Codere Online Luxembourg, S.A. (CDRO) Analyse boursière

Présentation de l'entreprise

Codere Online Luxembourg, S.A. operates as an online casino gaming and sports betting entity serving markets in Spain, Mexico, Colombia, Panama, Argentina, and internationally, while also supplying online games to land-based casinos and gaming halls. The company functions within the Consumer Cyclical sector, specifically the Gambling industry, which implies its revenue streams are sensitive to discretionary consumer spending and regulatory environments. With a market capitalization of $383.12M and an annual revenue of $203.93M, the firm employs a workforce of 325 individuals. These valuation and revenue figures indicate a mid-cap enterprise that maintains a significant operational footprint across multiple jurisdictions, though the scale of its market cap relative to its revenue suggests specific valuation dynamics inherent to the gambling sector.

Santé financière

The company reported a revenue of $203.93M over the trailing twelve months, generating a net income of $1.01M and an EBITDA of $5.84M. The substantial gap between the $203.93M in revenue and the $1.01M in net income reveals a cost structure where operating expenses and taxes consume approximately 99.5% of top-line earnings before reaching the bottom line. The firm generated free cash flow of $10.62M, which provides a buffer for operational continuity and potential capital allocation strategies despite low net income. In terms of profitability, the gross margin stands at 91.2%, indicating high revenue retention after the cost of goods sold, while the operating margin is 2.9% and the profit margin is 0.5%, reflecting significant overhead costs or tax burdens. The balance sheet holds $45.12M in cash against $3.70M in debt, resulting in a debt-to-equity ratio of 17.98, which presents a unique leverage profile where low absolute debt is weighed against the equity base in the ratio calculation. The current ratio of 1.40 indicates that the company possesses sufficient current assets to cover its short-term liabilities with a comfortable margin. Return on Equity is 5.1% and Return on Assets is 5.0%, metrics that reveal the management's effectiveness in generating returns relative to the shareholders' investment and the total asset base utilized.

Évaluation de la valorisation

The trailing twelve-month P/E ratio is 420.50, whereas the forward P/E is projected at 18.65, implying that the market expects a dramatic multiple expansion or a significant surge in earnings to justify the current high valuation relative to forward expectations. The price-to-book ratio is 16.22, indicating that the stock trades at a substantial premium over its tangible book value, likely reflecting intangible assets or growth expectations not captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 1.88 and an EV/EBITDA of 58.57 suggest that the market values the company based on sales volume and enterprise value relative to cash flows, rather than current earnings power. The stock has a 52-week high of $8.77 and a 52-week low of $5.18, with the current trading price positioned within this historical range, reflecting recent volatility and market sentiment. With a beta of 0.41, the stock exhibits price volatility that is significantly lower than the broader market, suggesting it may move less dramatically than large-cap equities during periods of general market fluctuation.

Growth & Income

Revenue growth year-over-year stands at 3.2%, while earnings growth is not available for the trailing twelve months, suggesting that top-line expansion is currently the primary driver of activity rather than bottom-line acceleration. Given that the company does not currently pay a dividend, as indicated by a dividend yield of N/A and a payout ratio of 0.0%, the firm retains all its earnings to reinvest into its online casino operations and geographic expansion rather than distributing cash to shareholders. The absence of a dividend payout means the company prioritizes internal capital generation over income generation for investors seeking regular cash flows. Overall, the growth and income profile is characterized by modest revenue expansion and a complete reliance on capital retention, with no current income distribution to support total return strategies.