Rankings Software, cloud & internet Better Collective
Better Collective
53
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Brazil ban−12
- ROIC−5
- Debt−5
Strengths
- North America and revenue share+2
- Cash flow+1
How the score is built
From 100 to 53, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 64.20 SEK
- Median analyst target
- 135.75 SEK
- Upside to median
- +111.4%
- Analysts
- 5
- Target range
- 100.13 – 216.51 SEK
- 52-week change
- −46%
- P/E (trailing)
- 11.8
- Forward P/E
- 6.6
- PEG
- 8.30
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−16 of −30
- −4MarginThe operating margin has fallen from 25–27% in 2021–2023 to 18–19% in 2024–TTM, and the net margin is 8.7% vs 17.9% in 2022.
- −5ROICROIC has fallen from 9.0–9.5% (2021–2022) to 4.9% TTM and ROE to 4.7%; that is below a realistic cost of capital for an indebted, regulation-sensitive affiliate business.
- −4Quality of growthRevenue fell 9.4% in 2025 and is only +1.9% TTM; EPS is EUR 0.49 vs 0.85 in 2022, and growth up to 2024 was bought with acquisitions and new shares (dilution of 8.6%, 7.5% and 11% in 2021, 2022 and 2024).
- −3Capital allocationAcquisitions of about EUR 400m in 2021–2024 plus about EUR 25–95m a year in intangibles have created a goodwill-heavy balance sheet that the market now prices at P/B 0.57; market value has fallen from SEK 13.8bn (2023) to 4.1bn.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Outdated estimatesForward P/E 6.6 and EV/EBITDA 6.1 look cheap vs 10.5–21.4 and 8.3–20.8 in 2021–2025, but the forward figure rests on estimates from before the Brazil ban; FCF after capitalised intangibles is about EUR 39m (about 10% of market value), not the 19.6% stockanalysis shows.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−17 of −35
- −12Brazil banBrazil banned fixed-odds betting and online casino on 25/9 (closure after a 10-day transition). Brazil was expected to deliver about EUR 45m (about 12% of revenue) in 2026 with a cost base of only about EUR 10m; EBITDA guidance cut from +8–18% to −7% to +3%, organic growth from 7–12% to 3–8%, and the 2027–2028 targets are suspended.
- −5DebtNet debt about SEK 3.35bn (2.9x EBITDA) vs a target below 3x; when the high-margin Brazilian earnings disappear in 2027, leverage is pushed above the target. The EUR 40m annual buyback has been stopped to preserve financial flexibility, and the Altman Z-score is 1.69.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2North America and revenue shareNorth America lifted its EBITDA margin from 5% to 26% in Q2, driven by revenue-share income, and 70% of new depositing customers came via revenue-share deals that give recurring revenue.
- +1Cash flowOperating cash flow before special items rose 59% to EUR 30m in Q2 (cash conversion 111%), and EBITDA before special items rose 20% to EUR 27m.
Caveats
What the score does not capture, or where the data is weak.
Danish company, but stockanalysis only has the Stockholm line (quote/cph/BETCO returns 404), so price and currency are SEK; accounts are in EUR. The share fell 33% on 29/9 after Brazil's ban on betting (temporary law from 25/9, which Congress must approve by 23/11 – it may also lapse). Forward P/E 6.6 and price targets (median about SEK 167) rest on estimates from before the downgrade and are outdated; upside and PEG points are therefore misleadingly high. stockanalysis' FCF (EUR 72m) is before capitalised intangibles (about EUR 33m a year). The EBITDA share from Brazil is not disclosed. Only 3 analysts; Q3 comes 18/11. Industry: none fits (gambling affiliate/sports media); closest is 'Software, cloud & internet'.
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