^Original-Research: bet-at-home AG - from NuWays AGClassification of NuWays AG to bet-at-home AGCompany Name: bet-at-home AGISIN: DE000A0DNAY5Reason for the research: UpdateRecommendation: Haltenfrom: 16.05.2024Target price: EUR 5.50Target price on sight of: 12 MonatenLast rating change: Analyst: Frederik JarchowSolid Q1 // indicative decision weighs on the stock; chg Topic: bet-at-home reported Q1 figures broadly in line with estimates.Ramped-up marketing spending burdened bottom line but should fuel toplinegrowth during UEFA EURO championship in Q2/Q3. In detail: Sales came in at EUR 11.7m (-12% yoy, 1% qoq), slightly above our estimatesof EUR 11.5m, driven by the Betting GGR of EUR 10.6m (-13% yoy, 2% qoq vs eNuW:EUR 10.6m) and Gaming GGR that stood at EUR 1.1m (4% yoy, -15% qoq vs eNuW: EUR0.9m). While gaming volume and gaming margin were higher than expected (EUR11.1m vs eNuW: 10.4m and 9.8% vs eNuW: 8.4%), betting volume and marginwere fully in line with estimates. EBITDA of EUR 0.7m (-58% yoy; -13% qoq) was broadly in line (eNuW: EUR 0.8m).Lower than anticipated other operating expenses (EUR 2.6m vs eNuW: EUR 3.0m)compensated for higher marketing spending (EUR 4.5m vs eNuW: EUR 4.1m), whilepersonnel expenses remained rather stable, as anticipated. Undilutedoperating performance measured with EBITDA before special items (i.e.non-operating costs in connection with customer claims and the liquidationof the Entertainment) came in at EUR 0.2m (vs EUR 2.5m in Q1Ž23). Overall, the figures indicate a solid start into the year. Ramped-upmarketing spending pave the way for strong growth of betting volumes duringthe UEFA EURO championship in Q2/Q3, resulting in ramped-up topline(assuming stable betting margins). As we expect marketing spending toremain high throughout Q2, scale effects - also carried by taken efficiencymeasures, such as outsourcing and streamlining of processes - should notmaterialize before Q3. Taking all that into account, FY24 sales should endup at EUR 49.8m and FY24 EBITDA at EUR 1.4m, both in line with the guidancerange of EUR 45-53m sales and -1m to EUR 2.5m EBITDA before special items.While the risks associated with the liquidation process of theEntertainment Ltd. and provisions for current and potential new customerclaims in Austria seem to be largely under control, the new uncertaintyarising from the indicative decision of The Federal Court of Justice shouldburden the stock for at least the next six months (eNuW), despite asustainably profitable operating business and a negative EV. We hence reiterate HOLD with an unchanged PT to EUR 5.50 based on FCFYŽ24e.You can download the research here:http://www.more-ir.de/d/29773.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.°