Download PDF

1. Company Snapshot

1.a. Company Description

Super Group (SGHC) Limited operates as an online sports betting and gaming operator.It offers Betway, an online sports betting brand; and Spin, a multi-brand online casino offering.The company is based in Saint Peter Port, Guernsey.

Show Full description

1.b. Last Insights on SGHC

Here is a 90-word analysis of the positive drivers behind Super Group (SGHC) Limited's recent stock performance: Super Group's strong Q4 2024 earnings release, with Total Revenue of ~€486 million and Adjusted EBITDA, drove optimism. The company's exit from the unprofitable US market and acquisition of technology provider Apricot are expected to improve profitability. African expansion and growth in the Canadian market also contributed to the positive sentiment. The company's raised full-year 2024 total revenue guidance from €1.55 billion to €1.6 billion and ex-US Adjusted EBITDA guidance from greater than €345 million to at least €360 million further boosted investor confidence.

1.c. Company Highlights

2. Super Group's Q3 2025 Earnings: A Resilient Performance

The company's financial performance for the third quarter of 2025 was exceptional, with total revenue reaching $557 million, up 26% year-over-year. The group adjusted EBITDA was $152 million, representing 65% year-over-year growth, with a robust margin of approximately 27%. Earnings per share (EPS) came in at $0.19, beating analyst estimates of $0.14. The revenue growth was driven by consistent execution, record customer engagement, and a continued focus on margin expansion.

Publication Date: Nov -21

📋 Highlights
  • Strong Revenue Growth:: Total revenue reached $557M (up 26% YoY) with EBITDA of $152M (65% YoY growth, 27% margin).
  • Super Coin Launch:: South Africa-based stablecoin initiative aims to reduce payments costs and boost customer engagement, with plans for global expansion.
  • Regional Performance:: Europe revenue surged 46% YoY (UK +71%, Spain +11%), Africa grew 36% YoY, and North America increased 14% YoY.
  • Full-Year Guidance Raised:: Revenue forecast updated to $2.17B–$2.27B and EBITDA to $555M–$565M, driven by active customer growth and diversified revenue.
  • Strategic Market Expansion:: Africa’s 36% YoY growth highlighted, with Botswana’s growth rising from 4% to 6.5% QoQ, and new casino brand Jackpot City launched in 4 African markets.

Regional Performance

Europe's revenue surged 46% year-over-year, with the U.K. and Spain leading the charge, up 71% and 11%, respectively. Africa delivered 36% year-over-year growth, driven by strong performance across all markets. North America grew 14% year-over-year, and APAC revenue was up 3% year-over-year. Alinda Van Wyk mentioned that Africa's growth was broad-based, with Botswana being a standout, growing from 4% in Q1 to 6.5% in Q3.

Guidance and Outlook

The company is raising its full-year 2025 group revenue guidance to be between $2.17 billion and $2.27 billion and group adjusted EBITDA guidance to between $555 million and $565 million. The uplift reflects the company's robust growth in monthly active customers, diversification in its revenue mix, and a steady start to quarter 4. Analysts estimate next year's revenue growth at 9.8%.

Valuation

With a P/E Ratio of 25.38, P/B Ratio of 8.05, and EV/EBITDA of 11.83, the company's valuation metrics indicate a premium relative to its earnings and book value. The ROE of 31.88% and ROIC of 35.04% suggest a strong return on equity and invested capital. The Net Debt / EBITDA ratio of -0.83 indicates a net cash position, providing flexibility for future investments or acquisitions.

Strategic Developments

The company is excited about the potential of Super Coin, its South African rand-pegged digital asset stablecoin initiative, which is expected to drive retention and engagement in its customer base and reduce payments costs over time. The company is also exploring new markets in Africa and is working with governments and regulatory bodies to ensure a smooth entry.

3. NewsRoom

Card image cap

Reviewing Super League Enterprise (NASDAQ:SLE) & Super Group (SGHC) (NYSE:SGHC)

Nov -27

Source: defenseworld.net

Card image cap

Wall Street Analysts See a 48.76% Upside in Super Group (SGHC) (SGHC): Can the Stock Really Move This High?

Nov -19

Source: zacks.com

Card image cap

Super Group (SGHC) Limited (SGHC) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

Card image cap

Top Casino Stocks To Follow Now – October 28th

Oct -30

Source: defenseworld.net

Card image cap

Super Group (SGHC) Limited (SGHC) Stock Declines While Market Improves: Some Information for Investors

Oct -28

Source: zacks.com

Card image cap

Allspring Global Investments Holdings LLC Sells 4,450 Shares of Super Group (SGHC) Limited $SGHC

Oct -24

Source: defenseworld.net

Card image cap

Super Group (SGHC) Limited (SGHC) Stock Dips While Market Gains: Key Facts

Oct -20

Source: zacks.com

Card image cap

Super Group (SGHC) Limited (SGHC) Registers a Bigger Fall Than the Market: Important Facts to Note

Oct -14

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.92%)

6. Segments

Betaway

Expected Growth: 5.5%

Betaway's 5.5% growth is driven by increasing online gaming adoption, strategic partnerships, and geographic expansion into new markets. Additionally, the company's focus on responsible gaming practices and innovative product offerings have contributed to its growth momentum.

Spin

Expected Growth: 6.5%

Spin's 6.5% growth is driven by increasing online gaming adoption, strategic market expansion, and enhanced user experience. Strong brand recognition, effective marketing, and a loyal customer base also contribute to its growth. Additionally, the company's focus on responsible gaming practices and compliance with regulatory requirements further supports its growth momentum.

7. Detailed Products

Sportingbet

Online sports betting platform offering a range of sports and betting markets

Betway

Online sports betting and casino platform offering a range of games and betting markets

Spin

Online casino platform offering a range of slots, table games, and live dealer games

Lucky Numbers

Online lottery betting platform offering a range of international lotteries

Marketing and Affiliate Services

Marketing and affiliate services for online gaming operators

8. Super Group (SGHC) Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Super Group (SGHC) Limited is moderate due to the presence of alternative transportation services, but the company's strong brand and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Super Group (SGHC) Limited due to the company's diversified customer base and lack of concentration, making it difficult for individual customers to exert significant pressure.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Super Group (SGHC) Limited due to the presence of multiple suppliers, but the company's large scale of operations and long-term contracts mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for Super Group (SGHC) Limited due to the high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high for Super Group (SGHC) Limited due to the presence of several established competitors, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 5.32%
Debt Cost 3.95%
Equity Weight 94.68%
Equity Cost 7.38%
WACC 7.20%
Leverage 5.62%

11. Quality Control: Super Group (SGHC) Limited passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Super Group

A-Score: 5.4/10

Value: 3.9

Growth: 4.6

Quality: 8.0

Yield: 4.4

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Rank

A-Score: 5.2/10

Value: 6.6

Growth: 5.0

Quality: 5.1

Yield: 1.9

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Partouche

A-Score: 4.8/10

Value: 8.3

Growth: 4.7

Quality: 2.1

Yield: 1.9

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Gambling.com

A-Score: 4.2/10

Value: 5.6

Growth: 9.7

Quality: 6.4

Yield: 0.0

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Gaming Innovation Group

A-Score: 3.9/10

Value: 4.6

Growth: 7.1

Quality: 5.3

Yield: 0.0

Momentum: 4.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Playtech

A-Score: 3.8/10

Value: 8.0

Growth: 2.8

Quality: 6.2

Yield: 5.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.23$

Current Price

11.23$

Potential

-0.00%

Expected Cash-Flows