Super Group (SGHC) Limited (SGHC) Raises Revenue and EBITDA Guidance Asserting Underlying Growth

Super Group (SGHC) Limited (NYSE:SGHC) is a must-buy non-tech stock to invest in. On November 4, analysts at Canaccord Genuity reiterated a Buy rating and an $18 price target on Super Group (SGHC) Limited (NYSE:SGHC). Likewise, Needham analyst Bernie McTernan echoed similar sentiments, reiterating a Buy rating and a $15 price target.

Super Group (SGHC) Limited (SGHC) Raises Revenue and EBITDA Guidance Asserting Underlying Growth

The wave of positive ratings on Wall Street comes on Super Group delivering another quarter of strong financial results, marked by a 65% increase in adjusted EBITDA to $152 million. Revenue in the quarter was up 26% to $556.9 million from $442.9 million delivered in the same quarter last year. Profit for the quarter was $95.8 million, a significant improvement from $10.3 million delivered in the same quarter last year.

The strong financial results came amid an 18% increase in monthly active customers to 5.5 million. Likewise, SGHC has raised its revenue guidance to between $2.17 and $2.27 billion, up from $2.125 – $2.20 billion. Adjusted EBITDA is expected to range between $555 and $565 million, up from the previous guidance of between $550 and $560 million.

Super Group (SGHC) Limited (NYSE:SGHC) is a global holding company for online sports betting and gaming. It offers Betway, an online sports betting and casino offering, and Spin, a multi-brand online casino.

While we acknowledge the potential of SGHC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SGHC and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.