Negative traffic trends persist: We have updated our SEO tracker for BETCO, and it seems like the negative traffic trend for BETCO’s publishing websites continues. 

Consensus expectations are too high: World traffic is down 27% Y/Y and 10% Q/Q. In contrast, market consensus expects a 1% increase in revenue Y/Y and 0.6% Q/Q.

Valuation: We believe EBIT 2026 will be closer to €75m compared to the consensus of €83m. The current valuation (EV/EBIT NTM) of +12.5x is too high due to uncertainty, traffic trends, and higher expectations of profit.

Target price & rating: We remain cautious and believe that the share price is holding up due to an “artificial air” from share buybacks. We rate BETCO as an Underperform and set a target price of SEK 83  per share in a 12-month horizon. Our confidence level is set at medium, as factors like Google updates might shift trends and performance, both upwards and downwards.