bet at home com AG

The company maintains a strong liquidity position, with cash and equivalents amounting to EUR 34.65 million, significantly exceeding its total equity of EUR 27.44 million. This liquidity provides a buffer against short-term obligations and supports operational flexibility. The debt-to-equity ratio of 0.0 indicates no leverage, which is uncommon in the gaming industry and suggests a conservative capital structure. The return on equity of 1.39% is below the typical performance of the sector, indicating that the company is not generating strong returns relative to its equity base.

Profitability metrics show a gross profit of EUR 9.14 million and an operating income of EUR 391,000, translating to a gross margin of 77.9% and an operating margin of 3.3%. These figures are in line with the industry's median gross margin but fall short of the median operating margin for the Casinos & Gaming sector. The net income of EUR 381,000 reflects a net margin of 0.32%, which is below the sector median, suggesting that the company is underperforming in terms of profitability relative to its peers.

The company's revenue is concentrated in a few key markets, with Germany being the largest contributor. This geographic concentration exposes the company to regulatory and economic risks specific to the German market. The lack of diversification in revenue sources could limit growth potential and increase vulnerability to market-specific downturns.

Looking ahead, the company is projected to experience modest revenue growth in the current fiscal year, with a slight increase in the next fiscal year. The growth trajectory is supported by the expansion of its online platform and the introduction of new betting products. However, the pace of growth is expected to remain moderate due to regulatory constraints and competitive pressures in the European online gaming market.

The risk assessment indicates a low probability of liquidity and dilution issues in the near term. The company has no immediate filing-based liquidity or dilution flags, and the dilution potential is assessed as low. The conservative capital structure and strong cash reserves further support this assessment. However, the company's low return on equity and thin operating margins suggest that it may need to explore cost optimization or revenue diversification strategies to improve its financial performance.

Recent events include the company's continued focus on regulatory compliance and the expansion of its digital offerings. The company has also been active in investor relations, with recent filings and transcripts highlighting its strategic initiatives and financial performance. These activities indicate a proactive approach to stakeholder communication and market positioning.

Analysts project 103% upside to a €5.50 target price, signaling strong confidence in future performance.

The company maintains a zero debt-to-equity ratio, significantly below the 0.17 median for the Casinos & Gaming cohort.

Estimated fiscal 2026 results show a return to profitability with €2.27 million net income and positive operating income.

Dilution and liquidity risks are assessed as low, suggesting a stable capital structure and adequate market depth.

Estimated free cash flow turns positive to €2.995 million in fiscal 2026, indicating improved cash generation capabilities.

Revenue declined at a 3.1% CAGR over four years, reflecting a persistent downward trend in top-line growth.

Operating margin of 3.3% and net margin of 3.2% both fall significantly below their respective cohort medians.

Return on equity of 1.39% is well below the 3.05% median for the Casinos & Gaming peer group.

Net income volatility is extreme, swinging from a €11.9 million profit in 2023 to a €4.45 million loss.

Free cash flow turned negative to -€3.216 million in the latest period, reversing the positive flow seen in 2023.

Revenue €48.0M, −8,2% YoY; Operating income +150,0% YoY.

• ▍Revenue €48.0M, −8,2% YoY
• ▍Operating income +150,0% YoY
• ▍Net income +151,0% YoY
• ▍Free cash flow +193,1% YoY
• ▍Net margin 4.7%

Revenue €46.2M, −13,7% YoY; Operating income −936,2% YoY.

• ▍Revenue €46.2M, −13,7% YoY
• ▍Operating income −936,2% YoY
• ▍Net income −112,6% YoY
• ▍Free cash flow −118,2% YoY
• ▍Net margin -3.3%

Revenue €53.5M, −9,8% YoY; Operating income −100,9% YoY.

• ▍Revenue €53.5M, −9,8% YoY
• ▍Operating income −100,9% YoY
• ▍Net income +173,0% YoY
• ▍Free cash flow +127,6% YoY
• ▍Net margin 22.2%

Revenue €59.3M; Operating income €11.7M.

• ▍Revenue €59.3M
• ▍Operating income €11.7M
• ▍Net margin -27.5%