We use the DCF methodology (WACC 14.3%, terminal growth rate of 2.2%) to value BET, arriving at a base case valuation of $281.1m or $0.39/share, fully diluted for 60.47m in the money options and the Waterhouse performance rights. Excluding the options, the base case valuation is $0.49/share. We have identified upside cases ($1.26 and $2.41/share) based on higher and faster penetration of the Australian/UK/US racing wagering markets.
https:// raasgroup dot com /download/ASX:BET%20BetMakers%20Technology%20Group%20RaaS%20Flash%20Comment%202020%2007%2015/?wpdmdl=3362
