Online gaming legislation varies widely across Europe and bet-at-home (BAH) focuses predominantly on grey (or ambiguous) markets. At H119, the company's core markets were Germany (35% of gross win), Austria (c 30%) and Eastern Europe, and this report provides further detail on recent regulatory changes (particularly in Germany). BAH is a strong brand with 5m customers, a capital light model and high cash generation. The stock trades at 9.9x EV/EBITDA and 13.0x P/E for FY20e with an attractive 9.6% prospective dividend yield.Den vollständigen Artikel lesen ...