[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  DonCorleone77 [@CorleoneDon77](/creator/twitter/CorleoneDon77) on x 5517 followers Created: 2025-07-01 23:21:15 UTC $SRAD Attached is page X of a 39-page Truist (Coverage Initiation) analyst report on SRAD issued today entitled: "The worldwide leader in Sportradar: Initiating with a Buy rating and $XX PT" Truist has a 'Buy' rating on SRAD with a $XX price target. Truist's 'Investment Highlights' regarding SRAD in the report includes the following: "We initiate coverage of Sportradar Group AG (SRAD) with a Buy rating and $XX PT based on ~16.5x our 2027E PF EBITDA for pending IMG M&A. The largest B2B partner for the sports betting industry has become increasingly important to its customers (operators, leagues and media). 2027E financial targets from its Investor Day equate to +27% EBITDA 3-year CAGR, among the highest in our group. We see upside to targets through higher market growth (and new state legalization), in-play mix, development of new revenue drivers, and IMG accretion. -- Investment Thesis: SRAD’S long-dated contracts drive high visibility to revenues, while there’s runway to upsell higher-margin products, as the market has consolidated to a duopoly. At its April 2025 Investor Day, SRAD provided 2027E targets of +27% 3-yr EBITDA CAGR, but we see upside to numbers if the global market grows ahead of its ~10% CAGR pace (every +1% add’l global GGR growth = +2% EBITDA growth) and/or if SRAD is able to increase in-play mix (+1% mix increase = +2% EBITDA growth). The IMG acquisition is also not factored, and expected to be immediately accretive post Q4 close. -- Valuation: Our $XX PT is based of 16.7x our 2027E PF Adj. EBITDA (including IMG, not yet in ests). This represents +18% upside from current trading levels, and is between the company’s historic 17.6x (since 9/2021 IPO) and 16.3x (since 1/22 settling post-IPO). This equates to a ~3% FCF yield relative to its average of XXX% since 2021. Comparable non- OSB data service providers trade near 20x 2027E EBITDA. -- Risks: Inability to renew and disintermediation, regulatory risk, foreign issuer and FX. The inability to renew key contracts favorably would pressure both SRAD's top and bottom-lines, though we see this as unlikely. General legislative pressure on the industry (tax increases, CFTC/prediction markets) could bode negatively for SRAD’s stock even if less so to its fundamentals. As a Swiss-based foreign issuer, SRAD is not eligible for index inclusion. Despite the US listing, SRAD’s functional and reported currency is the euro (71% of revenues), and it's exposed to sizable currency volatility." (Page X is not available here as X does not allow me to post pages from reports on this platform) XXX engagements  **Related Topics** [investment](/topic/investment) [$srad](/topic/$srad) [Post Link](https://x.com/CorleoneDon77/status/1940188984132747419)
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DonCorleone77 @CorleoneDon77 on x 5517 followers
Created: 2025-07-01 23:21:15 UTC
$SRAD
Attached is page X of a 39-page Truist (Coverage Initiation) analyst report on SRAD issued today entitled:
"The worldwide leader in Sportradar: Initiating with a Buy rating and $XX PT"
Truist has a 'Buy' rating on SRAD with a $XX price target.
Truist's 'Investment Highlights' regarding SRAD in the report includes the following:
"We initiate coverage of Sportradar Group AG (SRAD) with a Buy rating and $XX PT based on ~16.5x our 2027E PF EBITDA for pending IMG M&A. The largest B2B partner for the sports betting industry has become increasingly important to its customers (operators, leagues and media).
2027E financial targets from its Investor Day equate to +27% EBITDA 3-year CAGR, among the highest in our group. We see upside to targets through higher market growth (and new state legalization), in-play mix, development of new revenue drivers, and IMG accretion.
-- Investment Thesis:
SRAD’S long-dated contracts drive high visibility to revenues, while there’s runway to upsell higher-margin products, as the market has consolidated to a duopoly. At its April 2025 Investor Day, SRAD provided 2027E targets of +27% 3-yr EBITDA CAGR, but we see upside to numbers if the global market grows ahead of its ~10% CAGR pace (every +1% add’l global GGR growth = +2% EBITDA growth) and/or if SRAD is able to increase in-play mix (+1% mix increase = +2% EBITDA growth). The IMG acquisition is also not factored, and expected to be immediately accretive post Q4 close.
-- Valuation:
Our $XX PT is based of 16.7x our 2027E PF Adj. EBITDA (including IMG, not yet in ests). This represents +18% upside from current trading levels, and is between the company’s historic 17.6x (since 9/2021 IPO) and 16.3x (since 1/22 settling post-IPO).
This equates to a ~3% FCF yield relative to its average of XXX% since 2021. Comparable non- OSB data service providers trade near 20x 2027E EBITDA.
-- Risks:
Inability to renew and disintermediation, regulatory risk, foreign issuer and FX. The inability to renew key contracts favorably would pressure both SRAD's top and bottom-lines, though we see this as unlikely.
General legislative pressure on the industry (tax increases, CFTC/prediction markets) could bode negatively for SRAD’s stock even if less so to its fundamentals.
As a Swiss-based foreign issuer, SRAD is not eligible for index inclusion. Despite the US listing, SRAD’s functional and reported currency is the euro (71% of revenues), and it's exposed to sizable currency volatility."
(Page X is not available here as X does not allow me to post pages from reports on this platform)
XXX engagements
Related Topics investment $srad