^Original-Research: bet-at-home AG - from NuWays AG26.07.2024 / 09:01 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQSGroup AG.The issuer is solely responsible for the content of this research. Theresult of this research does not constitute investment advice or aninvitation to conclude certain stock exchange transactions.---------------------------------------------------------------------------Classification of NuWays AG to bet-at-home AG Company Name: bet-at-home AG ISIN: DE000A0DNAY5 Reason for the research: Update Recommendation: BUY from: 26.07.2024 Target price: EUR 5.50 Last rating change: Analyst: Frederik JarchowAll eyes on the European Court of Justice; chgTopic: Yesterday, the Federal Court of Justice in Germany announced to haveappealed the European Court of Justice in the legal dispute of a Tipicoclient against Tipico over the reimbursement of losses between 2013-18 fromunauthorized sports betting, a positive x-read for bet-at-home.The expected ruling of the ECJ should point the way for thousands of similarcases against online betting providers in Germany, including customer claimsagainst bet-at-home with the latest publicly available value in dispute of EUR1.9m. As the ECJ had already ruled in criminal proceedings that the lack ofa German license due to a non-transparent license procedure can not be heldagainst providers authorized in the EU, we see a significantly higherlikelihood of a ruling in favor of bet-at-home and other online bettingproviders. Still, we do not expect the ECJ to rule in the case beforeQ2/Q3Ž25. Until that, the current status of customer claims is seen toremain rather unchanged, while new customer claims should not appear.With a likely ruling of the ECJ in favor of the betting providers, thecurrent customer claims against bet-at-home and - even more importantly -the looming risks of new customer claims would be off the table, togetherwith related lifted legal costs. As a result, risks and legal costs wouldnormalize again, and provisions would be released. All that would bode wellfor EBITDA. Further, tailwinds from the UEFA EURO championship should havefuelled betting volumes topline in Q2/Q3 (assuming stable betting margins).Due to high expected marketing spending also throughout Q2, scale effects -also carried by taken efficiency measures, such as outsourcing andstreamlining of processes - should not materialize before Q3. Taking allinto account, FY24 sales should still end up at EUR 49.8m and (reported)EBITDA at EUR 1.4m, both in line with the guidance range of EUR 45-53m in salesand -1m to EUR 2.5m in EBITDA before special items. Mind you that we have notyet modeled in potential positive effects from the expected ruling of theECJ, as there is still a minor likelihood, of a ECJ ruling not in favor ofthe betting providers.Still, as of now, all sources of risk, that burdened the case for a longtime, including risks associated with the liquidation process of theEntertainment Ldt. and provisions for current and potential new customerclaims in Austria and Germany are seen to vanish. betat-home hence turnsinto a (speculative) BUY (old: HOLD) with an unchanged (but conservative) PTof EUR 5.50 based on FCFYŽ24e.You can download the research here: http://www.more-ir.de/d/30293.pdfFor additional information visit our website: www.nuways-ag.com/researchContact for questions:NuWays 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 Abschlussbestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim obenanalysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++---------------------------------------------------------------------------The EQS Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Archive at www.eqs-news.com---------------------------------------------------------------------------1954675 26.07.2024 CET/CEST°