Shares of sports data provider Sportradar (NASDAQ:SRAD) are trending lower today after the company announced robust fourth-quarter numbers.
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Revenue increased 35.4% year-over-year to €206.3 million. Driven by managed betting services (MBS) and a boost from the FIFA world cup, the company’s MTS trading volume increased by 75%.
Further, revenue from the U.S. segment increased by 77% to €41.2 million. The uptick in revenue also helped SRAD improve its adjusted EBITDA by 64% to €35.1 million. Additionally, the company has also pared down its debt by €220 million, becoming debt free as a result.
Looking ahead, for fiscal 2023, the company expects revenue to range between €902 million and €920 million. Adjusted EBITDA is anticipated between €157 million and €167 million pointing to a year-over-year growth between 25% and 33%.
Overall, Wall Street has a consensus price target of $13.50 on SRAD, implying a 14.8% potential upside in the stock. That’s on top of a 21% gain in the share price so far in 2023.
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