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Codere Online (CDRO) – A Favorable Bet On Controlled Expansion

Media and Entertainment
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Thursday, November 17, 2022

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, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strong Q3 results. Net gaming revenue grew 54% in the quarter to €30.6 million, despite only a 4% increase in active users. Management attributed revenue growth to more spending from existing users. Notably, revenue in Mexico, Spain and Columbia increased 85%, 29% and 100%, respectively. 

Revenue outlook on track. Management shifted full year guidance to the higher end of its previous range, now €115 million to €120 million from its previous range of €110 million to €120 million. The shift to the high end of previously issued guidance is progress on the path towards profitability, which management expects to reach in 2024.  


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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