Investor Presentaiton
C
www
DD3
Acquisition Corp. II
Comparable Company Benchmarking
Codere Online valuation multiples for 2022 and 2023 below reflect revenues from Core Markets only (excludes Expansion Markets)
TEV / Revenue Multiples
US High Growth B2C Operators
TEV/2022E Revenue (6.7x Median)
EU Mature B2C Operators
TEV/2022E Revenue
TEV/2022E Revenue (3.2x Median)
TEV/2023E Revenue (3.0x Median)
TEV/2023E Revenue (4.8x Median)
TEV/2023E Revenue
11.6x
8.6x
7.5x
6.7x
6.4x
5.2x
4.4x
4.8x
4.3x
4.3x
3.4x
3.7x
3.2x
3.0x
2.0x
1.9x
2.3x
1.7x
(1)
(2)
C
DRAFT
KINGS
изисто
INTERACTIVE
codere
Growth-Adjusted TEV / Revenue Multiples (4)
TEV/2022E Revenue
TEV/2023E Revenue
0.07x 0.05x
I
TITTTT (1)
C
codere
(3)
GOLDEN
NUGGET
RUSH STREET
INTERACTIV
POINTSBET
Flutter
Σntain
888
HOLDINGS
ONLINE GAMING
US High Growth B2C Operators
Growth-Adj. TEV/2022E Rev. (0.12x Median)
Growth-Adj. TEV/2023E Rev. (0.09x Median)
EU Mature B2C Operators
Growth-Adj. TEV/2022E Rev. (0.29x Median)
Growth-Adj. TEV/2023E Rev. (0.28x Median)
0.32x
0.33x
0.28x
0.29x
0.19x 0.17x
0.14x 0.14x
0.12x
0.09x
0.05x
0.05x
0.02x
0.02x
(2)
DRAFT
KINGS
INTERACTIVE
(3)
GOLDEN
NUGGET
RUSH STREET
INTERACTIVE
ONLINE GAMING
POINTSBET
Flutter
0.25x
0.21x
Σntain
888
HOLDINGS
Source: Company filings, S&P Capital IQ, and Wall Street research. Prices as of 10/1/2021.
Codere Online valuation based on pro forma equity value of $497mm at $10.00 per share, less $144mm pro forma cash, assuming no redemptions by public shareholders. 2022E and 2023E revenue assumes redemptions by public shareholders are no greater than 50%.
Assumes redemption of up to $30mm of Codere Online shares owned by Codere Group and expenses of up to $18mm in connection with the transaction.
(1)
(2)
Pro forma for pending acquisition of Golden Nugget Online Gaming, based on company disclosures (transaction announced 8/9/2021).
(3)
(4)
Represents TEV/2022E revenue multiple or TEV / 2023E revenue multiple divided by 2020-2022 CAGR or 2020-2023 CAGR, respectively.
Based on trading price as of 10/1/2021. Acquisition by DraftKings announced 8/9/2021.
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