Sportradar Group AG：2026年第二季度回顾：核心业务放缓，下调盈利预测和目标价

研报英文原文证据摘录

M

Update

August 5, 2026 04:01 AM GMT

Morgan Stanley & Co. LLC

Sportradar Group AG | North America

Stephen W Grambling

Equity Analyst

2Q26 Recap: Lowering

Estimates/PT on slower core

What’s Changed

Morgan Stanley & Co. International plc+

Ed Young

Equity Analyst

Morgan Stanley & Co. LLC

Sportradar Group AG (SRAD.O)

From

To

Price Target

$17.00

$15.00

Post 2Q EPS we lower '26-'28e EBITDA ~6% on avg. respectively

due to a weaker core business and greater uncertainty around

SRAD's PM ramp. While the stock has underperformed YTD and

risk-reward is becoming more attractive, potential for further

downward revisions keeps us on the sidelines. Stay EW

Nicholas P DeValeria

Equity Analyst

Molly Baum

Equity Analyst

James F Koehne, CFA

Research Associate

Sportradar Group AG (SRAD.O, SRAD US)

Gaming & Lodging | United States of America

What is changing:

deferral of PM ramp into 2027, and our expectation for a lack of bounce back post

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

World Cup. We tweak our EBITDA estimates similarly to €366mn/€440mn vs. prior

Fiscal Year Ending

€391mn/€467mn as we anticipate some cost cuts to blunt a weaker top-line. Our

EPS (€)**

Prior EPS (€)**

P/E

EPS (€)§

Div yld (%)

Our 2026/27 net revenue moves down for both years to €1,495mn/€1,650mn from

€1,554mn/€1,720mn on the back of a weaker underlying core business for SRAD,

estimates are 2% below guidance in 2026 and we are in-line with consensus in 2027.

As a result of the weaker trend-line and increased uncertainty, we lower our core

target multiple to ~10x from 11x resulting in our PT lowering to $15 (from $17).

Implications / What to do with the stock & Read-across for OSB:

While valuation has become more compelling even on our lowered estimates (~7.5x

12/25 12/26e 12/27e 12/28e

0.31

64.4

0.39

estimates near-term. Separately, further margin expansion potential could begin to

be called into question with SRAD's sports rights negotiations beginning again next

year (UEFA) and more in 2029/30. As a result, we stay EW looking for greater

0.22

0.37

51.5

0.39

0.51

0.60

21.8

0.63

0.73

0.81

15.4

0.86

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