Codere Online (CDRO)
NASDAQ:CDRO
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Codere Online
(NASDAQ:CDRO)
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Rating:56Neutral
Price Target:
$8.00
▼(-5.88% Downside)
Action:ReiteratedDate:01/13/26
The score is primarily supported by improving financial performance—strong revenue growth, positive net profitability, and solid free cash flow with low leverage. This is tempered by thin operating margins and a challenging valuation profile (high P/E and no dividend yield), while technical indicators suggest only moderate trend strength with recent softness.
Positive Factors
Revenue Growth
Sustained 24.1% revenue growth indicates successful customer acquisition and product-market fit across core verticals. Durable top-line expansion provides scale to invest in product, technology and compliance, improving long-term competitive positioning and supporting future margin recovery.
Negative Factors
Thin Operating Margins
Very low operating margins limit the company's ability to convert revenue gains into sustainable profits. In a competitive online gaming environment, thin margins reduce the buffer for higher marketing, compliance or payment costs and constrain free cash available for strategic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained 24.1% revenue growth indicates successful customer acquisition and product-market fit across core verticals. Durable top-line expansion provides scale to invest in product, technology and compliance, improving long-term competitive positioning and supporting future margin recovery.
Read all positive factors
Codere Online (CDRO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$387.22M
Dividend YieldN/A
Average Volume (3M)53.42K
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth1.79%
EPS GrowthN/A
CountryUS
Employees297
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.03
Shares Outstanding45,555,172
10 Day Avg. Volume46,950
30 Day Avg. Volume53,420
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)11.77
Price to Sales (P/S)1.41
P/FCF Ratio76.84
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue1.66
Enterprise Value/Gross Profit1.83
Enterprise Value/Ebitda74.51
Forecast
1Y Price Target
$11.50Price Target Upside35.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.33
Revenue Forecast (FY)$235.47M
Codere Online Business Overview & Revenue Model
Company Description
Codere Online Luxembourg, S.A. operates as an online casino gaming and sports betting company. The company also offers online casino wagering products and services. It primarily operates in Spain, Italy, Mexico, Colombia, Panama, and Argentina. Th...
How the Company Makes Money
Codere Online generates revenue primarily through its online sports betting and casino gaming platforms. The company earns money by taking a percentage of the bets placed on its platform, known as the 'hold,' which can vary depending on the type o...
Codere Online Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Positive
The call was largely positive: management reported record net gaming revenue, significant improvement in adjusted EBITDA (more than doubling year‑over‑year), strong customer growth and improving marketing efficiency, supported by a stronger cash position and an executed share buyback. Key risks include regulatory and tax uncertainty (notably in Mexico and Colombia), continued competitive intensity in Mexico, and some regional revenue declines (other LATAM markets). Management emphasized mitigation actions and provided conservative, growth‑oriented 2026 guidance, indicating confidence that positives outweigh the headwinds.Positive Updates
Record Annual and Quarterly Net Gaming Revenue
Full-year 2025 net gaming revenue reached EUR 224 million (record) and Q4 2025 NGR was EUR 60.7 million, up 15% year‑over‑year and the highest quarterly NGR in company history.
Negative Updates
Weakness in Other Markets (Colombia, Panama, Buenos Aires)
Combined contribution from Colombia, Panama and City of Buenos Aires was EUR 3.5 million in Q4, down 25% YoY, driven largely by declines in Colombia due to a 19% tax on deposits applied for most of 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual and Quarterly Net Gaming Revenue
Full-year 2025 net gaming revenue reached EUR 224 million (record) and Q4 2025 NGR was EUR 60.7 million, up 15% year‑over‑year and the highest quarterly NGR in company history.
Read all positive updates
Company Guidance
Codere Online guided 2026 net gaming revenue of EUR 235–245 million (midpoint EUR 240m, roughly +7% vs 2025's EUR 224m) and adjusted EBITDA of EUR 15–20 million (midpoint EUR 17.5m, >25% growth vs 2025's EUR 13.8m), with the outlook reflecting management initiatives and recent regulatory/tax changes and assuming marketing investment broadly in line with 2025 (a World Cup year and a focus on Mexico); management expects marketing as a % of NGR to trend down over time as the business scales, and framed the guidance against a 2025 finish that included record NGR (Q4 NGR EUR 60.7m), positive Q4 adjusted EBITDA of EUR 6.7m, EUR 50m total cash (≈EUR 45m available), negative net working capital of ≈EUR 22m (~10% of FY NGR) and EUR 13.4m cash flow before buybacks.Codere Online Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
55
Neutral
Cash Flow
65
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 200.70M | 161.65M | 115.75M | 80.25M | 70.50M |
| Gross Profit | 192.97M | 155.37M | 110.90M | 73.17M | 65.34M |
| EBITDA | 4.72M | -14.64M | -30.22M | -24.91M | -13.38M |
| Net Income | 3.91M | -2.42M | -46.38M | -68.01M | -16.28M |
Balance Sheet | |||||
| Total Assets | 74.54M | 73.80M | 69.31M | 105.28M | 18.55M |
| Cash, Cash Equivalents and Short-Term Investments | 53.80M | 51.68M | 60.58M | 98.81M | 15.66M |
| Total Debt | 5.37M | 5.11M | 4.95M | 2.98M | 39.23M |
| Total Liabilities | 50.32M | 52.51M | 44.76M | 37.12M | 58.47M |
| Stockholders Equity | 24.07M | 21.14M | 24.40M | 68.01M | -40.02M |
Cash Flow | |||||
| Free Cash Flow | 3.69M | -11.82M | -42.52M | -5.27M | 3.80M |
| Operating Cash Flow | 3.94M | -11.58M | -42.36M | -5.19M | 3.86M |
| Investing Cash Flow | -256.00K | -245.00K | -164.00K | -83.00K | -72.00K |
| Financing Cash Flow | -2.04M | 1.33M | 0.00 | 89.33M | 254.00K |
Codere Online Technical Analysis
Positive
8.50
Price Trends
8.07
Positive
7.65
Positive
7.64
Positive
Market Momentum
0.12
Negative
65.30
Neutral
64.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDRO, the sentiment is Positive. The current price of 8.5 is above the 20-day moving average (MA) of 8.22, above the 50-day MA of 8.07, and above the 200-day MA of 7.64, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 65.30 is Neutral, neither overbought nor oversold. The STOCH value of 64.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CDRO.
Codere Online Risk Analysis
Codere Online disclosed 1 risk factors in its most recent earnings report. Codere Online reported the most risks in the "Legal & Regulatory" 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.27B | 55.90 | 27.50% | ― | 23.15% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $187.25M | -9.44 | 184.28% | ― | 4.03% | ― | |
56 Neutral | $387.22M | ― | 16.40% | ― | 1.79% | ― | |
52 Neutral | $133.72M | -5.88 | -24.91% | ― | 24.21% | -92.49% | |
49 Neutral | $713.82M | -118.26 | -1.37% | 3.71% | -12.25% | -84.89% | |
47 Neutral | $468.37M | -1.43 | -116.69% | ― | 0.36% | 47.55% |
* Consumer Cyclical Sector Average
CDRO
Codere Online
8.50
2.20
34.92%
GDEN
Golden Entertainment
27.04
2.93
12.13%
INSE
Inspired Entertainment
6.92
-0.10
-1.42%
RSI
Rush Street Interactive
22.68
12.15
115.38%
GAMB
Gambling.com
3.81
-7.74
-67.01%
BALY
Bally's Corporation
9.65
-1.46
-13.14%
Codere Online Corporate Events
Codere Online Posts Higher H1 2025 Revenue but Swings to Deeper Net Loss
Dec 22, 2025
Codere Online Luxembourg, S.A. reported unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, filed with the U.S. Securities and Exchange Commission on December 22, 2025. The figures show revenue ris...
Codere Online Appoints New Director and Extends Share Repurchase Authorization
Dec 1, 2025
On December 1, 2025, Codere Online Luxembourg, S.A. held an extraordinary shareholders’ meeting where two key resolutions were approved. The company appointed Mr. Oscar Iglesias to its Board of Directors and extended the authorization for it...
Codere Online Announces EGM to Appoint New Board Member
Nov 26, 2025
On November 26, 2025, Codere Online Luxembourg, S.A. announced an Extraordinary General Meeting (EGM) scheduled for December 9, 2025, to appoint Gaëtan Dumont to the Board of Directors. Mr. Dumont brings extensive experience in corporate fina...
Codere Online Reports Steady Q3 2025 Financials Amid Strategic Changes
Nov 17, 2025
On November 17, 2025, Codere Online reported its preliminary unaudited financial results for the third quarter of 2025, revealing a net gaming revenue of €51.6 million, consistent with the previous year. Despite challenges such as the devalu...
Codere Online Appoints New CFO Amid Leadership Transition
Nov 17, 2025
On November 17, 2025, Codere Online announced the appointment of Marcus Arildsson as the new Chief Financial Officer, succeeding Oscar Iglesias. Mr. Arildsson brings over 25 years of experience in investment banking and corporate finance, having h...
Codere Online to Announce Q3 2025 Financial Results on November 17
Oct 28, 2025
Codere Online announced on October 28, 2025, that it will release its financial results for the third quarter of 2025 on November 17, 2025. The company will hold a conference call on the same day to discuss the results and provide a business updat...
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.