Codere Online (CDRO) – Full Year Profitability on the Horizon: Raising Price Target

Media and Entertainment
0 min read

Tuesday, May 21, 2024

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.

Solid Q1 results. The company reported Q1 revenue of €53.0 million, beating our estimate of €45.0 million by 17.8%. Adj. EBITDA in the quarter was positive €1.7 million, which beat our estimate of a loss of €1.0 million. Notably, the company grew revenue by 34% from the comparable prior year quarter.

Momentum in Mexico and Spain. Strong revenue growth in Mexico (+51%) and Spain (+21%) fueled the revenue outperformance. Some significant developments; the company grew its total active customer base by 25% in both markets and it obtained regulatory approval for operations in the province of Mendoza, Argentina. In our view, the company is poised to carry strong revenue momentum through 2024 and should swing toward positive cash flow on a full-year basis.

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*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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