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Codere Online (CDRO) – Poised for Profitability

Media and Entertainment
0 min read


Friday, March 01, 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 Q4 results. The company reported Q4 revenue of €50.1 million, handily beating our estimate of €39.0 million by 28.5%. Adj. EBITDA in the quarter was a loss of $4.1 million, better than our estimate of a loss of €6.2 million, illustrated in Figure #1 Q4 Results. The better than expected Q4 results were driven by strong revenue growth in Mexico and Spain. 

Market performances. The company’s solid Q4 performance was driven by year over year revenue growth of 56% in Mexico and 17% in Spain. In both Mexico and Spain, the number of users and spend per customer increased compared with Q3. Notably, the company displayed strong year-over-year growth, in spite of tough comps in Q4 against such big events as the World Cup. 


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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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