2025-06-05-Jefferies-Sportradar集团（SRAD）_实地考察笔记_Sportradar_Group（SRAD）为进一步增长做好准备_7页_104kb

Sportradar Group Equity Research Summary

Sportradar Group is a leading provider of sports betting and entertainment products, with a strong focus on sports data and technology services. Jefferies Equity Research has assigned a "Buy" rating with a price target of $27.00, indicating a 13% upside from the prior close. The report highlights growth potential.

Key growth drivers include:

• Expected 15% revenue CAGR from 2024 to 2027, with 500bps incremental growth in Over-Seas Betting (OSB) operations, supported by stable major sports rights through 2029.
• Managed Trading Services, which offers real-time odds data, serves as a key upsell opportunity.
• iGaming is identified as a potential expansion area, leveraging existing customer acquisition.

Margin expansion is projected:

• Adj. EBITDA margin expected to improve by 200bps in FY25 and an additional 500bps by FY27, driven by top-line growth and accretive new revenue, despite a sticky cost structure due to secured sports rights.

The OSB ecosystem is described as balanced, with leagues, SRAD, and operators all succeeding, reducing incentives for major changes.

A significant deal, IMG Arena, is pending UK regulatory approval and expected to close near 2025Q4. It is forecast to add approximately €130M in revenue and €30M in Adjusted EBITDA, margin accretive.

Capital allocation prioritizes organic and inorganic growth with strict M&A criteria, focusing on margin-accretive opportunities like new sports rights or technologies. Share buybacks are opportunistic, and cash accumulation is appropriate.

Downside risks include regulatory shifts, data rights inflation, competitive dynamics, and technological challenges.

Company valuation uses metrics like EV/Sales 4.0x, with a multistage DCF model. Sportradar has a prominent market position but faces uncertainties in the evolving sports tech sector.