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Mar 16, 2023 9:38 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Super Group (NYSE:SGHC) reported its Q4 results on Tuesday, with revenue of €329.1 million and full-year revenue of €1.29 billion, exceeding the high end of the guidance range.
The company guided for 2023 core-Revenue/EBITDA (non-US) to 4%/7% year-over-year (8%/9% ahead of Street estimate), implying Canada returning to year-over-year growth, a stable regulatory environment, and higher OPEX/Marketing leverage.
Guidance implies gross margins decline of 270bps on higher taxes in Ontario. Additionally, management expects to invest $70 million in US operations following the DGC acquisition, with a similar level in 2024.
Analysts at Oppenheimer expect investors to question the US market strategy given that market share continues to be consolidated among the top-two players, however, management was a decade behind in the UK and is now holding up a profitable business in that market.
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