Friday, May 12, 2023
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.
Beats Q1 expectations. The company reported strong Q1 results with net gaming revenue (NGR) of €39.5 million and an adj. EBITDA loss of €2.3 million, compared with our forecast of €33.5 million and a loss of €9.2 million, respectively. The company achieved the favorable results after lowering its marketing spend to streamline its path to profitability.
Performing well in Mexico. Despite lower marketing spend, net gaming revenue (NGR) in Mexico continued to grow in Q1. NGR of €17.6 million was up 75% while the adj. EBITDA loss of €2.0 million, compared with a €7.7 million loss in the prior year period. The strong results in Mexico were driven by a 42% increase in active users and higher spend per active user.
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