Better Collective A/S

BETCO

Equity

ISIN DK0060952240 / Valor 41903231

NASDAQ Nordic Exchange Stockholm, Equities (2024-12-23)

SEK 109.80-1.61%

Better Collective A/S
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About company

Better Collective A/S, founded in Denmark in 2004 by Jesper Søgaard and Christian Kirk-Rasmussen, has evolved into a prominent digital sports media group. The company has experienced significant growth through strategic acquisitions, aiming to establish itself as the leading entity in the digital sports media sector. With its headquarters in Copenhagen and operations extending through more than 20 offices globally, Better Collective has diversified its business model to include performance-based marketing within the sports betting industry, strategic partnerships, premium subscriptions, advertising, and sponsorship deals. This multifaceted approach allows the company to generate revenue through various streams, including commissions from advertising sportsbooks and fixed fees for customer acquisitions. Better Collective's portfolio encompasses a wide array of sports, from popular leagues like the Premier League and the NFL to more niche competitions, engaging fans through exclusive videos, podcasts, editorial news, and expert commentary. The company's mission is to excite sports fans and foster passionate communities worldwide, leveraging its national and international sports media brands to achieve this goal.

Summarized from source with an LLMView SourceSector: Business Services

Revenue Performance

In Q4 2023, Better Collective A/S reported a revenue of 85 million EUR, which was flat compared to the 86 million EUR reported in Q4 2022. Despite this, the company managed to exceed its full-year revenue guidance. The recurring revenue for the quarter was 47 million EUR, showing a growth of 15% and making up 56% of the total group revenue.

EBITDA and Margins

Better Collective A/S's EBITDA before special items for Q4 2023 was 30 million EUR, down 16% from the 35 million EUR reported in Q4 2022. The EBITDA margin before special items stood at 35%. The decrease in EBITDA was mainly due to the ongoing transition to revenue share in the US and tough comparisons from the Ohio state launch pre-registration.

Cash Flow and Capital Reserves

Cash flow from operations before special items in Q4 2023 was 38 million EUR, up from 21 million EUR in Q4 2022, resulting in a cash conversion rate of 124%. By the end of 2023, Better Collective A/S had capital reserves of 122 million EUR, including 43 million EUR in cash, 7 million EUR in other current financial assets, and 72 million EUR in unused credit facilities.

New Depositing Customers

Better Collective A/S sent more than 483,000 new depositing customers (NDCs) in Q4 2023, down 17% from the previous year due to tough comparisons with the World Cup 2022. Of these NDCs, 80% were sent on revenue share contracts. For the entire year of 2023, the company sent a record-breaking 1.9 million NDCs, up 14%, with 83% on revenue share contracts.

2024 Financial Targets

Looking ahead, Better Collective A/S has set ambitious financial targets for 2024. The company aims for a revenue range of 390-420 million EUR, representing a growth of 19-29%. The EBITDA before special items is targeted to be between 125-135 million EUR, indicating a growth of 13-22%. Additionally, the company aims to maintain a net debt to EBITDA ratio below 3x.

Summarized from source with an LLMView Source

Key figures

-57.1%1Y

-41.7%3Y

39.2%5Y

Performance

64.1%1Y

51.1%3Y

54.1%5Y

Volatility