Codere Online (CDRO)
NASDAQ:CDRO
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Codere Online
(NASDAQ:CDRO)
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Rating:70Outperform
Price Target:
$10.00
▲(10.86% Upside)
Action:Reiterated
Date:05/07/26
The score is driven primarily by improving financial performance (strong cash-flow improvement and modest leverage) and a positive earnings update with reaffirmed guidance and expanding profitability. Technicals add support with an above-moving-averages uptrend. The main drag is limited valuation visibility (P/E not meaningful and no dividend yield provided) alongside still-thin net profitability and some marketing/CPA headwinds noted on the call.
Positive Factors
Multi-year revenue scaling
Codere Online has grown revenue nearly threefold since 2020 to €210M in 2025, demonstrating sustained top-line expansion across regulated markets. Durable scale enhances cross-sell and product mix opportunities, improves bargaining leverage with suppliers, and supports longer-term margin improvement.
Negative Factors
Thin net profitability and earnings volatility
Net margins remain very thin despite revenue growth, producing limited earnings cushion. With only modest absolute profits on large revenues, the company is highly sensitive to tax, regulatory, or promotional cost increases; past swings to losses show this fragility can reoccur.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue scaling
Codere Online has grown revenue nearly threefold since 2020 to €210M in 2025, demonstrating sustained top-line expansion across regulated markets. Durable scale enhances cross-sell and product mix opportunities, improves bargaining leverage with suppliers, and supports longer-term margin improvement.
Read all positive factors
Codere Online (CDRO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$436.21M
Dividend YieldN/A
Average Volume (3M)53.42K
Price to Earnings (P/E)196.5
Beta (1Y)0.55
Revenue Growth6.33%
EPS Growth-150.96%
CountryUS
Employees297
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.09
Shares Outstanding45,391,180
10 Day Avg. Volume46,950
30 Day Avg. Volume53,420
Financial Highlights & Ratios
PEG Ratio-3.70
Price to Book (P/B)10.89
Price to Sales (P/S)1.48
P/FCF Ratio18.93
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue1.90
Enterprise Value/Gross Profit2.10
Enterprise Value/Ebitda85.35
Forecast
1Y Price Target
$12.00Price Target Upside33.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.35
Revenue Forecast (FY)$234.78M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Positive
The call presented multiple clear positives: double-digit top-line growth (13% YoY), meaningful expansion in active customers (+14% YoY), a strong profitability inflection (adjusted EBITDA up to EUR 6m from EUR 1.8m), improved margins (9% vs 3%), solid cash generation and an unchanged, achievable full-year guidance. Challenges include higher customer acquisition costs (CPA ~EUR 212), a small decline in spend per active, sequential softness in Mexico actives driven by tighter promotions (a deliberate quality-improvement action), limited ability to invest in some smaller markets (e.g., Colombia), and the need to bring marketing below ~30% of NGR for sustained double-digit EBITDA. Overall, the positive operational momentum and improved profitability outweigh the identifiable near-term headwinds.Positive Updates
Solid Top-Line Growth
Consolidated net gaming revenue of EUR 64.4 million in Q1 2026, up 13% year-over-year and 6% sequentially, confirming reacceleration from H2 2025.
Negative Updates
Rising Customer Acquisition Cost
Average CPA increased to approximately EUR 212 in Q1, representing an increase year-over-year and sequentially, reflecting a more competitive marketing environment and a deliberate shift to higher-value cohorts.
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Top-Line Growth
Consolidated net gaming revenue of EUR 64.4 million in Q1 2026, up 13% year-over-year and 6% sequentially, confirming reacceleration from H2 2025.
Read all positive updates
Company Guidance
Codere Online reiterated full‑year 2026 guidance of net gaming revenue €235–245 million and adjusted EBITDA €15–20 million, citing a strong Q1 that underpins the outlook (Q1 NGR €64.4m, +13% YoY and +6% sequential; Q1 adjusted EBITDA €6.0m vs €1.8m a year ago; Q1 adjusted EBITDA margin ~9% vs 3% prior), and noted LTM NGR €231.6m (+7.3% YoY) and LTM adjusted EBITDA €18m, which already sit in the upper part of the range; management said it will reassess the outlook after H1 if current trends persist. Key operating and balance‑sheet metrics referenced in support of the guidance include average monthly active customers ≈183k (+14% YoY), revenue mix Casino 63%/Sports 37%, Q1 marketing €25m with an average CPA ≈€212 (marketing spend 3 percentage points lower as a % of NGR), available cash ≈€51m (total cash €56m), and structural negative working capital ~€22m (≈10% of LTM NGR); the World Cup is expected to give a modest short‑term uplift but limited full‑year NGR impact.Codere Online Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 200.70M | 210.41M | 200.70M | 161.65M | 115.75M | 80.25M |
| Gross Profit | 181.92M | 202.08M | 192.97M | 155.37M | 110.90M | 73.17M |
| EBITDA | 4.47M | 6.38M | 4.72M | -14.64M | -30.22M | -24.91M |
| Net Income | 3.91M | 1.29M | 3.91M | -2.42M | -46.38M | -68.01M |
Balance Sheet | ||||||
| Total Assets | 74.54M | 80.86M | 74.54M | 73.80M | 69.31M | 105.28M |
| Cash, Cash Equivalents and Short-Term Investments | 53.80M | 59.64M | 53.80M | 51.68M | 60.58M | 98.81M |
| Total Debt | 5.37M | 3.93M | 5.37M | 5.11M | 4.95M | 2.98M |
| Total Liabilities | 50.32M | 52.16M | 50.32M | 52.51M | 44.76M | 37.12M |
| Stockholders Equity | 24.07M | 28.55M | 24.07M | 21.14M | 24.40M | 68.01M |
Cash Flow | ||||||
| Free Cash Flow | 3.69M | 16.42M | 3.69M | -11.82M | -42.52M | -5.27M |
| Operating Cash Flow | 3.94M | 16.51M | 3.94M | -11.58M | -42.36M | -5.19M |
| Investing Cash Flow | -256.00K | -85.00K | -256.00K | -245.00K | -164.00K | -83.00K |
| Financing Cash Flow | -2.07M | -4.58M | -2.04M | 1.33M | 0.00 | 89.33M |
Codere Online Technical Analysis
Positive
9.02
Price Trends
9.01
Positive
8.51
Positive
7.82
Positive
Market Momentum
0.17
Negative
64.85
Neutral
68.95
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 9.02 is below the 20-day moving average (MA) of 9.37, above the 50-day MA of 9.01, and above the 200-day MA of 7.82, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 64.85 is Neutral, neither overbought nor oversold. The STOCH value of 68.95 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 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $436.21M | 196.50 | 7.85% | ― | 6.33% | -150.96% | |
68 Neutral | $6.09B | 72.08 | 26.36% | ― | 28.20% | 310.24% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $208.07M | -13.13 | 147.77% | ― | 1.31% | -123.26% | |
46 Neutral | $84.94M | -1.88 | -37.13% | ― | 19.23% | -232.12% | |
42 Neutral | $681.86M | -0.99 | -115.26% | ― | 16.60% | -75.69% |
* Consumer Cyclical Sector Average
CDRO
Codere Online
9.70
2.16
28.65%
INSE
Inspired Entertainment
8.18
0.11
1.36%
RSI
Rush Street Interactive
27.59
13.87
101.09%
GAMB
Gambling.com
2.43
-9.81
-80.15%
BALY
Bally's Corporation
14.93
5.01
50.50%
Codere Online Corporate Events
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...
Codere Online Sets May 7 Release Date for First-Quarter 2026 Results
Apr 29, 2026
Codere Online Luxembourg, S.A., a leading online sports betting and casino operator in Spain and Latin America, operates as the digital business of Codere Group, which has four decades of gaming experience and a broad physical presence in Europe a...
Codere Online Files 2025 Annual Report on Form 20-F With SEC
Apr 28, 2026
On April 28, 2026, Codere Online Luxembourg, S.A. announced it had filed its annual report on Form 20-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission, making its latest audited financial statements available...
Codere Online Posts Record 2025 Net Gaming Revenue as Mexico Drives Growth
Feb 26, 2026
On February 26, 2026, Codere Online reported preliminary unaudited results for the quarter and year ended December 31, 2025, highlighting record full-year net gaming revenue of €224.1 million and adjusted EBITDA of €13.8 million. Fourt...
Codere Online Sets February 26 Release for Q4 2025 Results
Feb 10, 2026
Codere Online Luxembourg, S.A., a leading online gaming operator in Spain and Latin America that provides sports betting and online casino services via web and mobile platforms, operates as part of the broader Codere Group, whose land‑based ...
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.