2Q26 First Take: Miss with lowered FY guide likely keeps discounted valuation vs. growth

研报英文原文证据摘录

2Q26 First Take: Miss with lowered FY guide likely keeps discounted valuation vs. growth

Update

August 3, 2026 12:44 PM GMT

Morgan Stanley & Co. LLCMSportradar Group AG | North America Stephen W Grambling

Equity Analyst

2Q26 First Take: Miss with Stephen.Grambling@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-1010

Ed Young

Equity Analystlowered FY guide likely keeps Ed.Young@morganstanley.com +44 20 7677-1761

Morgan Stanley & Co. LLCdiscounted valuation vs. growth Nicholas P DeValeria

Nick.DeValeria@morganstanley.com +1 212 761-1413

AlphaSignals Earnings Reaction

Molly Baum

Unchanged Modest shortfall Modest revision lower Equity Analyst

Impact to our thesis Financial results versus consensus Direction of next 12-month Molly.Baum@morganstanley.com +1 212 761-0378

consensus EPS James F Koehne, CFA

Source: Company data, Morgan Stanley Research Research Associate

James.Koehne@morganstanley.com +1 212 761-2186

Key Takeaways Sportradar Group AG (SRAD.O, SRAD US)

Gaming & Lodging | United States of America

SRAD reported 2Q revs largely in-line MS/cons as better US revs offset some

Stock Rating Equal-weight

slight weakness in RoW. However, EBITDA of €76mn missed MS/cons Industry View In-Line

Price target $17.00

US revenues grew 16%, RoW 20%. Overall revs/EBITDA were +19%/19% yoy and Shr price, close (Jul 31, 2026) $14.54

mgmt repurchased ~$140mn of stock in 2Q (~13% of mkt cap annualized). Mkt cap, curr (mm) €3,963

52-Week Range $32.22-11.66

2026 guidance (constant currency) was lowered with rev growth of 19-21% (-3%

vs. prior) and adjusted EBITDA (24-27% yoy ex-FX, down from 34-37% prior).

Expect shares to trade down today on the lowered 2026 outlook.

Our take: SRAD has materially underperformed YTD on the back of weaker results