Investor Presentaiton
C
www
DD3
Acquisition Corp. II
Comparable Company Benchmarking Detail
Codere Online valuation multiples for 2022 and 2023 below reflect revenues from Core Markets only (excludes Expansion Markets)
Company
Codere Online (2)
Stock Price
10/1/21
Market Cap
Total
Enterprise Value
TEV / Revenue
2022E
2023E
Growth-Adjusted TEV / Revenue (¹)
2022E
2023E
Revenue CAGR
2020-2022
2020-2023
NA
NA
$353
2.3x
1.7x
0.07x
0.05x
+34.0%
+33.8%
US Pure Play Digital B2C Operators
DraftKings Inc. (3)
$50.56
$23,292
$21,896
11.6x
8.6x
0.19x
0.17x
+60.2%
+51.4%
Golden Nugget Online Gaming, Inc. (4)
$18.25
1,512
1,506
6.7x
4.8x
0.12x
0.09x
+56.8%
+51.0%
PointsBet Holdings Limited
A$9.82
1,801
1,341
4.3x
3.4x
0.05x
0.05x
+87.5%
+63.7%
Rush Street Interactive, Inc.
$19.03
4,171
3,810
6.4x
5.2x
0.14x
0.14x
+46.3%
+38.2%
Wynn Interactive
$9.97
3,790
3,150
7.5x
4.4x
0.02x
0.02x
+330.4%
+214.4%
|Low
4.3x
3.4x
0.02x
0.02x
+46.3%
+38.2%
Mean
7.3x
5.3x
0.10x
0.09x
+116.3%
+83.7%
Median
6.7x
4.8x
0.12x
0.09x
+60.2%
+51.4%
High
11.6x
8.6x
0.19x
0.17x
+330.4%
+214.4%
EU Mature B2C Operators
888 Holdings plc
£4.26
$2,147
$2,033
2.0x
1.9x
0.21x
0.25x
+9.4%
+7.7%
Entain Plc
Flutter Entertainment plc
£21.56
£148.20
17,130
19,120
3.2x
3.0x
0.29x
0.33x
+11.0%
+9.3%
35,155
38,902
4.3x
3.7x
0.32x
0.28x
+13.3%
+13.4%
Low
2.0x
1.9x
0.21x
0.25x
+9.4%
+7.7%
Mean
3.2x
2.9x
0.28x
0.28x
Median
High
3.2x
3.0x
0.29x
0.28x
+11.2%
+11.0%
+10.1%
+9.3%
4.3x
3.7x
0.32x
0.33x
+13.3%
+13.4%
Source: Company filings, S&P Capital IQ, and Wall Street research. Prices as of 10/1/2021. Note: $ in millions, except share prices.
(1)
(2)
(3)
(4)
Based on trading price as of 10/1/2021. Acquisition by DraftKings announced 8/9/2021.
Represents TEV/2022E revenue multiple or TEV/2023E revenue multiple divided by 2020-2022 CAGR or 2020-2023 CAGR, respectively.
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.
Pro forma for pending acquisition of Golden Nugget Online Gaming, based on company disclosures (transaction announced 8/9/2021).
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