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Codere Online (CDRO) – Is The Market Bigger Than Expected?

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Monday, May 16, 2022

Codere Online (CDRO)
Is The Market Bigger Than Expected?

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 results. The company reported Q1 revenue of €25.5 million, representing 24% year-over-year growth and a strong 15% quarterly sequential revenue growth. The growth was driven primarily by the Mexico market, which grew to €10 million in revenue compared with €6.4 million in the prior year period.

Expanding user base. Monthly active users in the quarter totaled roughly 83,000, up a strong 22% year-over-year. Growth in monthly actives in Mexico, one of its largest markets, was even more impressive, up 31%, the key driver of user growth.  

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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