Wednesday, March 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, 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 Q4, better than expected. The company reported year-over-year Q4 net gaming revenue growth of 70% to €37.7 million, illustrated in Figure #1 Q4 Results. The quarterly revenue growth marked an acceleration compared with Q3 revenue growth of 54%. Notably, full-year net gaming revenue of €123 million was better than guidance of €115 million to €120 million.
CEO change, strong management bench. The company announced that Moshe Edree will step down as CEO and begin serving as Executive Vice Chairman. Aviv Sher is assuming the role of CEO, having previously served as the company’s COO. Mr. Sher has worked in the industry for more than 15 years.
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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).
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