Better Collective A/S (SE:BETCO)
:BETCO
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Better Collective A/S
(BETCO)
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Rating:68Neutral
Price Target:
kr156.00
▲(15.38% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by solid but mixed financial performance (strong cash flow rebound and manageable leverage, but revenue decline, gross margin compression, and lower ROE). Technicals are supportive with the stock above major moving averages and positive momentum. Valuation is less supportive at ~24x earnings given recent top-line and EBITDA declines, while the earnings call adds a modest positive from improving guidance and buyback plans tempered by ongoing external headwinds and a free-cash-flow miss versus guidance.
Positive Factors
Improved free cash flow conversion
A strong FCF rebound and near-1.0 conversion in 2025 indicates higher-quality earnings and better internal funding capacity. Durable cash generation supports buybacks, debt management and selective M&A, increasing financial flexibility across the 2–6 month horizon and beyond.
Negative Factors
Revenue decline and gross margin compression
A meaningful top-line decline and a ~13ppt gross margin drop materially weaken core profitability. Such compression reduces free cash generation headroom and returns on capital, making sustained reinvestment, margin recovery and payout goals more challenging over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved free cash flow conversion
A strong FCF rebound and near-1.0 conversion in 2025 indicates higher-quality earnings and better internal funding capacity. Durable cash generation supports buybacks, debt management and selective M&A, increasing financial flexibility across the 2–6 month horizon and beyond.
Read all positive factors
Better Collective A/S (BETCO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.94B
Dividend YieldN/A
Average Volume (3M)94.34K
Price to Earnings (P/E)27.4
Beta (1Y)0.39
Revenue Growth-7.81%
EPS Growth-8.76%
CountrySE
Employees1,556
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)5.22
Shares Outstanding58,754,850
10 Day Avg. Volume54,708
30 Day Avg. Volume94,342
Financial Highlights & Ratios
PEG Ratio-0.89
Price to Book (P/B)1.05
Price to Sales (P/S)1.92
P/FCF Ratio12.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr120.00Price Target Upside-11.24% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.82
Revenue Forecast (FY)kr362.51M
Better Collective A/S Business Overview & Revenue Model
Company Description
Better Collective A/S, together with its subsidiaries, operates as a sports betting media company worldwide. The company primarily focuses on online sports betting and gambling platforms. It offers various community-based digital platforms, includ...
How the Company Makes Money
Better Collective primarily makes money through performance marketing (affiliate) agreements with online betting and iGaming operators. It attracts audiences to its owned-and-operated sports and betting media properties via content, SEO, social me...
Better Collective A/S Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but resilient picture: the company delivered record quarterly profitability, materially reduced costs through a EUR 50 million efficiency program, outperformed expectations in North America, and launched strategic products (Playbook and FanReach) with promising early traction. However, full-year top-line and EBITDA declined (~9% and ~10% respectively) due to substantial external headwinds (Brazil regulation, sports win margin volatility and FX) that together reduced EBITDA by more than EUR 40 million. Management provided constructive 2026 guidance (7–12% revenue growth, 8–18% EBITDA growth), a EUR 40 million buyback and medium-term margin targets (35–40%), indicating confidence in a return to growth. Overall the positives around operational leverage, product innovation and balance-sheet actions are offset by meaningful near-term headwinds and timing-related cash flow effects.Positive Updates
Q4 Revenue and Constant Currency Growth
Group revenue in Q4 reached EUR 94 million, down 2% year-over-year but up 2% in constant currencies; management notes that normalizing for a lower sports win margin would have implied ~7% revenue growth in Q4.
Negative Updates
Full Year Revenue Decline
Full-year 2025 revenue declined to EUR 337 million from EUR 371 million in 2024, a decrease of 9% year-over-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue and Constant Currency Growth
Group revenue in Q4 reached EUR 94 million, down 2% year-over-year but up 2% in constant currencies; management notes that normalizing for a lower sports win margin would have implied ~7% revenue growth in Q4.
Read all positive updates
Company Guidance
Better Collective guided 2026 organic revenue growth of 7–12% and EBITDA before special items growth of 8–18%, which they quantify as EUR 110–120 million, and noted an annual share buyback of EUR 40 million; the company expects net debt/EBITDA to remain below 3.0x, has baked ~EUR 8 million of tax effects into the 2026 outlook, and looks beyond 2026 for continued positive organic growth with a 2027–28 EBITDA margin target of 35–40% while preserving strong cash conversion (2025: 92%) and financial discipline.Better Collective A/S Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 342.98M | 371.49M | 326.69M | 269.30M | 177.05M |
| Gross Profit | 95.60M | 151.32M | 138.47M | 116.87M | 71.38M |
| EBITDA | 103.97M | 109.83M | 115.12M | 83.62M | 55.46M |
| Net Income | 24.03M | 34.01M | 39.84M | 48.08M | 17.29M |
Balance Sheet | |||||
| Total Assets | 1.07B | 1.17B | 937.86M | 785.23M | 597.38M |
| Cash, Cash Equivalents and Short-Term Investments | 13.45M | 37.67M | 50.36M | 31.50M | 28.60M |
| Total Debt | 271.92M | 276.63M | 264.69M | 236.24M | 123.89M |
| Total Liabilities | 441.57M | 486.19M | 502.59M | 372.31M | 252.53M |
| Stockholders Equity | 628.81M | 685.93M | 435.27M | 412.92M | 344.85M |
Cash Flow | |||||
| Free Cash Flow | 51.79M | 12.02M | 56.40M | -50.06M | 19.28M |
| Operating Cash Flow | 52.14M | 49.50M | 89.01M | 48.20M | 31.56M |
| Investing Cash Flow | -35.33M | -154.83M | -106.25M | -112.63M | -219.22M |
| Financing Cash Flow | -41.32M | 99.15M | 29.33M | 65.74M | 188.76M |
Better Collective A/S Technical Analysis
Positive
135.20
Price Trends
129.48
Positive
120.54
Positive
123.78
Positive
Market Momentum
0.55
Positive
49.03
Neutral
23.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BETCO, the sentiment is Positive. The current price of 135.2 is below the 20-day moving average (MA) of 139.54, above the 50-day MA of 129.48, and above the 200-day MA of 123.78, indicating a neutral trend. The MACD of 0.55 indicates Positive momentum. The RSI at 49.03 is Neutral, neither overbought nor oversold. The STOCH value of 23.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BETCO.
Better Collective A/S Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | kr7.94B | 27.41 | ― | ― | -7.81% | -8.76% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | kr2.65B | 34.18 | 32.28% | 1.41% | 11.23% | 16.24% | |
60 Neutral | kr9.22B | 28.24 | 8.26% | 1.14% | 14.41% | -4.45% | |
55 Neutral | kr1.26B | 2.92 | ― | 1.92% | -8.38% | -38.17% | |
55 Neutral | kr1.10B | 27.75 | ― | ― | 0.86% | 73.68% | |
44 Neutral | kr2.06B | -17.17 | ― | ― | 10.25% | -698.93% |
* Technology Sector Average
SE:BETCO
Better Collective A/S
135.20
16.50
13.90%
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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.