Financials Betsson B Nasdaq Stockholm

Equities

BETS B

SE0014186532

Casinos & Gaming

End-of-day quote Nasdaq Stockholm Other stock markets 06:00:00 2024-02-04 pm EST			5-day change	1st Jan Change
114.4 ^SEK	-1.29%		+0.88%	+5.44%

Apr. 26	Nordic Shares Closed Up Friday; Medicover Series B Climbed Highest	DJ
Apr. 26	Betsson AB Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,046	10,071	7,476	11,597	14,896	16,749	-	-
Enterprise Value (EV) ¹	6,232	10,229	7,502	11,597	14,220	14,657	13,136	11,575
P/E ratio	7.68 x	10.1 x	6.92 x	8.75 x	7.47 x	8.87 x	7.6 x	6.35 x
Yield	6.5%	4.99%	7.21%	-	6.69%	5.7%	6.61%	7.91%
Capitalization / Revenue	1.17 x	1.58 x	1.12 x	1.34 x	1.39 x	1.4 x	1.29 x	1.17 x
EV / Revenue	1.2 x	1.6 x	1.12 x	1.34 x	1.33 x	1.23 x	1.01 x	0.81 x
EV / EBITDA	5.07 x	6.69 x	4.81 x	6.04 x	4.81 x	4.73 x	3.78 x	2.87 x
EV / FCF	7.04 x	14.8 x	10.3 x	-	6.68 x	6.96 x	5.48 x	4.38 x
FCF Yield	14.2%	6.75%	9.68%	-	15%	14.4%	18.2%	22.8%
Price to Book	1.23 x	1.99 x	1.28 x	-	1.72 x	1.8 x	1.59 x	1.37 x
Nbr of stocks (in thousands)	138,415	136,652	136,801	136,801	137,286	137,286	-	-
Reference price ²	43.68	73.70	54.65	84.77	108.5	122.0	122.0	122.0
Announcement Date	2/13/20	2/9/21	2/10/22	2/14/23	2/15/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,173	6,390	6,672	8,658	10,678	11,960	13,005	14,295
EBITDA ¹	1,230	1,529	1,560	1,921	2,958	3,100	3,477	4,029
EBIT ¹	865	1,170	1,194	1,462	2,371	2,486	2,855	3,339
Operating Margin	16.72%	18.3%	17.89%	16.88%	22.2%	20.78%	21.95%	23.36%
Earnings before Tax (EBT) ¹	810.9	1,069	1,137	1,388	2,194	2,291	2,671	3,163
Net income ¹	787.5	1,006	1,080	1,332	1,997	1,937	2,259	2,687
Net margin	15.22%	15.75%	16.18%	15.39%	18.7%	16.19%	17.37%	18.79%
EPS ²	5.690	7.320	7.900	9.692	14.53	13.75	16.06	19.21
Free Cash Flow ¹	885.2	690.6	726.2	-	2,128	2,105	2,396	2,640
FCF margin	17.11%	10.81%	10.88%	-	19.93%	17.6%	18.42%	18.47%
FCF Conversion (EBITDA)	71.99%	45.18%	46.55%	-	71.95%	67.91%	68.9%	65.53%
FCF Conversion (Net income)	112.41%	68.61%	67.25%	-	106.6%	108.68%	106.04%	98.26%
Dividend per Share ²	2.840	3.680	3.940	-	7.264	6.948	8.061	9.656
Announcement Date	2/13/20	2/9/21	2/10/22	2/14/23	2/15/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,733	1,595	1,767	1,946	2,191	2,458	2,518	2,726	2,792	2,837	2,905	3,061	3,084	3,346	3,059
EBITDA ¹	418.5	307.5	346.7	410.5	531.5	569.3	616.1	778.1	809.7	809.7	838.1	794.7	812.3	975.2	849
EBIT ¹	323.6	210.6	245	305	420	445.6	487.9	627.3	658.1	641.9	677.7	629	652.4	815.3	697.8
Operating Margin	18.67%	13.21%	13.87%	15.67%	19.17%	18.13%	19.38%	23.02%	23.57%	22.63%	23.33%	20.55%	21.16%	24.37%	22.81%
Earnings before Tax (EBT) ¹	310.3	193.7	231.5	328	383.9	398.8	464.1	599.7	597	573.2	637.9	583.5	606.9	764	662.9
Net income ¹	303.2	189.5	220.1	305	362	403.3	427.8	577.8	560.6	469.6	483.4	498.9	516.5	648.5	558.2
Net margin	17.49%	11.88%	12.46%	15.67%	16.53%	16.41%	16.99%	21.2%	20.08%	16.55%	16.64%	16.3%	16.75%	19.38%	18.25%
EPS ²	2.220	1.390	1.661	2.194	2.625	2.896	3.177	4.259	4.113	3.378	3.512	3.619	3.736	4.705	4.070
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/26/21	2/10/22	4/28/22	7/21/22	10/26/22	2/14/23	4/27/23	7/20/23	10/26/23	2/15/24	4/26/24	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	186	158	26	-	-	-	-	-
Net Cash position ¹	-	-	-	-	676	2,092	3,613	5,174
Leverage (Debt/EBITDA)	0.1513 x	0.1034 x	0.0167 x	-	-	-	-	-
Free Cash Flow ¹	885	691	726	-	2,128	2,105	2,396	2,640
ROE (net income / shareholders' equity)	16.6%	20.3%	19.9%	-	24.9%	21.3%	22.1%	22.7%
ROA (Net income/ Total Assets)	10.4%	12.6%	12.4%	-	16%	13.9%	14.4%	14.5%
Assets ¹	7,583	7,979	8,720	-	12,493	13,934	15,690	18,529
Book Value Per Share ²	35.40	37.10	42.60	-	63.20	67.80	76.90	88.70
Cash Flow per Share	-	-	10.70	-	-	-	-	-
Capex ¹	265	366	327	-	466	523	570	616
Capex / Sales	5.12%	5.72%	4.9%	-	4.37%	4.38%	4.38%	4.31%
Announcement Date	2/13/20	2/9/21	2/10/22	2/14/23	2/15/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Betsson B

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

122 SEK

Average target price

139 SEK

Spread / Average Target

+13.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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