Thursday, November 21, 2024
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Positive upside. The company is expected to report Q3 results within the next 2 weeks. We are re-iterating our Q3 estimates of $50.0 million in revenue and $0.4 million in adj. EBITDA. Moreover, we believe there could be upside to our revenue estimate, which may be conservative.
Peso headwind. We expect solid results in Spain, bolstered by the rollback in marketing restrictions in the country. As for the company’s other core market, Mexico, trends appear to be strong. Weakness in the Peso, however, has presented a headwind for the company, which reports in Euros. Nonetheless, we expect a strong quarter, currency exchange concerns notwithstanding.
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