Codere Online (CDRON) AI Stock Analysis

Codere Online

(BMV:CDRON)

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Action:N/A

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Positive Factors

Raised guidance and growthThe guidance increase, supported by strong Q2 revenue growth and higher customer activity, indicates that operating momentum is extending beyond a single quarter. Higher expected revenue and EBITDA provide a stronger base for reinvestment, customer acquisition, and sustained improvement in earnings power.

Negative Factors

Higher gaming taxesHigher gaming taxes directly reduce the revenue retained from customer activity and can limit EBITDA conversion even when wagering and net gaming revenue grow. If elevated tax burdens persist in key markets, Codere Online may need greater scale or marketing efficiency to protect margins.

Codere Online (CDRON) vs. SPDR S&P 500 ETF (SPY)

Market Cap: MXN 393.31M
Dividend Yield: ―
Average Volume (3M): ―
Price to Earnings (P/E): 60.2
Beta (1Y): 0.22
Revenue Growth: 11.68%
EPS Growth: -149.81%
Country: Mexico
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:Jul 29, 2026(Q2-2026)|% Change Since:-2.97%|Next Earnings Date:May 12, 2022

Earnings Call SentimentPositive

The call communicated broad, tangible operational and financial progress—record quarterly revenue, significant YoY growth across core markets (Spain and Mexico), improved customer engagement and monetization, raised full-year guidance, margin expansion, positive World Cup impact, and a stronger cash position with no financial debt. Offsetting items include higher gaming taxes (notably in Mexico and Colombia), regulatory uncertainty in Colombia and Spain, competitive intensity in Mexico requiring continued marketing investment, and limited near-term clarity on retention of tournament-acquired users. On balance, the positives (revenue, guidance raise, margin improvement, cash generation, market rebounds) materially outweigh the negatives, though management acknowledged several risks and areas of caution.

Positive Updates

Record Quarterly Revenue and Strong YoY Growth

Consolidated net gaming revenue of EUR 69.4 million in Q2 2026, up 27% versus Q2 2025, described as the company's highest quarterly revenue to date.

Negative Updates

Higher Gaming Taxes Pressure Margins

Gaming taxes as a percent of NGR increased materially in Q2, driven primarily by Mexico and Colombia (Colombia now levying the 19% tax on gross gaming revenue), creating headwinds to profitability.

Company Guidance

Codere Online raised its full‑year 2026 guidance to net gaming revenue of EUR 255–265 million (from EUR 235–245 million) and adjusted EBITDA of EUR 20–25 million (from EUR 15–20 million), reflecting strong Q2 results (NGR EUR 69.4m, +27% YoY; adjusted EBITDA EUR 5.8m, 8.4% margin vs 4.3% LY). Key operating metrics: average monthly active customers ~173,000 (+12% YoY), average monthly spend per active customer EUR 134 (+13% YoY), ~108,000 first‑time depositors in Q2 (+37% YoY) with CAC improving to ~EUR 200 (from EUR 217). Q2 marketing was EUR 26.2m (37.7% of NGR vs 41.5% LY); casino comprised 62% of revenue, sports 38%. Balance sheet/cash metrics underpinning the outlook include ~EUR 63m total cash (EUR 58m available), EUR 6.9m cash flow generated in Q2, and a structural negative working capital of ~EUR 25m (~10% of LTM NGR). Management cited four drivers of the upgrade: removal of Colombia’s 19% VAT on deposits, Spain’s outperformance, a more rational competitive environment in Mexico, and a stronger Mexican peso (contributing >EUR 4m in H1), plus exceptional World Cup results (stakes ~EUR 63m, ~180% above 2022; unique users +56% vs 2022 excluding Colombia; ~40,000 new customers around the event).

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

Financial Indicators

MX:CDRON against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

* Consumer Cyclical Sector Average

Performance Comparison

MX:CDRON and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	MX:CDRON	Codere Online	165.00	59.99	57.13%

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