Super Group (SGHC) Limited

SGHC

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$13.31

+0.09 (+0.68%)

Market Cap

$6.76B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Good

Stability

Exceptional

Valuation

Strong

Dividends

Strong

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Share count rising — dilution

+802.8% over 4y

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

Diluted shares outstanding: 56.3M (2021) → 507.8M (2025)

Winston Score History

The full picture

Super Group is an online gambling company that runs two main brands: Betway, a sports betting platform, and Spin, an online casino. Customers place bets on sports like soccer, basketball, and tennis, or play digital casino games like slots and poker. The company operates entirely online, so it does not own any physical casinos or betting shops.

Super Group makes money by keeping a portion of every bet placed on its platforms — this is called the "house edge" or gross gaming revenue. It operates in dozens of countries across Europe, Africa, the Americas, and Asia, making it one of the larger global online gambling operators. The company's main competitive advantage is its established brand recognition in regulated markets, particularly through Betway's sports sponsorship deals. The key growth driver is expanding into newly regulated markets like the United States, but the main risk is that gambling regulations can change quickly and vary widely by country, which could limit where the company is allowed to operate.

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

+0.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

67.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$566M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Super Group (SGHC) Limited is growing revenue at 0% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

32.3%

Modest — 32.3% gross margin

Profit after running costs

Operating Margin

25.0%

Excellent — 25.0% operating margin

Return on the money invested

ROCE

60.6%

Exceptional — 60.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+14.2%

Fast-growing sales (+14.2% YoY)

Profit growth

EPS YoY

+173.1%

Earnings growing fast (+173.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

69%

Modest — 69% of profit becomes cash

Spare cash per sale

FCF Margin

10.4%

Modest free cash flow (10.4%)

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

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

29.65x

Comfortably covers interest (29.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.2x

Fair value — P/E 18.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.2 → 14.2)

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Dividends

Dividend

Dividend Yield

3.14%

Moderate income — 3.14% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+44.4%

Dividend growing fast (44.4% YoY)

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