer claims inAustria are largely under control. Unfortunately, the indicative decisionof The Federal Court of Justice in Germany a couple of weeks ago, sayingthat sports betting provider without a license should be in principle beliable to pay a refund, brings new uncertainty of new customer claims tothe case. This should burden the stock for at least the next six month(eNuW), despite a sustainably profitable operating business and a negativeEV. Reflecting the new risks stemming from the indicative decision of TheFederal Court of Justice, we reiterate HOLD with an unchanged PT to EUR 5.50based on FCFYŽ24e.You can download the research here:http://www.more-ir.de/d/29555.pdfFor additional information visit our websitewww.nuways-ag.com/research.Contact for questionsNuWays 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.°