^Original-Research: bet-at-home.com AG - from NuWays AG17.04.2025 / 09:00 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQSGroup.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.com AG Company Name: bet-at-home.com AG ISIN: DE000A0DNAY5 Reason for the research: Update Recommendation: BUY from: 17.04.2025 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Frederik JarchowSolid FY24 figures // Waiting for the ECJ decision; chgTopic: bet-at-home reported final FY24 figures above our estimates on thetopline and on EBITDA before special items, while one-offs burdened thereported EBITDA. In detail:Sales came in at EUR 52.3m (+13.3% yoy), above our estimates of EUR 50.2m(eNuW), driven by a substantial volume growth in the gaming segment (EUR 51.4mvs EUR 38.4m in FY23 vs eNuW: EUR 46m) and an expansion of the margin in thebetting segment (13% vs 12% in FY23 vs eNuW: 12.5%) and in the gamingsegment (11.2% vs 10% in FY23 vs eNuW: 11.2%) resulting in a betting GGR ofEUR 46.5m (+10% yoy) and Gaming GGR of EUR 5.8m (+51% yoy).EBITDA of EUR -3.3m (vs EUR 0.8m in FY23) came in even below expectations (eNuW:EUR -2.0m), due to oneoffs expenses for customer claims (EUR 0.8m), revaluationof receivables against the bah Entertainment Ltd. (EUR 2.4m) as well asprovisions related to the value-added tax in Switzerland (EUR 4.9m). Leavingoneoffs aside, the operating business developed nicely: growing toplinepaired with stable OPEX resulted in significant scale effects visible in anEBITDA before special items that more than doubled to EUR 4.8m (vs EUR 2.4m inFY23).After another year with an improving operating business, we are looking veryoptimistic into FY25e that should mark a turning point as 1) the liquidationof the Entertainment business is seen to take place and 2) the ECJ isexpected to rule on customer claims in H2. While we consider the liquidationrather as a non-event, as the company "hedged" different scenarios, the ECJdecision could become a game-changer: With a likely ruling of the ECJ infavor of the betting providers, the current customer claims againstbet-at-home and - even more importantly - the looming risks of new customerclaims would be off the table, together with related lifted legal costs.For the moment, we have not modeled that in, expecting further toplinegrowth and EUR 55.7m sales in FY25e and a reported EBITDA EUR 2.5m. Managementplayed it more conservative expecting EUR 46-54m sales and EUR 0-4m EBITDAbefore special items as no event such as UEFA EURO championship is takingplace in FY25 and the betting fees in Austria should increase from 2% to 5%.Still, as the operating business is developing nicely and all sources ofrisks are likely to vanish soon, we reiterate BUY with an unchanged (butconservative) PT of EUR 5.50 based on FCFYŽ25e.You can download the research here: http://www.more-ir.de/d/32276.pdfFor additional information visit our website:https://www.nuways-ag.com/research-feedContact 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---------------------------------------------------------------------------2119720 17.04.2025 CET/CEST°