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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>bet-at-home is a long-established sports betting brand with positive online growth drivers. H117 revenues grew an impressive 17.5%, with an EBITDA margin of 22.6%. After heavy investment in marketing, the company now has 4.7m customers and is well positioned to benefit from the 2018 FIFA World Cup. Following regulatory concerns in Poland, the stock has fallen from its highs and now trades at 15.0x 2018e EV/EBITDA, which is still a premium to the peer group. However, management has reiterated its FY17 guidance. Solid cash position and 4.3% 2018e dividend yield are attractive.</p>

bet-at-home is a long-established sports betting brand with positive online growth drivers. H117 revenues grew an impressive 17.5%, with an EBITDA margin of 22.6%. After heavy investment in marketing, the company now has 4.7m customers and is well positioned to benefit from the 2018 FIFA World Cup. Following regulatory concerns in Poland, the stock has fallen from its highs and now trades at 15.0x 2018e EV/EBITDA, which is still a premium to the peer group. However, management has reiterated its FY17 guidance. Solid cash position and 4.3% 2018e dividend yield are attractive.

Full year on track, despite Polish concerns

<p>bet-at-home is a long-established sports betting brand with positive online growth drivers. An aggressive 2016 marketing campaign has boosted customer numbers and strong EBITDA growth is expected to continue into 2017. A high cash balance of &#8364;91.8m, together with a remaining &#8364;29m shareholder loan, supports the special dividend in May 2017. At 15.9x 2017e EV/EBITDA, the shares have traded well, helped by inclusion on the SDAX, as well as an attractive 7.1% 2016 dividend yield.</p>

bet-at-home is a long-established sports betting brand with positive online growth drivers. An aggressive 2016 marketing campaign has boosted customer numbers and strong EBITDA growth is expected to continue into 2017. A high cash balance of &#8364;91.8m, together with a remaining &#8364;29m shareholder loan, supports the special dividend in May 2017. At 15.9x 2017e EV/EBITDA, the shares have traded well, helped by inclusion on the SDAX, as well as an attractive 7.1% 2016 dividend yield.

Germany

Bet-At-Home.com AG operates as an online gaming and sports betting company. The Company offers sports, poker, and casino gambling services. Bet-At-Home.com serves customers in Europe.

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bet-at-home.com AG (ACX GR)

Full year on track, despite Polish concerns

bet-at-home is a long-established sports betting brand with positive online growth drivers. H117 revenues grew an impressive 17.5%, with an EBITDA...

Edison Investment Research

Marketing investment pays off

bet-at-home is a long-established sports betting brand with positive online growth drivers. An aggressive 2016 marketing campaign has boosted...

Edison Investment Research

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