Super Group (SGHC) Ltd (SGHC)

Price$13.99Cached quoteAs of 2026-09-05 08:53 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because current multiples already assume much of the recent improvement.

At the observed price, Super Group is worth about $7.0 billion in equity. Using roughly 508 million shares, $548 million of cash and about $43 million of interest-bearing borrowings, enterprise value—equity value after subtracting net cash—is about $6.5 billion. Against management’s 2026 adjusted earnings before interest, tax, depreciation and amortization guidance above $710 million, that is about nine times. Trailing twelve-month profit is roughly $370 million, implying about nineteen times earnings. Those are reasonable, not bargain, multiples for a regulated betting business growing quickly.

Big pictureRevenue and cash generation have strengthened sharply, but recent growth includes unusually favorable sporting activity.

The supplied history shows revenue rising 18% in 2024 to €1.70 billion, while operating cash flow more than doubled versus 2023 to €284 million. After €12 million of capital spending, free cash flow—cash left after running and investing in the business—was about €271 million. The newer filings continued that direction: 2025 revenue reached $2.23 billion and operating cash flow $360 million; first-half 2026 revenue rose 18% to $1.30 billion with $248 million of operating cash inflow. The World Cup helped recent results, so straight-line growth would be aggressive.

Business strengthA cash-heavy balance sheet and casino-led revenue give the company meaningful downside protection.

Downside protection is unusually strong for a betting operator. The supplied 2024 balance sheet held €373 million of cash against only €36 thousand of debt, with current assets exceeding current liabilities by about €109 million. Cash later reached $513 million at year-end 2025 and $548 million by June 2026. Online casino supplied about 80% of 2025 revenue, reducing dependence on sports outcomes. Capital returns accelerated to $156 million of dividends in 2025 and $177 million in first-half 2026. However, diluted shares have edged upward, so dividends have not fully prevented dilution.

What could change the storySustained margin gains could make the shares cheap, while costly growth spending could erase that case.

The bull case strengthens if revenue stays above the new $2.6 billion outlook and adjusted operating profit exceeds $710 million while cash keeps rising after dividends; the current enterprise valuation would then fall below roughly nine times that profit measure. The bear case is more specific: recent sports results benefited from the World Cup, Betway has committed to its largest football sponsorship, and 2025 gaming tax and license costs at Spin rose sharply, including a $21 million United Kingdom tax provision. Missing the profit outlook or renewed cash erosion would weaken the fair-value case.

AI: News

Record results, higher outlookRecord results raised the full-year outlook, but the market reaction showed expectations were already demanding.

On August 4, Super Group reported $684 million of quarterly revenue, up 18%, and $123 million of profit versus a $3 million loss a year earlier. Adjusted operating profit rose 30% to $204 million, monthly active customers reached 6.2 million, and management lifted 2026 revenue guidance above $2.6 billion and its adjusted profit measure above $710 million. Shares fell about 6% in the next trading session. That timing suggests expectations were demanding, but it does not prove the results alone caused the decline.

Manchester United partnershipBetway signed its biggest football partnership, expanding reach while adding meaningful future marketing commitments.

On August 4, Betway announced a multi-year deal to become Manchester United’s Principal Partner and exclusive global betting partner starting with the 2026/27 season. Betway branding will appear on men’s and women’s training kits and at matchdays, and Super Group called it Betway’s biggest football partnership. The deal can improve customer acquisition and brand recognition, especially in major football markets, but it also raises recurring marketing commitments. Because the announcement coincided with quarterly results, the share-price reaction cannot be cleanly attributed to the sponsorship.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$2.23B	$1.83B	$1.55B	—	—	—
Operating expenses	$753.0M	$700.0M	$638.0M	—	—	—
Operating income	$425.0M	$209.0M	$83.0M	—	—	—
Operating margin	19.05%	11.39%	5.34%	—	—	—
EBITDA	$441.0M	$295.0M	$112.0M	—	—	—
EBITDA margin	19.77%	16.08%	7.20%	—	—	—
Net income	$217.0M	$123.0M	−$10.0M	—	—	—
Net profit margin	9.73%	6.70%	−0.64%	—	—	—
Basic EPSper basic share	$0.43	$0.24	-$0.02	$0.40	—	—
Diluted EPSper diluted share	$0.43	$0.24	-$0.02	$0.40	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SGHC
Holder	Shares held
Divisadero Street Capital Management, LP	20.11M
Helikon Investments Ltd	17.26M
BlackRock, Inc.	9.59M
CITADEL ADVISORS LLC	5.31M
AMERICAN CENTURY COMPANIES INC	5.28M
Grubman Eric Peter	3.93M
JANE STREET GROUP, LLC	3.58M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	3.48M
Invesco Ltd.	3.36M
STATE STREET CORP	2.74M
Nuveen, LLC	2.7M
MILLENNIUM MANAGEMENT LLC	2.2M
GEODE CAPITAL MANAGEMENT, LLC	2.17M
NORGES BANK	2.14M
LOOMIS SAYLES & CO L P	2.1M
FINDELL CAPITAL MANAGEMENT LLC	2.1M
VANGUARD PORTFOLIO MANAGEMENT LLC	1.98M
SUSQUEHANNA INTERNATIONAL GROUP, LLP	1.9M
OBERWEIS ASSET MANAGEMENT INC/	1.52M
Buckley Capital Advisors, LLC	1.5M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)8$3.94M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 30, 2026Form 4	Ben David AlonChief Technology Officer	SellCommon Stock	7.8	$13.74	$107.172	31.1K
Jun 2, 2026Form 4	Ross Kirsty FarrahChief Operating Officer	SellCommon Stock	25.4K	$13.00	$329.6K	27.0K
May 19, 2026Form 4	Van Wyk AlindaChief Financial Officer	SellCommon Stock	78.8K	$13.70	$1.08M	0
May 15, 2026Form 4	Ross Kirsty FarrahChief Operating Officer	SellCommon Stock	44.6K	$13.03	$581.5K	52.4K
Apr 8, 2026Form 4	Nathan MartineGeneral Counsel	SellCommon Stock	4.8K	$10.71	$51.0K	30.2K

Review ownership filings at SEC.gov ↗

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Super Group (SGHC) Ltd (SGHC)

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