Original-Research: bet-at-home.com AG (von NuWays AG): Buy

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

15.09.2026 / 09:00 CET/CEST

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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

Target price: EUR 5

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

World Cup to boost growth in Q2 26; chg. Est

bet-at-home.com is to report its Q2 26 figures on 21 September. We expect a

quarter of strong top-line growth on the back of the World Cup. In detail:

Q2 net revenue is seen to accelerate by 9.8% yoy to EUR 9.7m (eNuW), driven by

special advertisements, which should support online betting and through

greater brand visibility also add to online gaming growth.

Growth to be carried by both segments. We expect online sports betting GGR

up 9.5% yoy to EUR 11.2m (eNuW), with volumes projected up 5.8% yoy to 76.9m

(eNuW) bets on the back of the World Cup and a gross margin improvement of

0.5pp yoy to 14.6% (eNuW) on a favorable betting mix development

anticipated. Online gaming GGR is seen to rise by 10.7% yoy to EUR 1.7m

(eNuW), as stronger brand visibility is expected to raise the volume (+ 8.3%

yoy) to 14.7m (eNuW) with a gross margin largely consistent with Q1 26 at

11.9% (eNuW; +0.5pp yoy).

World Cup-related marketing spending is to burden EBITDA, despite partial

compensation from a stronger top line. In our view, the additional special

advertisements in multiple countries (i. e. Germany and Austria) should

reflect in marketing expenses of EUR 5.7m (eNuW), up 72% yoy. Given the

substantially higher costs anticipated, we project reported EBITDA to come

in at EUR -0.3m (eNuW), below Q2 25 reported EBITDA of EUR 1.2m.

Upper half of FY26 guidance viewed as ambitious. The company expects FY26

results to reflect EUR 46-54m in gross betting and gaming revenue with EBITDA

before special items ranging from EUR 0-4m. Despite anticipating a stronger H2

from elevated brand visibility and a normalized cost base, we adjust our

full year targets from EUR 52.1m in gross betting revenue to EUR 49m (eNuW)

following a weak Q1 26 performance (-16.1% yoy) and our EBITDA projection

from EUR 3.6m to EUR 0.5m (eNuW) on a weak Q1 contribution (EUR -0.3m) and

anticipated higher costs in Q2.

Positive regulatory developments on the horizon. The Austrian government is

currently pursuing a major reform of the Glücksspielgesetz that would end

the effective monopoly in online gambling and replace it with a competitive

licensing system. If passed, this draft could open up the way to an official

license for bet-at-home.com AG. Although we do not yet include this in our

projections due to remaining uncertainty on timing and conditions, this

could become a favorable catalyst towards strengthening the online gaming

segment.

Our conviction remains that the company provides investors with an

attractive value proposition. This is supported by current valuation (0.9x

P/B), two highly cash generating double-digit margin segments and the

company's high net cash base. Looking ahead, we do not expect any

substantial risks arising from the ongoing, but mostly unchanged legal

legacy proceedings. We reiterate BUY with a new PT of EUR 5.0 (previously EUR

5.5), based on FCFY'26e.

- change in analyst -

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e873a5d7858d6a48d16027b8adc47d2b

For additional information visit our website:

https://www.nuways-ag.com/research

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

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

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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