Sportradar Group AG "Five Key Points on PM Agreement" (Buy) Farley

Research evidence excerpt

Sportradar Group AG "Five Key Points on PM Agreement" (Buy) Farley

Global Research

8 June 2026ab

Sportradar Group AG Equities

United StatesFive Key Points on PM Agreement

Casinos

12-month rating Buy *

SRAD announced this morning that it signed a multi-year global agreement with Kalshi.

Our takes:

12m price target US$30.00

1. The biggest takeaway in our view is that this deal shows that PM are a new area of

revenue for SRAD, not a sector that is looking to disintermediate SRAD -- and that Price (08 Jun 2026) US$15.13

whether PM end up being good for sports books or bad for sports books, PM are

RIC: SRAD.O BBG: SRAD US

good for SRAD as a supplier. DKNG and FLUT stock prices have been under

pressure as investors worry about the impact of PM on OSB revenues, and while Trading data and key metrics

SRAD has historically traded with those larger names as the umbrella multiples in 52-wk range US$31.79-12.35

the sector, today’s news is a proving point that while investor debate will continue Market cap. US$4.50b

about the impact of PM on OSB, it is an opportunity for SRAD regardless of the Shares o/s 298m (COM)

impact on DKNG, FLUT and other sports books. B2B providers like SRAD don’t

Free float 10%

have to spend to build infrastructure for PM the way OSB operators do, and their

Avg. daily volume ('000) 3,439

data is valuable for combination contracts (like parlays in OSB).

Avg. daily value (m) US$50.3

2. We believe the economics to SRAD with this agreement are a premium to OSB Common s/h equity (12/26E) €0.79b

economics, and that’s before the potential for revenue from market makers and P/BV (12/26E) 4.6x

brokers. This deal includes statistics, visualizations to driver customer engagement, Net debt to EBITDA (12/26E) NM

and PM customer acquisition.

EPS (UBS, diluted) (EUR)

3.