Codere Online (J9T) AI Stock Analysis

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Codere Online

(Frankfurt:J9T)

Rating:―N/A

Action:N/A

Date:―

No summary available

Positive Factors

Raised Growth GuidanceThe higher full-year outlook, supported by record quarterly revenue and stronger customer metrics, indicates improving operating scale and demand. If execution continues, expanding revenue and EBITDA should provide a more durable base for reinvestment and gradually strengthen profitability over the next several quarters.

Negative Factors

Higher Gaming TaxesHigher gaming taxes directly pressure the economics of each unit of revenue and can limit conversion of strong NGR growth into sustainable EBITDA. Continued tax increases in important markets could require pricing, promotional, or marketing adjustments that weigh on margins and growth efficiency.

Codere Online (J9T) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 394.45M
Dividend Yield: ―
Average Volume (3M): 120
Price to Earnings (P/E): 60.9
Beta (1Y): 0.42
Revenue Growth: 1.89%
EPS Growth: -149.69%
Country: Germany
Employees: 369
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Gambling, Resorts & Casinos

Codere Online Business Overview & Revenue Model

Company Description

Specializing in the digital gambling sector, Codere Online Luxembourg, S.A. provides an array of online casino games and sports betting services. Its core operational footprint spans several countries, notably Spain, Italy, Mexico, Colombia, Panama,...

Codere Online Earnings Call Summary

Earnings Call Date:Nov 12, 2026(Q3-2026)|Next Earnings Date:May 13, 2022

Earnings Call SentimentPositive

The call was predominantly positive, supported by strong revenue, gaming-win and adjusted EBITDA growth, higher customer activity and player value, improving year-to-date profitability, cash generation, a debt-free balance sheet, and reiterated full-year guidance. The main challenges were higher Mexican gaming taxes, currency dependence, a slight decline in Mexico active customers, expected fourth-quarter growth moderation, near-term friction from Spanish regulation, and the potential reinstatement of Colombia's 19% deposit VAT.

Positive Updates

Strong Third-Quarter Financial Performance

Third-quarter revenue grew 31% year over year to EUR 62.6 million, adjusted EBITDA increased 45% to EUR 4.2 million from EUR 2.9 million, and gaming win grew 30% to EUR 67.1 million.

Negative Updates

Mexico Adjusted EBITDA Slightly Declined

Despite 37% revenue growth and 39% gaming-win growth in Mexico, adjusted EBITDA was EUR 1.7 million, slightly below last year, reflecting higher gaming taxes and higher marketing investment due to the timing of certain provisions and expenses.

Company Guidance

Codere Online reiterated its full year 2026 outlook of EUR 255 million to EUR 265 million of gaming win and EUR 20 million to EUR 25 million of adjusted EBITDA, remaining confident about meeting the upper part of the range; for Q4, it expects continued growth but growth to be more in the single-digit region, compared with Q4 2025 gaming win of EUR 60.7 million. Full-year marketing is expected to end up close to EUR 100 million, or in the high-90s, close to EUR 100 million, while for 2027 marketing is anticipated to remain in the region of a similar level in terms of euros, with the percentage as a percentage of gaming win probably coming down a little and no massive differences in the absolute number. The NFL sponsorship is within current guidance, and the company said it does not expect any huge effect immediately; Colombia’s 19% VAT on deposits could be reinstated during 2027, potentially for the full year.

Codere Online Risk Analysis

Codere Online disclosed 60 risk factors in its most recent earnings report. Codere Online reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

0 New Risks

Codere Online Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

DE:J9T against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RSI	71Outperform	$2.76B	35.63	21.96%	―	38.66%	9.55%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BALY	53Neutral	$606.64M	-1.02	-103.53%	―	20.38%	-24.51%
INSE	45Neutral	$122.61M	-17.93	53.15%	―	-17.20%	-112.75%

* Consumer Cyclical Sector Average

Performance Comparison

DE:J9T and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:J9T	Codere Online	7.40	2.90	64.44%
INSE	Inspired Entertainment, Inc.	4.55	-3.27	-41.82%
RSI	Rush Street Interactive, Inc.	12.24	-5.11	-29.45%
BALY	Bally's Corporation	12.44	-3.84	-23.59%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Codere Online AI Stock Analysis