Pricing BET is a tough one given there are plenty of moving parts in action currently been played out. I thought I'd compare it to Pointsbet PBH as a quick little reference. Different offerings/Business but similar field and both growth names.
PBH
Mkt cap - $2.2B
ARR from last quarterly would be around - $152M
Stock trading on 14.5x revenue
Losing $ as it strives for growth in US
BET (including $10M SPP)
mkt cap - $490M
ARR going off the combined business with sports tech
-$56M
Stock trading on 8.5x revenue
If we moved this to 14.5X for comparison reasons we get a share price of $1.16
($56M x 14.5)/700M shares
The fact BET is earnings positive should give a greater revenue multiple also. Fixed odds, further synergies from acquisition and future contracts would again be catalyst to increase this valuation.
Is $1.50+ really that out of the question....Thoughts?
*Happy for anyone to correct me on my calculations this was done up quickly.
Pricing BET is a tough one given there are plenty of moving...
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