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Codere Online
(NASDAQ:CDRO)
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Rating:67Neutral
Price Target:
$10.00
▲(7.87% Upside)
Action:Downgraded
Date:07/31/26
The score is driven primarily by improving financial performance (strong revenue scaling and markedly better cash generation) and a constructive earnings update (raised 2026 guidance and improving margins). These positives are tempered by expensive valuation (high P/E, no dividend support) and only mixed technicals (below short-term averages), alongside acknowledged tax/regulatory and competitive risks.
Positive Factors
Revenue scale and market footprint
Sustained multi-year revenue growth and clear leadership in regulated Spain and Latin America provide structural scale benefits. Larger NGR across core markets supports better supplier economics, product investment and the ability to amortize platform costs, improving durable competitiveness.
Negative Factors
Thin profitability and low net margins
Current profitability provides a narrow cushion versus cost or tax shocks. Low net margins mean modest earnings volatility could erase profits, limiting capacity to self-fund growth or weather policy and competitive headwinds without further margin improvement or higher absolute scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale and market footprint
Sustained multi-year revenue growth and clear leadership in regulated Spain and Latin America provide structural scale benefits. Larger NGR across core markets supports better supplier economics, product investment and the ability to amortize platform costs, improving durable competitiveness.
Read all positive factors
Codere Online (CDRO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$421.28M
Dividend YieldN/A
Average Volume (3M)53.42K
Price to Earnings (P/E)81.6
Beta (1Y)0.60
Revenue Growth6.33%
EPS Growth-150.96%
CountryUS
Employees369
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.10
Shares Outstanding45,469,913
10 Day Avg. Volume46,950
30 Day Avg. Volume53,420
Financial Highlights & Ratios
PEG Ratio-3.50
Price to Book (P/B)10.89
Price to Sales (P/S)1.48
P/FCF Ratio18.93
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$12.00Price Target Upside29.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.37
Revenue Forecast (FY)$237.70M
Codere Online Business Overview & Revenue Model
Company Description
Specializing in the digital gambling sector, Codere Online Luxembourg, S.A. provides an array of online casino games and sports betting services. Its core operational footprint spans several countries, notably Spain, Italy, Mexico, Colombia, Panam...
How the Company Makes Money
Codere Online primarily makes money by operating real-money online gaming products—sports betting and online casino—and retaining a portion of customer wagering after paying out winnings. In sports betting, customers place wagers and the company r...
Codere Online Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call communicated broad, tangible operational and financial progress—record quarterly revenue, significant YoY growth across core markets (Spain and Mexico), improved customer engagement and monetization, raised full-year guidance, margin expansion, positive World Cup impact, and a stronger cash position with no financial debt. Offsetting items include higher gaming taxes (notably in Mexico and Colombia), regulatory uncertainty in Colombia and Spain, competitive intensity in Mexico requiring continued marketing investment, and limited near-term clarity on retention of tournament-acquired users. On balance, the positives (revenue, guidance raise, margin improvement, cash generation, market rebounds) materially outweigh the negatives, though management acknowledged several risks and areas of caution.Positive Updates
Record Quarterly Revenue and Strong YoY Growth
Consolidated net gaming revenue of EUR 69.4 million in Q2 2026, up 27% versus Q2 2025, described as the company's highest quarterly revenue to date.
Negative Updates
Higher Gaming Taxes Pressure Margins
Gaming taxes as a percent of NGR increased materially in Q2, driven primarily by Mexico and Colombia (Colombia now levying the 19% tax on gross gaming revenue), creating headwinds to profitability.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong YoY Growth
Consolidated net gaming revenue of EUR 69.4 million in Q2 2026, up 27% versus Q2 2025, described as the company's highest quarterly revenue to date.
Read all positive updates
Company Guidance
Codere Online raised its full‑year 2026 guidance to net gaming revenue of EUR 255–265 million (from EUR 235–245 million) and adjusted EBITDA of EUR 20–25 million (from EUR 15–20 million), reflecting strong Q2 results (NGR EUR 69.4m, +27% YoY; adjusted EBITDA EUR 5.8m, 8.4% margin vs 4.3% LY). Key operating metrics: average monthly active customers ~173,000 (+12% YoY), average monthly spend per active customer EUR 134 (+13% YoY), ~108,000 first‑time depositors in Q2 (+37% YoY) with CAC improving to ~EUR 200 (from EUR 217). Q2 marketing was EUR 26.2m (37.7% of NGR vs 41.5% LY); casino comprised 62% of revenue, sports 38%. Balance sheet/cash metrics underpinning the outlook include ~EUR 63m total cash (EUR 58m available), EUR 6.9m cash flow generated in Q2, and a structural negative working capital of ~EUR 25m (~10% of LTM NGR). Management cited four drivers of the upgrade: removal of Colombia’s 19% VAT on deposits, Spain’s outperformance, a more rational competitive environment in Mexico, and a stronger Mexican peso (contributing >EUR 4m in H1), plus exceptional World Cup results (stakes ~EUR 63m, ~180% above 2022; unique users +56% vs 2022 excluding Colombia; ~40,000 new customers around the event).Codere Online Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 210.41M | 200.70M | 161.65M | 115.75M | 80.25M |
| Gross Profit | 202.08M | 192.97M | 155.37M | 110.90M | 73.17M |
| EBITDA | 6.38M | 4.72M | -14.64M | -30.22M | -24.91M |
| Net Income | 1.29M | 3.91M | -2.42M | -46.38M | -68.01M |
Balance Sheet | |||||
| Total Assets | 80.86M | 74.54M | 73.80M | 69.31M | 105.28M |
| Cash, Cash Equivalents and Short-Term Investments | 59.64M | 53.80M | 51.68M | 60.58M | 98.81M |
| Total Debt | 3.93M | 5.37M | 5.11M | 4.95M | 2.98M |
| Total Liabilities | 52.16M | 50.32M | 52.51M | 44.76M | 37.12M |
| Stockholders Equity | 28.55M | 24.07M | 21.14M | 24.40M | 68.01M |
Cash Flow | |||||
| Free Cash Flow | 16.42M | 3.69M | -11.82M | -42.52M | -5.27M |
| Operating Cash Flow | 16.51M | 3.94M | -11.58M | -42.36M | -5.19M |
| Investing Cash Flow | -85.00K | -256.00K | -245.00K | -164.00K | -83.00K |
| Financing Cash Flow | -4.58M | -2.04M | 1.33M | 0.00 | 89.33M |
Codere Online Technical Analysis
Negative
9.27
Price Trends
9.50
Negative
9.09
Positive
8.20
Positive
Market Momentum
-0.10
Positive
46.06
Neutral
30.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDRO, the sentiment is Negative. The current price of 9.27 is below the 20-day moving average (MA) of 9.36, below the 50-day MA of 9.50, and above the 200-day MA of 8.20, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 46.06 is Neutral, neither overbought nor oversold. The STOCH value of 30.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CDRO.
Codere Online Risk Analysis
Codere Online disclosed 60 risk factors in its most recent earnings report. Codere Online reported the most risks in the "Finance & Corporate" 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $5.90B | 88.67 | 42.79% | ― | 34.29% | 14.69% | |
67 Neutral | $421.28M | 81.59 | 18.42% | ― | 6.33% | -150.96% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $182.19M | -11.59 | 147.77% | ― | 1.31% | -123.26% | |
49 Neutral | $700.46M | -1.03 | -115.26% | ― | 16.60% | -75.69% |
* Consumer Cyclical Sector Average
CDRO
Codere Online
9.18
0.69
8.13%
INSE
Inspired Entertainment
6.88
-1.93
-21.91%
RSI
Rush Street Interactive
26.91
7.20
36.53%
BALY
Bally's Corporation
13.93
4.69
50.76%
Codere Online Corporate Events
Codere Online Delivers Record Q2 2026 Results and Lifts Full-Year Guidance
Jul 30, 2026
Codere Online reported on July 30, 2026, that its preliminary unaudited second-quarter 2026 net gaming revenue rose 27% year-on-year to a record €69.4 million, with Spain and Mexico up 25% and 24% respectively and average monthly active play...
Codere Online Sets July 30 Date for Q2 2026 Earnings Release and Investor Call
Jul 14, 2026
Codere Online Luxembourg, S.A., a Nasdaq-listed online gaming operator in Spain and Latin America, said on July 14, 2026 that it will publish its second-quarter 2026 financial results before 8:30 a.m. U.S. Eastern Time on July 30, 2026. Founded in...
Codere Online Shareholders Re-Elect Entire Board at 2026 AGM
Jun 30, 2026
On June 30, 2026, Codere Online Luxembourg, S.A. held its 2026 Annual General Meeting of Shareholders at its registered office in Luxembourg, where all resolutions presented to shareholders were approved. The re-election of all board members stand...
Codere Online Sets June 30, 2026 Date for Annual General Meeting
Jun 17, 2026
Codere Online Luxembourg, S.A., a Nasdaq-listed online gaming operator focused on Spain and Latin America, was launched in 2014 under the broader Codere Group and delivers sports betting and online casino products via digital channels, supported b...
Codere Online Posts Record Q1 2026 Net Gaming Revenue and Returns to Profitability
May 7, 2026
Codere Online reported preliminary unaudited first‑quarter 2026 results on May 7, 2026, posting record net gaming revenue of €64.4 million, up 13% year on year, and total revenue of €60.3 million. Growth was driven by strong perf...
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.