bet-at-home - FY shortfall but cash pay-outs remain high

bet-at-home is a long-established sports betting brand, successfully cross-selling into gaming. FY17 revenues grew 4.8% to €145.4m, with an EBITDA of €35.5m, in line with guidance but lower than consensus of €146.4m and €37.3m respectively. Guidance for FY18 is also 8% and 13% below revenue and EBITDA consensus. Nonetheless, the company now has 4.8m customers and is well positioned to benefit from the 2018 FIFA World Cup. Largely due to regulatory concerns in Poland, the stock has fallen over 35% from its highs and now trades at 14.9x 2018e EV/EBITDA. This is still a premium to peers, but the 7.3% dividend yield for 2017 is very attractive.