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Better Collective A/S
(BETCO)
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Rating:63Neutral
Price Target:
kr76.00
▼(-36.45% Downside)
Action:Reiterated
Date:09/29/26
The score is anchored by solid financial performance (profitability and strong recent cash generation) and a positive earnings update with reaffirmed guidance and strong cash conversion. These are meaningfully offset by very weak technicals, with the stock trading well below major moving averages and depressed momentum indicators, which increases near-term risk despite reasonable valuation (P/E ~12.8).
Positive Factors
Strong cash generation
Strong operating and free cash flow provides internal funding for product investment, acquisitions, debt service, and shareholder returns. Cash conversion near net income also supports the quality of reported earnings, although the company remains exposed to investment and working-capital swings.
Negative Factors
Regulatory exposure
Higher UK duty and Brazilian regulatory changes directly reduce monetization from markets where the company refers customers to betting operators. These pressures can persist beyond one quarter, constrain revenue-share economics, and require continued geographic and product adaptation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Strong operating and free cash flow provides internal funding for product investment, acquisitions, debt service, and shareholder returns. Cash conversion near net income also supports the quality of reported earnings, although the company remains exposed to investment and working-capital swings.
Read all positive factors
Better Collective A/S (BETCO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.24B
Dividend YieldN/A
Average Volume (3M)108.12K
Price to Earnings (P/E)12.8
Beta (1Y)0.35
Revenue Growth-1.57%
EPS Growth22.64%
CountrySE
Employees1,559
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.49
Shares Outstanding58,754,850
10 Day Avg. Volume122,899
30 Day Avg. Volume108,123
Financial Highlights & Ratios
PEG Ratio-0.90
Price to Book (P/B)1.05
Price to Sales (P/S)1.92
P/FCF Ratio12.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr135.00Price Target Upside12.88% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.75
Revenue Forecast (FY)kr363.34M
Better Collective A/S Business Overview & Revenue Model
Company Description
Better Collective A/S, together with its subsidiaries, operates as a digital sports media company in Europe, North America, and internationally. It operates through Publishing, Paid Media, and Esports segments. It owns and operates sports media pl...
How the Company Makes Money
Better Collective primarily makes money through performance-based (affiliate) marketing for sports betting and iGaming operators. It attracts and engages audiences via its owned and operated digital media brands (websites, apps, newsletters, and o...
Better Collective A/S Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call highlights strong operational momentum: revenue and EBITDA growth, record deposits, excellent cash conversion, significant North American margin improvement, and meaningful progress in diversifying monetization via talent-led media, sponsorships and prediction markets. These positives were achieved while absorbing regulatory headwinds in the U.K. and Brazil and investing in World Cup activity, Playmaker events and Paid Media. Near-term negatives include a decline in CPM revenue, Q2 restructuring charges with more optimization expected, and some uncertainty around prediction market pricing and Brazil regulation. Overall, the positives (robust growth, margin expansion, cash generation, strategic diversification and clear execution on AdVantage/AI) materially outweigh the headwinds.Positive Updates
Revenue Growth
Total revenue reached EUR 89 million in Q2 2026, up 9% year-over-year (from EUR 82 million). Organic revenue growth for H1 was 9% in constant currencies, keeping the company within its full-year guidance range of 7%–12%.
Negative Updates
Regulatory Headwinds: UK and Brazil
An increase in U.K. remote gaming duty from 21% to 40% (effective April 1) negatively impacted revenue by approximately EUR 2 million in Q2. Regulatory changes in Brazil further reduced revenue by about EUR 2 million, for a combined estimated hit of ~EUR 4 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Total revenue reached EUR 89 million in Q2 2026, up 9% year-over-year (from EUR 82 million). Organic revenue growth for H1 was 9% in constant currencies, keeping the company within its full-year guidance range of 7%–12%.
Read all positive updates
Company Guidance
Better Collective said its full-year guidance remains unchanged, targeting 7–12% organic revenue growth and 8–18% EBITDA growth for 2026; the first half sits well within that range with organic revenue up 9% in constant currencies and EBITDA before special items up 14%, H1 cash conversion 106% (Q2 cash flow before special items EUR30m, Q2 cash conversion 111%). Q2 revenue was EUR 89m (+9% YoY) and EBITDA EUR 27m (+20% YoY) with a 30% EBITDA margin; recurring revenue in Q2 was EUR 53m (+2%) with revenue share at EUR 44m (≈82% of recurring). Operational metrics showing momentum include 373k new depositing customers in Q2 (+24% YoY, +21% QoQ) and value of deposits at an all‑time high EUR 836m (+17% YoY, +5% QoQ). Advertising and sponsorships are growing (Q2 sponsorship EUR 16m, +39%; CPM EUR 6m, −16%; total ad revenue EUR 21m, +18%; H1 combined ad +13%), North American CPA revenue rose 50% to EUR 5m and North American EBITDA margin expanded to 26% (from 5%), and the company continues capital actions with EUR 14m of share buybacks completed in H1 toward a EUR 40m target, capital reserves of EUR 80m (EUR 25m cash + EUR 55m unused facilities), total bank facilities EUR 319m and net debt/EBITDA at 2.3x while maintaining a leverage target below 3x.Better Collective A/S Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
66
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 351.24M | 342.98M | 371.49M | 326.69M | 269.30M | 177.05M |
| Gross Profit | 80.93M | 95.60M | 151.32M | 138.47M | 116.87M | 71.38M |
| EBITDA | 110.59M | 103.97M | 109.83M | 115.12M | 83.62M | 55.46M |
| Net Income | 30.40M | 24.03M | 34.01M | 39.84M | 48.08M | 17.29M |
Balance Sheet | ||||||
| Total Assets | 1.11B | 1.07B | 1.17B | 937.86M | 785.23M | 597.38M |
| Cash, Cash Equivalents and Short-Term Investments | 25.13M | 13.45M | 37.67M | 50.36M | 31.50M | 28.60M |
| Total Debt | 278.47M | 271.92M | 276.63M | 264.69M | 236.24M | 123.89M |
| Total Liabilities | 462.60M | 441.57M | 486.19M | 502.59M | 372.31M | 252.53M |
| Stockholders Equity | 646.75M | 628.81M | 685.93M | 435.27M | 412.92M | 344.85M |
Cash Flow | ||||||
| Free Cash Flow | 66.20M | 51.79M | 12.02M | 56.40M | -50.06M | 19.28M |
| Operating Cash Flow | 71.32M | 52.14M | 49.50M | 89.01M | 48.20M | 31.56M |
| Investing Cash Flow | -34.74M | -35.33M | -154.83M | -106.25M | -112.63M | -219.22M |
| Financing Cash Flow | -33.66M | -41.32M | 99.15M | 29.33M | 65.74M | 188.76M |
Better Collective A/S Technical Analysis
Negative
119.60
Price Trends
117.85
Negative
120.53
Negative
123.10
Negative
Market Momentum
-5.87
Positive
8.44
Positive
2.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BETCO, the sentiment is Negative. The current price of 119.6 is above the 20-day moving average (MA) of 113.87, above the 50-day MA of 117.85, and below the 200-day MA of 123.10, indicating a bearish trend. The MACD of -5.87 indicates Positive momentum. The RSI at 8.44 is Positive, neither overbought nor oversold. The STOCH value of 2.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BETCO.
Better Collective A/S Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr13.25B | 8.52 | 15.17% | 7.76% | -2.36% | -31.79% | |
63 Neutral | kr6.24B | 12.79 | ― | ― | -1.57% | 22.64% | |
60 Neutral | kr660.96M | -47.44 | ― | 5.40% | 7.51% | 41.20% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | kr411.30M | -17.68 | ― | 3.38% | -27.64% | -147.01% |
* General Sector Average
SE:BETCO
Better Collective A/S
71.00
-47.90
-40.29%
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SE:FRACTL
Fractal Gaming Group AB
14.04
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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.