{"id":207691,"date":"2022-04-01T12:17:54","date_gmt":"2022-04-01T19:17:54","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=207691"},"modified":"2022-04-01T12:54:07","modified_gmt":"2022-04-01T19:54:07","slug":"codere-online-q4-results-weak-but-analyst-sees-catalysts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/","title":{"rendered":"Codere Online Latin America Exposure Positive Catalyst, Says Analyst"},"content":{"rendered":"

Shares of Codere Online (NASDAQ:CDRO) are trading slightly lower Friday. That comes a day after the sportsbook operator reported its first set of quarterly results as a freestanding public company. But at least one analyst remains constructive on the name.<\/p>\n

\"Codere
Codere Online highlighted at the Nasdaq market site last month. An analyst believes the stock offers significant upside potential. (Image: Twitter)<\/figcaption><\/figure>\n

Stifel analyst Jeffrey Stantial reiterates a \u201cbuy\u201d rating on the first internet gaming entity from Latin America to publicly trade in the US in a note to clients. He has an $8 price target on the shares, implying a nearly 60 percent upside from current levels.<\/p>\n

Shares have continued to trade off since our recent launch report, we expect largely reflecting the recent macro-driven risk-off tape. While volatility could persist, we believe our initial buy thesis remains firmly intact with Q4 results suggesting some, albeit very preliminary, progress towards strategic market share targets,\u201d said the analyst.<\/p><\/blockquote>\n

In the last three months of 2021, the operator was hindered by regulatory headwinds in Spain but was able to offset some of that weakness with successful ramp-ups in Colombia and Mexico. Codere Online debuted as a publicly traded company on<\/a> Dec. 1, 2021, following a merger with a special purpose acquisition company (SPAC), DD3 Acquisition Corp. II.<\/p>\n

Loving Latin America<\/h2>\n

The operator is formerly known as Grupo Codere — Codere Online\u2019s parent — is undergoing a dramatic<\/a> alteration in Spain. Now known as Nueva Codere, the company sold some assets in Argentina and spun off the online business as part of its makeover.<\/p>\n

\n

As Stantial notes, Codere Online\u2019s fourth-quarter net gaming revenue (NGR) missed consensus estimates, with a 9% miss in Spain acting as the primary drag on those results. Management blamed the Spain miss on lingering COVID-19 restrictions in the Eurozone\u2019s fourth-largest economy and a tighter regulatory regime.<\/p>\n<\/div>\n

\u201cThis was mostly offset by solid return on marketing investment in Latin America helping to drive growth,\u201d said Stantial.<\/p>\n

Codere Online is operational in Argentina, Colombia, Mexico, and Panama in that region. Likely owing to home country bias, many US investors aren\u2019t aware of the wagering opportunity set in Latin America. But online gaming there notched an eight-year compound annual growth rate of about 20% in Codere\u2019s core markets<\/a>.<\/p>\n

Analysts believe the combined online gross gaming revenue (GGR) in just Colombia and Mexico could eventually swell to $700 million.<\/strong><\/p>\n

Inside Spain Issues<\/h2>\n

The devil is in the details, and that applies to Codere Online\u2019s fourth-quarter issues in Spain, where its iGaming and online sports betting handles increased on a year-over-year basis.<\/p>\n

\n

Stantial points out that the bottom line struggles for operators in that country may be a symptom of regulations mandating reduced sign-up bonuses, which forced gaming companies to compete on price. That created a more favorable environment for bettors. It\u2019s possible that the tide could turn favor over to Codere Online and its rivals.<\/p>\n<\/div>\n

\u201cMoreover, should this be true, we could see potential tailwinds to Q1 wagering levels in the region, as players re-deploy above-average winnings into incremental play,\u201d concludes Stantial.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Codere Online (NASDAQ:CDRO) are trading slightly lower Friday. That comes a day after the sportsbook operator reported its first set of quarterly results as a freestanding public company. But at least one analyst remains constructive on the name. Stifel analyst Jeffrey Stantial reiterates a \u201cbuy\u201d rating on the first internet gaming entity from […]<\/p>\n","protected":false},"author":46,"featured_media":197005,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19],"tags":[],"acf":[],"yoast_head":"\nCodere Online Q4 Results Weak, But Analyst Sees Catalysts<\/title>\n<meta name=\"description\" content=\"Spain weighed on Codere Online's Q4 results, but Latin America could be a strong region for the operator.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Codere Online Q4 Results Weak, But Analyst Sees Catalysts\" \/>\n<meta property=\"og:description\" content=\"Spain weighed on Codere Online's Q4 results, but Latin America could be a strong region for the operator.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-01T19:17:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-01T19:54:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/CDRO-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1597\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/\",\"url\":\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/\",\"name\":\"Codere Online Q4 Results Weak, But Analyst Sees Catalysts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/CDRO-scaled.jpg\",\"datePublished\":\"2022-04-01T19:17:54+00:00\",\"dateModified\":\"2022-04-01T19:54:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Spain weighed on Codere Online's Q4 results, but Latin America could be a strong region for the operator.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-q4-results-weak-but-analyst-sees-catalysts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/CDRO-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/CDRO-scaled.jpg\",\"width\":2560,\"height\":1597,\"caption\":\"Codere Online highlighted at the Nasdaq market site last month. 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