NuWays AG Issues Buy Recommendation for Bet-at-home.com AG

Bet-at-home.com AG's recent Q2 figures reveal mixed results. Sales dropped to €11.8 million, a 14% decrease year-over-year, largely due to the absence of significant sports events. However, the company showed robust profitability with margins in the betting segment improving to 14.1% and an EBITDA increase of 61% to €1.2 million.

Despite this, operational expenses were lower than expected, and marketing spend was reduced. The company's undiluted operating performance, measured by EBITDA before special items, reached €1.4 million, outpacing expectations. Looking forward, potential positive legal outcomes, such as a favorable ECJ ruling, could eliminate risks and enhance stock performance.