In my previous write-up following its Q2 results , I upgraded Codere Online (NASDAQ: CDRO ) shares from a Hold to a Buy, citing its impressive growth and profitability, which I felt the market wasn't fully appreciating. I also highlighted theAn individual investor primarily focused on undercovered companies, with more than 50 companies on my watchlist. My areas include technology, software, electronics and the energy transition. I have been investing my personal capital for over 7 years in a broad range of ...

Ryan Sigdahl - Craig-Hallum Capital Group Jeff Stantial - Stifel Pat McCann - NOBLE Capital Markets Operator Codere Online Luxembourg, S.A. (NASDAQ:CDRO) Q3 2024 Earnings Conference Call November 27, 2024 8:30 AM ET Company Participants Guillermo Lancha - Head, IR Aviv Sher - CEO Oscar Iglesias - CFO Conference Call Participants Thank you for standing by, and welcome to the Codere Online Third Quarter 2024 Financial Results Conference Call. [Operator Instructions] Thank you. I'd now like to turn the call ov ...

Madrid, Spain and Tel Aviv, Israel, November 22, 2024 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”) a leading online gaming operator in Spain and Latin America, today announced that it will release its third quarter 2024 results prior to 8:30AM US Eastern Time on November 27, 2024. At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update. The Company’s ...

t H andresr Investment thesis In my previous write-up on Codere Online Luxembourg (NASDAQ:CDRO), I recommended a Hold on the shares, despite finding its strong revenue growth and improving profitability very attractive. The main reason for this was the growing competition in its main market, which is Mexico. I did point out, however, that the company's recognized brand name and omnichannel presence gave it an edge in acquiring customers versus its competitors. Q2 results once again showed strong excention b ...

业绩总结 - Codere Online在2024年第二季度的净游戏收入（NGR）为5400万欧元，比2023年第二季度增长39%[15] - 2024年第二季度的合并NGR为5440万欧元，其中59%来自赌场，41%来自体育博彩[15] - 2024年第二季度的总收入为54.4百万欧元，较2023年第二季度增加15.3百万欧元[20] - 2024年第二季度的调整后EBITDA为正值1.3百万欧元，较2023年第二季度改善5.8百万欧元[20] - 2024年第二季度的净营运收入为2006万欧元，较2023年第二季度增长6%[30] 用户数据 - 平均每月活跃用户约为146,000，比2023年第二季度增长16%[15] - 2024年第二季度新增客户注册约为260,000，其中73,000为首次存款用户[15] - 转化率为28%，每位客户获取成本为236欧元[15] - 2024年第二季度的活跃用户数为52,000人，同比增长27%[26] - 2024年第二季度的平均消费为125欧元，比2023年第二季度增长20%[15] 市场表现 - 2024年第二季度西班牙市场的净游戏收入为21.8百万欧元，同比增长24.6%[19] - 墨西哥市场的净游戏收入为28.2百万欧元，同比增长56.7%[19] - 预计到2028年，Codere Online核心市场的总可寻址市场（TAM）将达到39亿欧元[14] - 2023年拉美市场的核心市场（墨西哥、哥伦比亚、阿根廷和巴拿马）占比超过86%[44] 财务展望 - 基于上半年的强劲表现，Codere Online将2024年的NGR预期上调至2.05亿至2.15亿欧元，调整后EBITDA预期为正的250万至750万欧元[15] - 截至2024年6月30日，公司总现金约为4100万欧元，其中可用现金为3500万欧元，净营运资本为负1900万欧元[32] - 2024年第二季度的总负债为4690万欧元，所有者权益为1920万欧元[32] - 2024年上半年的现金流为负130万欧元，期末可用现金为3470万欧元[33] 成本与支出 - 2024年第二季度的市场营销费用为23.5百万欧元，同比增长23.0%[20] - 2024年第二季度的客户获取成本（CPA）为218欧元，较2023年平均成本190欧元有所上升[23] - 2024年第二季度的资本支出为20万欧元[33] - 2024年第二季度的营销费用占净游戏收入的比例为43.2%[20]

财务数据和关键指标变化 - 第二季度合并净游戏收入增长39%至5400万欧元 [11] - 西班牙业务净游戏收入增长25%至2200万欧元 [15] - 墨西哥业务净游戏收入增长57%至2800万欧元,已超过1亿欧元的LTM净游戏收入,较2022年翻倍 [16] - 调整后EBITDA为130万欧元,较上年同期增加近600万欧元 [11][13] 各条业务线数据和关键指标变化 - 第二季度casino业务占总净游戏收入的59%,成为公司的主要收入来源 [7] - 西班牙业务活跃客户数增长27% [15] - 墨西哥业务活跃客户数增长26%,人均消费增长25% [16] 各个市场数据和关键指标变化 - 西班牙业务受益于当地足球和网球赛事的有利结果,但这也降低了体育博彩的利润率 [15] - 墨西哥业务持续强劲增长,已超过1亿欧元的LTM净游戏收入 [16] 公司战略和发展方向及行业竞争 - 公司继续专注于在西班牙和墨西哥市场获取更多casino首次存款客户,尽管获客成本更高,但这些客户的终身价值更高、更稳定 [7][36][37] - 墨西哥市场竞争日趋激烈,新的国际竞争对手涌入,公司需要增加营销投入以保持市场份额 [25][37] - 公司正在关注阿根廷市场,如果当地监管环境合适,可能会在2025年前投入资源进入该市场 [40][41] 管理层对经营环境和未来前景的评论 - 公司有信心在2024年实现盈利,这是公司上市后的第三个年头 [6] - 公司对下半年的业务前景保持乐观,并将继续投资以创造长期价值 [18][19] - 公司对墨西哥比索汇率波动保持谨慎,这可能影响下半年的收入增长 [53][54] 其他重要信息 - 公司董事会在7月发生变动,Gonzaga Higuero接任Pat Ramsey担任董事长 [9] - 公司现金余额为4100万欧元,其中可用现金约3500万欧元 [17] 问答环节重要的提问和回答 问题1 **Jeff Stantial 提问** 询问公司2024年调整后EBITDA指引的边际扩张情况,以及未来年度的利润率目标 [21][22][23][24] **Oscar Iglesias 回答** 公司目前无法给出长期的利润率目标,但墨西哥和西班牙业务已经实现正EBITDA,未来会继续关注投资机会并保持灵活性 [22][23][24] 问题2 **Ryan Sigdahl 提问** 询问欧洲杯和美洲杯期间的一些运营数据变化,如赔率、串关等 [31][32][33][34][38] **Aviv Sher 和 Oscar Iglesias 回答** 这些重大体育赛事对公司的收入影响有限,主要影响是利润率,但公司的casino业务能够弥补这一影响 [33][34][38] 问题3 **Michael Kupinski 提问** 询问公司对下半年业务前景和营销投入计划的看法 [43][44][45][46][47] **Aviv Sher 和 Oscar Iglesias 回答** 公司对下半年保持谨慎乐观,会根据市场机会适当增加营销投入,但不会大幅增加,同时也关注墨西哥比索汇率波动的影响 [44][45][46][47]

Madrid, Spain and Tel Aviv, Israel, July 31, 2024 – (GLOBE NEWSWIRE) Codere Online (NASDAQ:CDRO, the "Company"))), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited4 financial results for the quarter ended June 30, 2024. Codere Online's management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2024. Dial-in details as well as the audio webcast and presentation will be accessible on ...

Madrid, Spain and Tel Aviv, Israel, July 16, 2024 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the "Company" or "Codere Online") a leading online gaming operator in Spain and Latin America, today announced that it will release its second quarter 2024 results prior to 8:30AM US Eastern Time on July 31, 2024. The Company's earnings press release and related materials will be available on Codere Online's website at www.codereonline.com. Dial-in details for the conference call as we ...

Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay). Madrid, Spain and Tel Aviv, Israel, July 16, 2024 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the "Company" or "Codere Online") a leading online gaming operator in Spain and Latin Amer ...

Investors interested in Consumer Discretionary stocks should always be looking to find the best-performing companies in the group. Has Codere Online Luxembourg, S.A. (CDRO) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Consumer Discretionary sector should help us answer this question. The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record ...