SGHC Limited
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Buy today and you are not betting on the gaming math — that part works — but on three legislatures leaving the rules alone: South Africa, Canada (where only Ontario is licensed so far and Alberta means to follow in 2026) and the United Kingdom. If you already hold the shares, check three lines in every report: the revenue share of those three countries, gaming tax and license costs (last $93.1 million, 11.0 percent of gaming revenue) and the two tax provisions ($50.4 million and $26.4 million). If you are waiting, the June 2026 Upper Tribunal hearing in the HMRC case and the launch of the Alberta regime give you two concrete events that show where regulation is heading. Watch rather than reach — the decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Super Group is an unusually profitable online gambling operator: $2,231 million of revenue in 2025 (+21.6 percent), $218 million of profit, $559.5 million of adjusted EBITDA, $513.2 million of cash, almost no debt and a rising dividend. The price of that sits in the notes: 77.7 percent of revenue comes from South Africa, Canada and the United Kingdom; the U.S. entry ended after three years in $141.1 million of impairments because the tax rules moved; two tax matters worth roughly $77 million are unresolved; and as a foreign private issuer the company presents audited numbers only once a year. The house edge is real — it holds only as long as the table may stand. Not investment advice.
Earnings power & growth
Revenue rose 21.6 percent in 2025 to $2,231 million, profit reached $218 million (from a loss of $8 million in 2023), and adjusted EBITDA climbed 57 percent to $559.5 million at a margin near 25 percent. The first quarter of 2026 continued the trend ($612 million of revenue, +18 percent; $86 million of profit), and guidance for 2026 calls for more than $2.55 billion of revenue and more than $680 million of adjusted EBITDA.
Balance sheet & distributions
At December 31, 2025, $513.2 million of cash and $801 million of equity (a 63 percent ratio) faced only $17 million of interest-bearing debt; since February 2026 an undrawn $100 million credit facility sits alongside. Distributions totaled roughly $156 million in 2025 plus $152 million in the first quarter of 2026, and the dividend target rose from 16 to at least 20 cents per share.
Market concentration
Of $2,231 million of 2025 revenue, $1,734 million — 77.7 percent — came from South Africa ($708.2 million), Canada ($698.1 million) and the United Kingdom ($328.0 million); no other country reached 10 percent. In Canada, the second-largest market, the group is licensed in Ontario only; the annual report describes the rest of the country as not explicitly regulated.
Regulation & taxes
Regulatory risk has already materialized: the U.S. exit cost $141.1 million of impairments from 2023 through 2025, triggered in part by gaming taxes according to the filing. Gaming tax and license costs rose 74.4 percent in 2025 to $93.1 million (11.0 percent of gaming revenue, up from 7.3 percent), and two matters remain open — an unassessed $50.4 million voluntary disclosure and a $26.4 million HMRC case with the first instance lost.
Transparency & ownership
As a foreign private issuer the group publishes audited numbers only once a year (the 20-F for 2025 on April 17, 2026); the quarterly figures in its 6-K announcements are explicitly preliminary and unaudited. The currency switch from euros to dollars (from 2025) and the segment change (Africa/International from 2026) break the time series. Roughly 64 percent of the shares sit with two Isle of Man companies whose ultimate beneficiaries are not named.
Worth Noting
Super Group reached our research list not through a scanner hit but through Form 13F-HR of Helikon Investments Ltd as of March 31, 2026 (filed May 8, 2026): 9,424,702 shares worth $101,786,782, an entirely new position. A 13F shows only U.S.-listed long positions with a 35- to 45-day lag, without shorts or derivatives — a rear-view mirror, not a road map.
Standard screener metrics only partly apply to this stock: as a foreign private issuer Super Group files no 10-Q, so many quarter-based metrics (the Piotroski F-Score among them) cannot be updated. Every figure used here comes straight from the 20-F for 2025 and the 6-K interim reports.
Valuation figures are dated and evergreen: an anchor price of about $10.80 per share, derived from the 13F filing as of March 31, 2026 ($101,786,782 for 9,424,702 shares), implying a market value of roughly $5.5 billion, a P/E near 25 on 2025 profit and near 16 on the annualized first-quarter 2026 run rate. Analyses are evergreen; daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SGHC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.50 $ to 15.60 $ · Last price: 12.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Gambling
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| SGHC Limited SGHC | 6.6 | 27.0 | 10.3 | 32.3 | 20.1 | 31.4 | 3.7 |
| Flutter Entertainment plc FLUT | 16.0 | – | 16.4 | 42.5 | 2.3 | 16.6 | -66.8 |
| DraftKings Inc DKNG | 11.4 | 285.0 | 121.0 | 76.1 | 0.4 | 27.0 | -47.3 |
| Lottomatica Group SpA LOTMY | 7.4 | 30.0 | 10.7 | 37.7 | 21.3 | 12.1 | 20.1 |
| Rush Street Interactive Inc RSI | 6.1 | 73.7 | 14.9 | 35.0 | 11.6 | 22.8 | 19.3 |
| Churchill Downs Incorporated CHDN | 5.7 | 16.2 | 9.1 | 34.2 | 21.7 | 7.0 | -14.1 |
| Brightstar Lottery PLC BRSL | 1.9 | 36.5 | 4.2 | 48.5 | – | 0.0 | -32.5 |
| Accel Entertainment Inc ACEL | 0.9 | 19.6 | 6.5 | 31.4 | – | 8.1 | 4.2 |
| Codere Online US Corp CDRO | 0.4 | 320.7 | 48.2 | 88.1 | 2.6 | 4.8 | 34.6 |
| Median of companies shown | 6.1 | 33.2 | 10.7 | 37.7 | 11.6 | 12.1 | 3.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 476 | -55 | -18 | -0.33 | 4 | -74 | 343 |
| 2020 | 908 | 125 | 149 | 0.31 | 151 | 87 | 674 |
| 2021 | 1,495 | 225 | 267 | 4.75 | 210 | 582 | 956 |
| 2022 | 1,386 | 91 | 195 | 0.40 | 167 | 556 | 940 |
| 2023 | 1,436 | 75 | -11 | -0.02 | 133 | 575 | 1,062 |
| 2024 | 1,697 | 263 | 113 | 0.22 | 295 | 580 | 1,095 |
| 2025 | 2,230 | 425 | 217 | 0.43 | 367 | 803 | 1,267 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.13 | – | 429 | 19.20 | 14.80 | – | – |
| 2025: Q1 | 0.13 | 42.90 | 567 | 37.60 | 11.40 | 360 | 241 |
| 2025: Q2 | -0.01 | – | 682 | 64.40 | -0.70 | -171 | -122 |
| 2025: Q3 | 0.19 | 915.50 | 556 | 23.50 | 17.20 | – | – |
| 2025: Q4 | 0.13 | 5.20 | 578 | 34.70 | 11.60 | – | – |
| 2026: Q1 | 0.17 | 33.70 | 612 | 8.00 | 14.20 | 91 | 89 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.76 | 0.76 – 0.76 | 2,268 | 77.9% | 1 |
| 12/31/2027 | 0.88 | 0.88 – 0.88 | 2,464 | 16.1% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Super Group (SGHC) Ltd verkauft keine KI-Produkte — Umsatzquellen sind laut Geschäftsbericht 20-F für 2025 ausschließlich Online-Casino (1.790 Mio. US-Dollar), Sportwetten (408 Mio.) und Markenlizenzen (26 Mio.). Der Konzern beschreibt aber ausführlich und konkret den eigenen operativen Einsatz von Künstlicher Intelligenz und maschinellem Lernen: Betrugserkennung, Eingriffe in das Wettverhalten zum Spielerschutz, personalisierte Wett- und Spielempfehlungen sowie personalisierte Anreize zur Optimierung von Kundenzufriedenheit und Profitabilität. Das 20-F stuft die Fähigkeit, diese Systeme fortlaufend zu trainieren, ausdrücklich als Faktor mit wesentlicher Auswirkung auf die Umsätze ein. Die zusätzlich genannten KI-Regulierungsrisiken beziehen sich auf die eigene KI-Nutzung, nicht auf eine Bedrohung des Geschäftsmodells durch fremde KI — „Bedroht“ greift damit nicht. Einstufung: Nutzt KI.
View the full file — quotes, sources, reviewed filings
„Our artificial intelligence, including machine learning, and data science and analytics models are designed to analyze data attributes in order to identify complex transaction and behavior patterns. We do this for a number of purposes, including but not limited to fraud detection, determination of when and how to intervene in customer wagering activity for responsible gaming purposes, generation of personalized wagering and game recommendations in order to remove customer interface friction, and generation of personalized incentives (or disincentives, as the case may be) designed to optimize customer satisfaction, enjoyment and profitability."
Unsere Modelle für Künstliche Intelligenz einschließlich maschinellen Lernens sowie für Datenwissenschaft und Analytik sind darauf ausgelegt, Datenmerkmale auszuwerten, um komplexe Transaktions- und Verhaltensmuster zu erkennen. Wir tun das für mehrere Zwecke, unter anderem für die Betrugserkennung, für die Entscheidung, wann und wie in das Wettverhalten von Kunden zum Zweck des verantwortungsvollen Spielens eingegriffen wird, für die Erzeugung personalisierter Wett- und Spielempfehlungen, um Reibung in der Kundenoberfläche zu verringern, sowie für die Erzeugung personalisierter Anreize (oder gegebenenfalls Gegenanreize), die Kundenzufriedenheit, Spielfreude und Profitabilität optimieren sollen.
20-F · 2026-04-17 · View SEC filing
„Our ability to continuously train or improve our artificial intelligence, including machine learning, and related systems will have material impacts on our revenues, especially as methods of committing fraud evolve and become more sophisticated and as competitors, who are also implementing or will likely implement artificial intelligence into their operations, become better at evaluating, incentivizing and interacting with customers."
Unsere Fähigkeit, unsere Künstliche Intelligenz einschließlich maschinellen Lernens und die zugehörigen Systeme fortlaufend zu trainieren oder zu verbessern, wird wesentliche Auswirkungen auf unsere Umsätze haben — insbesondere, weil sich die Methoden des Betrugs weiterentwickeln und raffinierter werden und weil Wettbewerber, die ebenfalls Künstliche Intelligenz in ihren Betrieb einführen oder dies voraussichtlich tun werden, immer besser darin werden, Kunden zu bewerten, zu incentivieren und mit ihnen zu interagieren.
20-F · 2026-04-17 · View SEC filing
„Due to the current unsettled nature of the legal and regulatory environment surrounding artificial intelligence, our artificial intelligence features and our use, training, and implementation of artificial intelligence could subject us to new or enhanced governmental or regulatory scrutiny, product restrictions, social and ethical issues, negative consumer perceptions and reputational harm, intellectual property disputes, compliance costs, and other issues, including issues related to cybersecurity and data privacy."
Wegen der derzeit ungeklärten Lage des rechtlichen und regulatorischen Umfelds rund um Künstliche Intelligenz könnten unsere KI-Funktionen sowie unsere Nutzung, unser Training und unsere Umsetzung von Künstlicher Intelligenz uns neuer oder verschärfter behördlicher beziehungsweise regulatorischer Prüfung, Produktbeschränkungen, gesellschaftlichen und ethischen Fragen, negativer Verbraucherwahrnehmung und Reputationsschäden, Streitigkeiten über geistiges Eigentum, Befolgungskosten und weiteren Themen aussetzen, darunter Fragen der Cybersicherheit und des Datenschutzes.
20-F · 2026-04-17 · View SEC filing
Filings Reviewed: 20-F 2026-04-17 · 6-K 2026-05-11 · 6-K 2026-02-23
Rated on July 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 17.2%
- More than 10% revenue growth is expected for the coming year 8.0%
- Share count grows by less than 3% a year 1.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 46.1%
- Gross margin at 40% or higher and without meaningful erosion 27.2%
- Goodwill from acquisitions does not grow faster than revenue 6.6%
- Net debt below twice EBITDA 438 m net cash
- Operating cash flow covers the profits of the last three years 475 m
- Return on capital at 15% or higher, or up versus two years ago 48.0%
- Insiders hold at least 10% or are net buyers 67.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 29.4%
- Exp. sales growth 3Y > 5% 5.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 43.9%
- Net debt < 4x EBIT -1.0x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 66.7%
- Return on equity > 15% 38.6%
- ROCE > 15% 48.0%
- Expected return > 10% 51.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Ben David Alon | Chief Technology Officer | Sell | 23,300 | 13.79 | 321,307 |
| Aug 28, 2026 | Ross Kirsty Farrah | Chief Operating Officer | Sell | 40,000 | 14.00 | 560,000 |
| Jul 31, 2026 | Van Wyk Alinda | Chief Financial Officer | Sell | 22,644 | 13.97 | 316,337 |
| Jul 31, 2026 | Van Wyk Alinda | Chief Financial Officer | Other | 50,210 | – | – |
| Jul 31, 2026 | Menashe Neal | Chief Executive Officer | Sell | 48,440 | 13.97 | 676,707 |
| Jul 31, 2026 | Menashe Neal | Chief Executive Officer | Other | 102,839 | – | – |
| Jul 31, 2026 | Ross Kirsty Farrah | Chief Operating Officer | Sell | 54,551 | 13.97 | 762,077 |
| Jul 31, 2026 | Ross Kirsty Farrah | Chief Operating Officer | Other | 80,000 | – | – |
| Jul 31, 2026 | Ross Kirsty Farrah | Chief Operating Officer | Other | 35,812 | – | – |
| Jul 31, 2026 | Nathan Martine | General Counsel | Sell | 3,997 | 13.97 | 55,838 |
The company
About the Company
Super Group (SGHC) Limited ist als Online-Sportwetten- und Glücksspielbetreiber tätig. Das Unternehmen bietet Betway, ein Online-Sportwetten- und Casino-Angebot; und Spin, ein Multi-Brand-Online-Casino.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 2,726
- Headquarters
- Saint Peter Port, Guernsey
- Address
- Kingsway House, GY1 2QE Saint Peter Port, Guernsey
- Phone
- 44 14 8182 2939
- Website
- supergroup.com
- IPO Date
- 01/28/2022
- ISIN
- GG00BMG42V42
Management
| Name | Title | Birth Year |
|---|---|---|
| Neal Menashe | CEO & Director | 1972 |
| Alinda Van Wyk | CFO & Director | 1977 |
| Alon Ben-David | Group Chief Technology Officer | 1980 |
| Nkem Ojougboh C.A.I.A., C.F.A., F.R.M. | Head of Investor Relations | – |
| Kirsty Farrah Ross | Chief of Staff | 1979 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.