Original-Research: bet-at-home.com AG (von NuWays AG): BUY - T-Online

Original-Research: bet-at-home.com AG - from NuWays AG

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

Classification of NuWays AG to bet-at-home.com AG

bet-at-home.com will release its Q3 figures on November 5th. We expect top-

and bottom-line improvements, with particularly strong growth in Gaming. In

Strong GGR growth anticipated. GGR is to rise by 9.3% yoy to EUR 11.2m (eNuW),

with both segments contributing. Key growth drivers include an anticipated

acceleration in Gaming. Net revenue looks set to grow faster than GGR,

rising 11.1% yoy to EUR 8.5m (eNuW), as a higher Gaming share reduces the tax

burden (eNuW: EUR 2.7m, 24.5% of GGR).

Online Gaming GGR is seen to improve 23.6% yoy to EUR 2.1m (eNuW). Volumes are

seen to increase by 24% yoy to 17.4m (eNuW), as bet-at-home.com continues to

regulatory change is seen to provide an additional boost. Effective July 1,

3 and even as much as EUR 5 under certain conditions. We assume that

bet-at-home.com has implemented this as it came into effect and customers to

have responded positively. Against a strong comparable base, we assume a

broadly stable Gaming margin of 12.1% (eNuW).

Online Betting GGR is to grow 6.4% yoy to EUR 9.1m (eNuW). We expect the

Betting margin to improve by 0.5pp yoy to 13.5% (eNuW), supported by

internal optimization efforts. Following a weak Q1, volumes started to

stabilize with elevated marketing spending in Q2 but still fell 5.6% yoy.

Against this backdrop, volumes are seen to rise by 2.5% yoy to 67.4m (eNuW)

initiatives resulting in an improved betting offering and usability. The

consumer test published by DtGV in October 26. Overall, it was ranked third

EBITDA before special items to improve. Given the stronger GGR and a

projected to come in at EUR -0.5m (eNuW), compared to EUR -0.9m in Q3 25. The

EBITDA margin is to improve by 4.1pp to -4.7% (eNuW).

Improvements expected to gain traction. bet-at-home.com is pursuing various

initiatives to strengthen the user experience. Initial progress was already

last survey at the end of FY25. The recent consumer test rankings of DtGV

further underline the positive perception of changes made. In our view, the

Estimates unchanged. We expect Gaming to maintain its strong growth

per spin representing a potential short-term catalyst. While Betting revenue

stronger growth in Q4. Accordingly, we maintain our FY26 GGR estimate of EUR

49m. By contrast, the FY26 EBITDA before special items guidance of EUR 0-4m

appears feasible, but demanding. We project the 9M figure at EUR -1.2m.

contribution. We reiterate BUY at a PT of EUR 5.0, based on FCFY´26e.

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=1f4a691dbbc03f64c52be2204d9a59cf

LinkedIn: https://www.linkedin.com/company/nuwaysag

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