Sportradar Group AG (NASDAQ: SRAD)

Sector: Technology Industry: Software - Application CIK: 0001836470
Market Cap 6.39 Bn
P/B 5.51
P/E 57.25
P/S 4.42
ROIC (Qtr) 8.18
Div Yield % 0.00
Rev 1y % (Qtr) 21.19
Total Debt (Qtr) 73.75 Mn
Debt/Equity (Qtr) 0.06

About

Price action

Investment thesis

Bull case

  • Strong operating cash flow of 466.84M provides robust 6.33x coverage of total debt 73.75M, indicating excellent debt servicing capability and financial flexibility.
  • Healthy cash reserves of 423.98M provide 33.40x coverage of short-term debt 12.70M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 798.75M provides 10.83x coverage of total debt 73.75M, indicating robust asset backing and low credit risk.
  • Robust free cash flow of 460.35M exceeds capital expenditure of 6.49M by 70.95x, indicating strong organic growth funding capability.
  • Tangible assets of 798.75M provide exceptional 10.32x coverage of deferred revenue 77.42M, showing strong service capability backing.

Bear case

  • Operating cash flow of 466.84M barely covers its investment activities of (317.22M), with a coverage ratio of -1.47, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 423.98M provide limited coverage of acquisition spending of (30.31M), which is -13.99x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating earnings of 215.37M show weak coverage of depreciation charges of 372.57M, with a 0.58 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of 466.84M shows concerning coverage of minority interest expenses of (254117.65), which is -1837.09x, suggesting complex corporate structure risks.
  • High depreciation of 372.57M relative to operating cash flow of 466.84M, which is 0.80x suggests significant maintenance capital requirements affecting free cash flow.

Sub Products And Services Breakdown of Revenue (2024)

Geographical areas [axis] Breakdown of Revenue (2024)

Peer comparison

Companies in the Software - Application
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SAP Sap Se 288.31 Bn 34.60 6.72 10.73 Bn
2 CRM Salesforce, Inc. 248.32 Bn 34.38 6.16 11.14 Bn
3 SHOP Shopify Inc. 212.27 Bn 119.19 19.85 1.12 Bn
4 INTU Intuit Inc. 180.73 Bn 43.89 9.30 6.78 Bn
5 UBER Uber Technologies, Inc 178.38 Bn 10.72 3.60 12.19 Bn
6 NOW ServiceNow, Inc. 146.98 Bn 84.91 11.60 2.40 Bn
7 ADBE Adobe Inc. 144.48 Bn 20.77 6.23 6.64 Bn
8 ADP Automatic Data Processing Inc 108.20 Bn 26.16 5.18 9.77 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.62 2.65
EV to Cash from Ops. EV/CFO 15.97 13.37
EV to Debt EV to Debt 101.10 57.69
EV to EBIT EV/EBIT 34.62 19.12
EV to EBITDA EV/EBITDA 14.25 15.00
EV to Free Cash Flow [EV/FCF] EV/FCF 16.20 14.69
EV to Market Cap EV to Market Cap 1.17 -92.28
EV to Revenue EV/Rev 5.16 4.60
Price to Book Value [P/B] P/B 5.51 4.26
Price to Earnings [P/E] P/E 57.25 -136.90
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -3.95
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 4.25
Dividend per Basic Share Div per Share (Qtr) 0.00 0.15
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 2.52
Interest Coverage Int. cover (Qtr) 2.17 -52.32
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 52.28 -259.78
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 3.58 9,763.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.61
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 52.62 -263.15
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 22.25 56.46
EBIT Growth (1y) % EBIT 1y % (Qtr) 35.82 -225.15
EBT Growth (1y) % EBT 1y % (Qtr) 52.37 -86.10
EPS Growth (1y) % EPS 1y % (Qtr) 64.12 123.84
FCF Growth (1y) % FCF 1y % (Qtr) 33.30 -36.82
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 24.27 95.08
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.60 0.58
Cash Payout Ratio Cash Payout Ratio 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 0.87 3.75
Current Ratio Curr Ratio (Qtr) 1.36 8.16
Debt to Equity Ratio Debt/Equity (Qtr) 0.06 0.17
Interest Cover Ratio Int Coverage (Qtr) 2.17 -52.32
Times Interest Earned Times Interest Earned (Qtr) 2.17 -52.32
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 40.70 -100.06
EBIT Margin % EBIT Margin % (Qtr) 12.67 -164.24
EBT Margin % EBT Margin % (Qtr) 8.05 -116.94
Gross Margin % Gross Margin % (Qtr) 52.90 58.20
Net Profit Margin % Net Margin % (Qtr) 7.70 -121.65