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CDRO: Consolidating the Global E-Sports and Gaming Economy
Blank Capital Research Team
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Executive Summary
Codere Online Luxembourg, S.A. (CDRO) is a leading online sports betting and casino operator, primarily serving the rapidly growing Spanish-speaking markets in Latin America and Spain.
Investment Thesis
Codere is a hyper-growth play on the liberalization of the Latin American gaming market. In countries like Mexico, Colombia, and Argentina, the shift from illicit, land-based gambling to legal, mobile sports betting is a multi-decade tailwind. Codere enjoys a massive 'first-mover' advantage and brand recognition from its legacy physical casino business. Unlike many U.S. sportsbooks that are burning cash on marketing, Codere has achieved a highly efficient customer acquisition model and is rapidly approaching GAAP profitability. It is a premier vehicle for playing the digital gaming boom in emerging markets.
Key Growth Drivers
Latin American Gaming Boom
The structural shift toward legal mobile betting in high-population markets like Mexico and Argentina provides CDRO with a massive and growing TAM.
Superior Customer Acquisition
Deep roots in the Spanish-speaking world allow Codere to acquire loyal users at a fraction of the cost of its U.S.-based competitors.
Path to Profitability Catalyst
The company is transitioning from a high-growth investment phase to a high-margin harvesting phase, which will drive significant re-rating of the stock.
Valuation & Financial Modeling
CDRO trades at an attractive multiple relative to its growth rate and peer group. We believe the market is mispricing its growth potential due to its international headquarters. The stock offers explosive upside as Latin American gaming markets mature.
Risk Factors & Bear Case
Geopolitical and regulatory shifts in Latin American countries are the primary risk. Additionally, currency devaluation can occasionally lead to lumpy reported revenue in U.S. dollar terms.
Conclusion
Codere Online is a high-growth fintech/gaming leader in a secular bull market. It offers world-class execution at a value-entry price. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative to Communication Services Sector Median (N=134)
Metric
CDRO
Benchmark
P/E Ratio
23.4x
-10%
EV/EBITDA
14.8x
+197%
Price / Book
15.2x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-51.7%
$4.13Spot: $8.55
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Communication Services sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 45.9GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
65.0%
Sector: 1.0%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Codere Online Luxembourg, S.A. (CDRO) receives a "Hold" rating with a composite score of 49.7/100, ranked #339 out of 4446 stocks. Key factor scores: Quality 46/100, Value 53/100, Momentum 61/100. This is quantitative analysis only — not investment advice.
Codere Online Luxembourg, S.A. (CDRO) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Codere Online Luxembourg, S.A. Do?
N/A Codere Online Luxembourg, S.A. (CDRO) is classified as a small-cap stock in the Communication Services sector, specifically within the Entertainment industry. The company is led by CEO Moshe Edree and employs approximately 230 people. With a market capitalization of $389M, CDRO is one of the notable companies in the Communication Services sector.
As of April 2026, Codere Online Luxembourg, S.A. receives a Hold rating with a composite score of 49.7/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CDRO ranks #339 out of 4,446 stocks in our coverage universe. Within the Communication Services sector, Codere Online Luxembourg, S.A. ranks #7 of 134 stocks, placing it in the top 10% of its Communication Services peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CDRO Stock Price and 52-Week Range
Codere Online Luxembourg, S.A. (CDRO) currently trades at $8.55. The 52-week high for CDRO is $8.75, which means the stock is currently trading -2.3% from its annual peak. The 52-week low is $5.18, putting the stock 65.1% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is CDRO Overvalued or Undervalued? — Valuation Analysis
Codere Online Luxembourg, S.A. (CDRO) carries a value factor score of 53/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 15.23x, versus the sector average of 1.87x. The price-to-sales ratio is 0.45x, compared to 0.55x for the average Communication Services stock. On an enterprise value basis, CDRO trades at 14.78x EV/EBITDA, versus 4.98x for the sector. The EV/EBIT multiple is 58.87x.
Overall, CDRO's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Codere Online Luxembourg, S.A. (CDRO) earns a quality factor score of 46/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 65.0%, compared to the Communication Services sector average of 1.0%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 21.0% versus the sector average of -0.0%.
On a margin basis, Codere Online Luxembourg, S.A. reports gross margins of 90.7%, compared to 56.4% for the sector. The operating margin is 2.7% (sector: 0.4%). Net profit margin stands at 1.9%, versus -0.9% for the average Communication Services stock. Revenue growth is running at 12.7% on a trailing basis, compared to 3.0% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
CDRO Debt, Balance Sheet, and Financial Health
Codere Online Luxembourg, S.A. has a debt-to-equity ratio of 0.0%, compared to the Communication Services sector average of 82.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $0. Cash and equivalents stand at $42M.
CDRO has a beta of 0.86, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Codere Online Luxembourg, S.A. is 65/100, reflecting average volatility within the normal range for its sector.
Codere Online Luxembourg, S.A. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Codere Online Luxembourg, S.A. reported revenue of $209M. Net income for the quarter was $4M. Gross margin was 90.7%. Operating income came in at $6M.
In FY 2024, Codere Online Luxembourg, S.A. reported revenue of $209M. Net income for the quarter was $4M. Gross margin was 90.7%. Revenue grew 12.7% year-over-year compared to FY 2023. Operating income came in at $6M.
In FY 2023, Codere Online Luxembourg, S.A. reported revenue of $185M and earnings per share (EPS) of $-0.06. Net income for the quarter was $6M. Gross margin was 89.6%. Revenue grew 35.1% year-over-year compared to FY 2022. Operating income came in at $-7M.
In FY 2022, Codere Online Luxembourg, S.A. reported revenue of $137M and earnings per share (EPS) of $-1.10. Net income for the quarter was $13M. Gross margin was 88.1%. Revenue grew 43.9% year-over-year compared to FY 2021. Operating income came in at $3M.
Over the past 6 quarters, Codere Online Luxembourg, S.A. has demonstrated a growth trajectory, with revenue expanding from $85M to $209M. Investors analyzing CDRO stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CDRO Dividend Yield and Income Analysis
Codere Online Luxembourg, S.A. (CDRO) does not currently pay a dividend. This is common among smaller companies in the Entertainment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Communication Services dividend stocks may want to explore other Communication Services stocks or use the stock screener to filter by dividend yield.
CDRO Momentum and Technical Analysis Profile
Codere Online Luxembourg, S.A. (CDRO) has a momentum factor score of 61/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 61/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 1/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CDRO vs Competitors — Communication Services Sector Ranking and Peer Comparison
Comparing CDRO against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CDRO vs S&P 500 (SPY) comparison to assess how Codere Online Luxembourg, S.A. stacks up against the broader market across all factor dimensions.
CDRO Next Earnings Date
No upcoming earnings date has been announced for Codere Online Luxembourg, S.A. (CDRO) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CDRO? — Investment Thesis Summary
Codere Online Luxembourg, S.A. presents a balanced picture with arguments on both sides. Price momentum is positive at 61/100, suggesting the trend favors buyers. Low volatility (stability score 65/100) reduces downside risk.
In summary, Codere Online Luxembourg, S.A. (CDRO) earns a Hold rating with a composite score of 49.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CDRO stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
12.7%
Sector: 3.0%
+329% VS SCTR
Gross Margin
Core pricing power
90.7%
Sector: 56.4%
+61% VS SCTR
Operating Margin
Operating efficiency
2.7%
Sector: 0.4%
+526% VS SCTR
Net Margin
Bottom-line conversion
1.9%
Sector: -0.9%
-326% VS SCTR
Return on Equity
Equity capital efficiency
65.0%
Sector: 1.0%
+6598% VS SCTR
Return on Assets
Asset base utilization
21.0%
Sector: -0.0%
-52550% VS SCTR
Debt/Equity
Financial leverage load
0.0%
Sector: 82.0%
+100% VS SCTR
+714%
Price / Sales
0.5x
-18%
Codere Online Luxembourg, S.A. exhibits a 221% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
21.0%
Sector: -0.0%
Gross Margin
Pricing power and cost efficiency
90.7%
Sector: 56.4%
Operating Margin
Core business profitability
2.7%
Sector: 0.4%
Net Margin
Bottom-line profitability
1.9%
Sector: -0.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.