Better Collective A/S

BETCO.ST

Specialty Business Services · Industrials

Price

kr 117.20

-4.80 (-3.93%)

Market Cap

kr 6.71B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

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Share count rising — dilution

+23.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 52.9M (2021) → 65.1M (2025)

Winston Score History

The full picture

Better Collective is a Danish company that runs websites, apps, and media brands that help sports fans find information about sports betting. Its main products include betting guides, odds comparison tools, sports news sites, and tipster communities. The company's customers are online sportsbooks and casinos, which pay Better Collective to send them new gamblers.

Better Collective makes most of its money through performance marketing — it earns a fee or a share of revenue each time one of its users signs up and bets at a partner sportsbook. It operates mainly in Europe and North America, with the US market becoming a larger part of the business as more American states legalize sports betting. The company has built a large library of trusted sports media brands, which makes it harder for competitors to replicate its audience reach, but its biggest risk is regulatory — governments can restrict gambling advertising at any time, which would directly cut into its revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+55.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

44.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€25M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Better Collective A/S is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

27.1%

Modest — 27.1% gross margin

Profit after running costs

Operating Margin

17.7%

Healthy — 17.7% operating margin

Return on the money invested

ROCE

7.8%

Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+2.9%

Nearly flat sales (+2.9% YoY)

Profit growth

EPS YoY

+21.0%

Earnings growing fast (+21.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

235%

Turns 235% of profit into real cash

Spare cash per sale

FCF Margin

18.8%

Converts sales into free cash efficiently (18.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.42

Conservative — low debt load (0.42)

Covers its interest

Interest Cover

7.44x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.6x

Growth-priced — P/E 21.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+7.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.6 → 13.9)

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Dividends

Not applicable for this business.

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