Friday, February 21, 2025
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.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Currency exchange impact. Q4 revenue of €52.6 million was roughly in line with our estimate of €55.0 million in spite of currency headwinds. Adj. EBITDA of €1.9 million was better than our estimate of €1.5 million, as illustrated in Figure #1 Q4 Results. Revenues would have been stronger if not for the depreciation of the Mexican Peso, down roughly 13.5% against the Euro. On a constant currency basis, revenue was up a strong 15% compared to reported growth of 5%.
NASDAQ extends deadline. The company’s auditor, Marcum, resigned unexpectedly in December, quickly replaced by MaloneBailey. Importantly, the company was able to present a plan to NASDAQ in its hearing on January 16 and was granted an extension until May 12 to file its 2023 annual report, the maximum extension allowed. The company intends to file within the extension deadline.
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