olivLaw · US equity research
Codere Online Luxembourg, S.A. CDRO
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Codere Online Luxembourg is an international online casino and online sports betting operator, mainly active in Spain, Mexico, Colombia, Panama and Argentina, listed on Nasdaq since December 2021. The group reported revenue of €210.4 million for 2025, up from the prior year, but rising gaming taxes in key markets such as Mexico could weigh on its margins in the coming period.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Codere Online Luxembourg, S.A. (CDRO) stock was 8.51 USD (−4.92% on the day), with beta 0.78, 52-week range 5.43–10.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.7
- weak (30–45)
- Bollinger (20, 2)
- 8.38 – 9.98
- in the lower half of the band · %B 0.08 · band width 17.4%
- SMA 50 / 200
- 9.26 / 8.95
- mixed trend
- MACD (12, 26, 9)
- -0.20 / -0.13
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.6% | −1.1% | −7.5 pp | — |
| 3 months | −4.5% | −0.5% | −4.0 pp | — |
| 6 months | −8.4% | +4.4% | −12.8 pp | — |
| Year to date | +6.0% | +12.3% | −6.3 pp | — |
| 1 year | +43.0% | +13.5% | +29.5 pp | −35.5% |
| 3 years | +179.9% | +76.4% | +103.5 pp | −27.0% |
| 5 years | −15.0% | +63.7% | −78.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 |
|---|---|---|---|---|---|---|
| Revenue | 61.6 m | 70.5 m | 80.3 m | 115.7 m | 161.6 m | 200.7 m |
| Revenue YoY | unavailable | +14.5% | +13.8% | +44.2% | — | +24.2% |
| Net income | -16.1 m | -16.3 m | -68.1 m | -46.4 m | -2.4 m | 3.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| Diluted EPS | -3.63 | -3.65 | -10.18 | -1.03 | -0.05 | 0.08 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| net % | -26.1% | -23.1% | -84.8% | -40.1% | -1.5% | 1.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 40.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 24.2 m EUR
- Total assets
- 74.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.40x
- ROE
- 17.2%
- ROA
- 5.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 61.6 m | 70.5 m | 80.3 m | 115.7 m | 161.6 m | 200.7 m | SEC (XBRL)· 02 Jun 2025verified |
| Cost of revenue | 61.6 m | 70.5 m | 22.5 m | -22.5 m | 29.0 m | 32.0 m | SEC (XBRL)· 02 Jun 2025verified |
| Gross profit | 0 ≈ | 0 ≈ | 57.7 m ≈ | 93.2 m ≈ | 132.6 m ≈ | 168.7 m ≈ | SEC (XBRL)· 02 Jun 2025derived |
| Operating income | -15.9 m | -14.2 m | -71.0 m | -55.9 m | -14.8 m | 4.3 m | SEC (XBRL)· 02 Jun 2025verified |
| Depreciation & amortisation | 1.2 m | 932.0 k | 721.0 k | 556.0 k | 114.0 k | 388.0 k | SEC (XBRL)· 02 Jun 2025verified |
| EBITDA | -14.7 m ≈ | -13.3 m ≈ | -70.3 m ≈ | -55.3 m ≈ | -14.6 m ≈ | 4.7 m ≈ | SEC (XBRL)· 02 Jun 2025derived |
| Pre-tax income | 16.1 m | -14.8 m | -67.0 m | -43.4 m | -8.9 m | 5.4 m | SEC (XBRL)· 02 Jun 2025verified |
| Income tax | 53.0 k | 1.5 m | 966.0 k | 3.0 m | -6.5 m | 1.5 m | SEC (XBRL)· 02 Jun 2025verified |
| Net income | -16.1 m | -16.3 m | -68.1 m | -46.4 m | -2.4 m | 3.9 m | SEC (XBRL)· 02 Jun 2025verified |
| Diluted EPS | -3.63 | -3.65 | -10.18 | -1.03 | -0.05 | 0.08 | SEC (XBRL)· 02 Jun 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.0 m | 10.9 m | 94.9 m | 53.8 m | 41.3 m | 40.3 m | SEC (XBRL)· 02 Jun 2025verified |
| Receivables | — | 936.0 k | 1.9 m | 3.4 m | 1.4 m | 2.2 m | SEC (XBRL)· 02 Jun 2025verified |
| Current assets | — | 17.3 m | 104.7 m | 68.3 m | 65.3 m | 62.9 m | SEC (XBRL)· 02 Jun 2025verified |
| Property, plant & equipment, net | — | 107.0 k | 133.0 k | 200.0 k | 331.0 k | 453.0 k | SEC (XBRL)· 02 Jun 2025verified |
| Intangibles (excl. goodwill) | — | 1.1 m | 469.0 k | 10.0 k | 10.0 k | — | SEC (XBRL)· 01 May 2025verified |
| Total assets | — | 18.5 m | 105.3 m | 69.3 m | 73.8 m | 74.5 m | SEC (XBRL)· 02 Jun 2025verified |
| Accounts payable | — | — | 28.6 m | 38.5 m | 47.0 m | 41.2 m | SEC (XBRL)· 02 Jun 2025verified |
| Current liabilities | — | 37.0 m | 31.6 m | 42.8 m | 52.1 m | 45.0 m | SEC (XBRL)· 02 Jun 2025verified |
| Equity | -31.3 m | -39.9 m | 68.2 m | 24.5 m | 21.3 m | 24.2 m | SEC (XBRL)· 02 Jun 2025verified |
| Shares outstanding at year end | — | — | 45.1 m | 45.1 m | 45.3 m | 45.5 m | SEC (XBRL)· 02 Jun 2025verified |
Cash flow · EUR
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 75.0 k | 55.0 k | 80.0 k | 164.0 k | 245.0 k | 256.0 k | SEC (XBRL)· 02 Jun 2025verified |
| Investing cash flow | -275.0 k | -72.0 k | -83.0 k | -164.0 k | -245.0 k | -256.0 k | SEC (XBRL)· 02 Jun 2025verified |
| Financing cash flow | 6.8 m | 254.0 k | 89.8 m | — | 1.3 m | -2.0 m | SEC (XBRL)· 02 Jun 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.16 – 2.99 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.16 – 2.99 (Mid 2.27)8 companies used · median multiple 28.3x · quartiles 14.6x – 37.4xBRSL, DIS, MSGE, MTN, PRKS, PRSU, RSI, SEAT
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.9% | 58 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 35.7% | 100 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 50 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial50/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial58/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Codere Online Luxembourg, S.A. (CDRO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 200.7 m EUR in 2024; YoY growth 24.2%; net margin 1.9%; ROE 17.3%.
The estimated value range is 1.16–2.99 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 35.7%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.6 bn | 38.5 | 44.4% | 5.2% | −4.3% | +13% / −27% |
| RSIRush Street Interactive, Inc. | 2.4 bn | 39.4 | 23.0% | 2.6% | +22.8% | −35% / +183% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.5 | 11.6% | 5.9% | −0.0% | −36% / −63% |
| PRKSUnited Parks & Resorts Inc. | 1.7 bn | 14.9 | — | 8.1% | −3.6% | +5% / −23% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 32.1 | 7.7% | 9.6% | +23.4% | +57% / +62% |
| NIPGNIP Group Inc. | 413.9 m | — | -15.9% | -14.9% | +1.9% | −92% / unavailable |
| SEGSeaport Entertainment Group Inc. | 275.7 m | — | -22.6% | -91.4% | +18.3% | +0% / unavailable |
| GENIGenius Sports Limited | 59.2 m | — | -17.2% | -16.7% | +31.0% | −41% / +7% |
| SEATVivid Seats Inc. | 30.8 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −64% / −98% |
| GRSDGrandstand Limited | 29.3 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 11.4 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 68 | — | -100.8% | -36.0% | +120.8% | −67% / −35% |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −29% / −38% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −74% / −100% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −46% / unavailable |
| MSGSMsg Knickerbockers Corp. | — | 1,015.6 | — | 0.7% | +11.0% | +43% / +92% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +43% / +180% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −33% / −68% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| MSGEMadison Square Garden Entertainment Corp. | — | 37.1 | — | 8.6% | +12.5% | +52% / +149% |
1- and 3-year price returns: for CDRO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (30 Sept 2026), 6-K (10 Sept 2026), 6-K (30 Jul 2026), 6-K (14 Jul 2026), 6-K (30 Jun 2026).
In brief
Codere Online Luxembourg is an international online casino and online sports betting operator, mainly active in Spain, Mexico, Colombia, Panama and Argentina, listed on Nasdaq since December 2021. The group reported revenue of €210.4 million for 2025, up from the prior year, but rising gaming taxes in key markets such as Mexico could weigh on its margins in the coming period.
SWOT
Strengths
- The Codere brand, recognized in Spain and Latin America, gives the company trust and a connection to the group's retail network.
- The company has a flexible technology platform and a broad catalogue of third-party games, which can reduce acquisition costs and player churn.
- Experience operating in several regulated jurisdictions in the region is an advantage that newcomers cannot easily replicate.
Weaknesses
- The company depends on the Codere Group for many services, which may not fully meet its needs.
- The annual report identifies a material weakness in internal control over financial reporting that has not yet been fully remediated.
- The company says it is difficult to predict when it will reach its desired profitability, which leaves its financial performance uncertain.
Opportunities
- The opening of new Latin American markets under new regulatory frameworks could give the company access to customers who previously did not participate.
- Access to the Hispanic market in the United States, which the company considers under-penetrated, could open a new source of growth.
- Customers moving from offshore operators to licensed ones could increase the company's market share in markets that are already regulated.
Threats
- Rising gaming taxes, such as the one in Mexico, could reduce margins and profitability in key markets.
- Growing regulatory pressure on advertising, payments and bonuses could limit how the company conducts its business.
- Competition from established players with greater resources could make it harder for the company to enter new markets.
Risks
- Regulation and licensinghigh
The company depends on valid licenses in each jurisdiction, and losing or failing to renew a license could significantly affect its business.
- Rising taxationhigh
Changes in gaming taxes, such as those in Spain and Mexico, could reduce profitability and make certain markets less attractive.
- Internal control over reportingmedium
A material weakness in internal control could affect investor confidence if it is not fully remediated.
- Dependence on the Codere Groupmedium
The company relies on services and agreements with group entities, and changes in these relationships could affect its operations.
- Cybersecurity and identity verificationmedium
IT systems may be vulnerable to attacks, and failures by identity verification providers could expose the company to losses and sanctions.
Investment thesis
What would need to be true (bull case)
- If more Latin American markets open to licensed operators, the company could benefit from customers moving away from offshore providers and from growing revenue.
- The Codere brand and experience across several jurisdictions could give the company a competitive edge in new markets.
- If profitability improves as acquisition spending is optimized, the company could convert revenue growth into better financial results.
What would break the thesis
- Rising gaming taxes could compress margins in key markets, and the effect on profitability could be larger than anticipated.
- If new markets do not open or are delayed, the company's expansion plans may not materialize.
- The material weakness in internal control could generate additional costs and affect confidence in financial reporting.
What to watch
- Impact of the higher special gaming tax in Mexico on marginsQ1 2027
- Actual opening of the Brazilian market and the company's entry there2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (30 Sept 2026), 6-K (10 Sept 2026), 6-K (30 Jul 2026), 6-K (14 Jul 2026), 6-K (30 Jun 2026).
The business
Codere Online is an online group offering online casino games and sports betting under the Codere brand, well recognized in Spain and Latin America. The company is part of the Codere Group, founded in 1980, which gives it access to a retail footprint and a shared technology platform. At the end of 2025 it had approximately 369 employees.
Revenue grew from €161.6 million in 2023 to €200.7 million in 2024 and €210.4 million in 2025, according to the annual report, driven mainly by online casino and by trends in Mexico and Spain. The company says it still invests heavily in customer acquisition, while stating it is gradually shifting from growth toward profitability and sustainability.
The company aims to become a leading operator in Latin America and is exploring access to the Hispanic market in the United States, along with entry into Brazil, Chile, Peru, Puerto Rico and Uruguay if those markets open under new frameworks.
Segments
Online casino
Online casino games include slots, video bingo, table games and live dealer games, with the company acting as the house against the player. The annual report states that casino margins are less volatile than sports betting margins.
Sports betting
Online sports betting involves fixed odds set by the company with a built-in theoretical margin, and the Codere Group trading team monitors competitor pricing. The company says it can deliver a fairly stable margin over the long term, although event outcomes can create volatility.
Spain
Spain is the company's home market, where operations began in 2014, with about 52 thousand average monthly active players in 2025 according to the annual report. The market remains under fiscal pressure, as operators pay a 20% tax on gross gaming revenue on top of corporate income tax.
Market context
The annual report describes the Latin American online gaming market as at an early stage, with many countries unregulated or with explicit prohibitions. The company believes regulation will shift customers from offshore operators to licensed operators like itself and attract new users, but these estimates depend on markets actually opening.
Trends
- Regulated opening of Latin American marketstailwind
Several countries in the region have adopted or are preparing regulatory frameworks, which could allow the company to enter new jurisdictions and attract customers from the offshore market.
- Rising gaming taxesheadwind
Gaming taxes are rising in Spain and Mexico, which could compress operator margins and reduce the appeal of certain markets.
- High customer acquisition spendingmixed
The company keeps investing in marketing and sponsorships to speed up market share gains, and profitability depends on how efficient this spending remains.
- Shift toward profitability and sustainabilitymixed
The company says it is gradually moving its priorities from growth toward profitability, but notes that it is difficult to predict when its long-term profitability objectives will be reached.
Competitive position
The annual report indicates that in new jurisdictions the company will face established industry players, some with more experience in online casino and sports betting and with greater resources. The company relies on its online platform, the Codere brand and its experience operating across several jurisdictions to compete.
Performance may vary from one jurisdiction to the next depending on the level of local competition, which is a key determinant of results in each market.
- Established global online gaming operators
The report refers to more experienced global and local competitors without naming them in this text.
- Offshore unregulated operators
Operators working without a license in the region are the source of customers the company hopes to attract through regulation.
- Local licensed operators in regulated markets
In markets already open, the company competes with licensed operators whose position depends on licenses and brand.
- Operators in newly regulated markets
As Brazil, Peru and other countries open up, new competitors are expected to emerge and the company will need to establish its position.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)17 Jun 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)28 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Codere Online Luxembourg, S.A. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.