Friday, September 01, 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.
Strong Q2 results. The company reported better-than-expected revenue and adj. EBITDA. Q2 revenue was €39.1 million and adj. EBITDA was a loss of €4.5 million, compared with our estimates of €36.0 million and a loss of €6.8 million, respectively.
Key markets performing well. In Mexico and Spain, the company reported another quarter of robust year-over-year revenue growth. In Mexico, revenue grew 51% to €18.0 million while, in Spain, revenue grew 24% to €17.5 million. Notably, this was the first quarter in which revenue from Mexico eclipsed the revenue in Spain.
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