Sportradar Moving to the Sidelines with More Compelling NT Upside Elsewhere; DG to Neutral, PT Stays $16

Research evidence excerpt

Sportradar Moving to the Sidelines with More Compelling NT Upside Elsewhere; DG to Neutral, PT Stays $16

J P M O R G A N North America Equity Research

27 May 2026

Sportradar ▼Neutral

Previous: Overweight

Moving to the Sidelines with More Compelling NT SRAD, SRAD US

Price (26 May 26):$12.99

Upside Elsewhere; DG to Neutral, PT Stays $16 Price Target (Dec-26):$16.00

Gaming & Lodging

Samuel Nielsen AC

(1-212) 622-1366

samuel.nielsen@jpmchase.com

Daniel Politzer, CFA

We are downgrading SRAD to Neutral (from OW) as we see more compelling (1-212) 622-0110

near-term upside elsewhere in our Gaming coverage (see our MGM UG to OW daniel.politzer@jpmorgan.com

here). While SRAD has de-rated to just ~6x FY27E EV/EBITDA (vs 11x at YE25) Michael Hirsh, CFA

and is likely reflecting a near worst-case scenario re: its unregulated exposure, we (1-212) 622-0295

michael.hirsh@jpmchase.com

do not see a clear path to its valuation improving near-term. SRAD management J.P. Morgan Securities LLC

has seemingly given investors everything they could have asked for (increased

disclosure, teasing Prediction Market deal progress, accelerated share repo, CEO/

insider buying, cost reductions), and for sentiment/valuation to improve from here, Quarterly Forecasts (FYE Dec)

we think execution and investor patience will be required. Adj. EBITDA (€ mn)

2025A 2026E 2027E

• With its 1Q report, SRAD: (1) disclosed a LSD-MSD% range of potential Q1 59 66A Q2 64 81

unregulated exposure (well below the 20-40% that recent short reports Q3 85 117

indicated) and incremental disclosures on its compliance/KYC; (2) teased a Q4 89 127

handful of PM deals; (3) introduced an accelerated $250m share repo (~6% of FY 297 391 494

mkt cap or ~15-20% of float), alongside the CEO buying $10m of stock, and

Style Exposure