Bet-at-home.com AG: NuWays AG Issues "BUY" Recommendation

NuWays AG has issued a "BUY" recommendation for bet-at-home.com AG, with a target price set at EUR 5.5 for the next 12 months. This comes after bet-at-home released its FY25 financial results. The report indicates a decline in gross betting and gaming revenue (GGR) to €48.0 million, mainly due to regulatory pressures and increased sports betting taxes in Austria. While the betting segment saw a decrease, the gaming segment grew by 15% year-over-year, showing a positive trend.

EBITDA before special items reached €2.6 million, aligning with the previously provided guidance. Looking forward to FY26, the FIFA World Cup 2026 is expected to boost the betting segment significantly. Additionally, a stable operational expenditure could lead to improved profitability despite the Austrian tax increase. The company's founders, now major shareholders, could facilitate regional expansion, potentially leading to a positive market re-evaluation.