100 100.5
160
80
Source : company reports
140
40 100
91.2
Chart 4 : Better Collective EBITDA (€ m )
19.6 80
14.6 igamingbusiness . com
6.0 8.2
67.4 6.6
5.7
2018-2021E
0 60
Affiliate Monitor
What ’ s your view 40 ? 40.5
14 -20
15
BETTER COLLECTIVE
PIPPED AT THE POST
Better Collective briefly held sway over the whole affiliate sector in the fourth quarter of last year before once again being overtaken in quarterly revenue terms by Catena Media in the quarter that just passed . But it still put in an impressive enough performance in the three months to March and there is every likelihood it will overtake Catena once again as and when the revenues from a postacquisition Action Network are plugged in .
Revenue for the quarter was up 68 % YoY to € 39m with organic growth . EBITDA before special items rose 46 % to € 13.2m with EBITDA margins at 34 %.
The yearly revenue trends – including the company ’ s own forecast for the current year – are also noteworthy . As can be seen , the company now estimates its revenues for this year will top € 180m , with EBITDA rising to € 55m .
NDCs hit an all-time high of 180,000 and while there is no guidance on what impact the Action Network deal will have on this metric later in the year , there is every reason to suspect that in the second three months of the year Better Collective will be adding more than 200,000 NDCs , given Euro 2020 in the sporting schedule .
Company-by-company first-quarter results analysis
Chart 1 : Better Collective revenue progression Q119-Q121 (€ m ) progression Q119-Q121 (€ m )
€ m
45
40
35
30
25
20
15
10
5
0
14.9
15.8
Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121
Chart 2 : Better Collective QoQ revenue change Q219-Q121 (%)
%
120
100
80
60
40
20
0
-20
-40
6.0 8.2
Source : Company reports
17.1
14.6
19.6
6.6
20.9
Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121
-26.8
15.3
19.6
18.3
100.5
36.7
5.7
38.8
Chart : 45 3 : Better Collective revenues (€ m ) 2018-2021E revenues 2018-2021e (€ m )
growth path with a record monthly
70 haul of € 13.1m , up 185 % on the
60 prior year period , of which 51 %
50 was organic . Organic growth in publishing was 87 % due to the weak Covid-affected Q120 comparator . Paid organic
strong comparator .
Tweet @ iGamingBusiness
180000 accounted for 61 % and paid One unanswered question 60 as
153000
Chart media 39 %. 6 After : Better the period Collective yet is what the NDCs impact
50 of YoY the
40
Action Network deal will be on
97000 the metrics . As was discussed earlier , what is clear 10 is that it will
0
0.0 transform Better Collective ’ s already impressive US presence and will see revenues -30 from the
-40
US alone hit € 100m next year . But the flow through to profit will
Source : company reports be an 14.1interesting story to follow . As can be seen from the first quarter , the company might be adding on the pounds in terms of revenues , but EBITDA is more of a laggard . Specifically , in Q121 , Better Collective said the moves
14.1 made to recast the Atemi business saw margins across the business take a tumble .
MARGIN CALL
Partly this is down to the lowermargin nature of the paid business . However , the company spoke
55.2 iGB Affiliate Monitor July 2021
%
60
60
-40 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121
55
Source : company reports 50
€ m
200
35
180
160
30
140
25
120
10020
80
15
60
40 40.5
67.4
-26.8
91.2
180
Chart 5 : Better Collective NDCs Q119-Q121 Chart 4 : Better Collective EBITDA (€ m )
Chart 5 : Better Collective NDCs Q119-Q121
220000
2018-2021E
200000 60
180000 55
160000 50
45 140000
40 120000
€ m
35
100000 30
80000 25
60000 20
15 40000
16.1
20000 Source : company reports
27.6 85000
38.1
118000 116000
2018 2019 2020 2021e
55
Chart 5
Q119
: Better
Q219Collective Q319
NDCs
Q419
Q119-Q121
Q120 Q220 Q320 Q420 Q121
Chart 6 : Better Collective NDCs YoY
220000 increase (%) Q120-Q121
Source : company reports
200000Revenue from publishing ACTION STATIONS
180000
160000
140000
120000 close 116000 , April continued the 118000 116000
increase 111000 (%) Q120-Q121
100000
80000
60000
40000 20000
0
85000 76000
Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121
Source 30 : company reports
20
Chart growth
6 was
: Better
14 % against
Collective a
NDCs YoY
10
increase (%) Q120-Q121
0
70
60-10 50
-20
40
-30 30
20-40 10
€ m
-31.5
14.1
29.7
€ m
120
20
Source : company reports
2018 2019 2020 25
2021e
2018 2019 2020 2021e
55
Chart Chart 4 :: Better Collective EBITDA (€ m ) 2018-2021E
EBITDA 2018-2021e (€ m )
Source 20 : company reports
16.1 15
2018 2019 2020 2021e 2018 2019 2020 2021e
Source : company reports Source : company reports
Chart 5 : Better Collective NDCs Q119-Q121
0
40
40
116000
0.0
16.1
111000
27.6
38.1
€ m
60
55
50
45
40
35
30
20
220000
200000 180000
160000
140000
120000 100000
80000
60000
76000 40000
20000
0
116000 111000
85000
27.6
118000 116000
Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121
Source : company reports
70
30 20
-10
-20
38.1
76000
97000
153000
-31.5
29.7
Q120 Q220 Q320 Q420 Q121
Chart 7 : Better Collective EBITDA margin progression Q119-Q121 (%)
50
45
40
35
97000
44
153000
43
55.2
180000
40 40
41 41
29.7
44
37
55
55.2
180000