Analyst Bernie McTernan from Needham maintained a Buy rating on Super Group (SGHC) and keeping the price target at $17.00.
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Bernie McTernan has given his Buy rating due to a combination of factors tied to Super Group’s better‑than‑expected operating performance and constructive outlook. The company’s fourth‑quarter adjusted EBITDA modestly exceeded Street forecasts on the back of stronger revenue, even though sports betting results were pressured by bettor‑friendly outcomes that compressed hold. User engagement trends remained solid, with monthly active users rising double digits year over year and online sports betting handle posting healthy growth, while results landed at or near the high end of prior guidance ranges.
Looking ahead, management’s 2026 outlook for revenue and adjusted EBITDA sits meaningfully above consensus, signaling confidence in continued organic expansion and margin improvement. The guidance already incorporates planned investments in faster‑growing markets, anticipated regulatory changes such as the U.K. tax hike and Alberta’s regulation, and a potential boost from the World Cup, yet still implies double‑digit top‑line growth and incremental margin gains. In McTernan’s view, this combination of resilient fundamentals, operating leverage, and upside versus market expectations supports a favorable risk‑reward profile, justifying his Buy recommendation on SGHC.