Codere Online Luxembourg, S.A.

CDROdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'operatingCashFlow'; no data for concept 'interestExpense'

The thesis, from the filings

Codere Online Luxembourg, S.A. earns about -71% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	€70.5M¹	€80.3M¹	€115.7M¹	€161.6M¹	€200.7M¹
Net income	−€16.3M²	−€68.1M²	−€46.4M²	−€2.42M²	€3.91M²
Operating cash flow	—	—	—	—	—
Capital expenditure	€55,000³	€80,000³	€164,000³	€245,000³	€256,000³
Free cash flow (derived)	—	—	—	—	—
Total debt	€21.4M⁴	—	—	—	—
Cash & equivalents	€10.9M⁵	€94.9M⁵	€53.8M⁵	€41.3M⁵	€40.3M⁵
Diluted shares	—	45.1M	45.1M	45.3M	45.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

€5.29

your share of equity

Profit it earned you last year

€0.86

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on €5.29 of net worth that earned you €0.86 last year.

iii. Is this a good business?

Moat signal · return on equity

-71% avg · 5y

FY20 —FY21 -100%FY22 -190%FY23 -11%FY24 16%

It earned an average -71% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

€0.98

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2020-12-31 · accession 0001829126-25-004113 (Revenue)
20-F · period ending 2020-12-31 · accession 0001829126-25-004113 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2020-12-31 · accession 0001829126-25-004113 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2020-12-31 · accession 0001829126-22-009210 (Borrowings)
20-F · period ending 2020-12-31 · accession 0001829126-25-004113 (CashAndCashEquivalents)