GET DAILY SIGNALSCodere Online (CDRO) Shows Steady Progress Amid Modest Pullback
Key Takeaways
- CDRO has drifted roughly 7% lower over the past 30 days, trading around $9.14, with no single catalyst driving a sharp directional move.
- Codere Online posted record second-quarter 2026 net gaming revenue of EUR 69.4 million, up 27% year over year, and raised its full-year guidance.
- Spain and Mexico generate the vast majority of revenue and remain the company's central growth engines.
- A debt-free balance sheet with roughly EUR 63 million in cash provides meaningful strategic flexibility.
- Analysts covering the stock hold a consensus Outperform rating with an average target price near $12.
- Regulatory and tax changes in Spain and Colombia are among the key risks investors are monitoring.
- For more detail on valuation, earnings history, and forward-looking estimates, explore Codere Online's Price Targets, Earnings, and Forecast pages.
- Traders can also browse Trending AI Robots to see how AI-driven strategies are approaching opportunities across the market.
Current Market Snapshot
CDRO has traded in a relatively contained range over the past month, holding between roughly $8.99 and $9.81 before settling near $9.14. The modest pullback follows a period in which the stock climbed from the mid-$8 level in early September toward a brief print above $10 in late September, then consolidated as broader sentiment toward small-cap and international gaming names remained measured. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Volume in the name is comparatively light, reflecting limited liquidity relative to larger U.S.-listed online gaming peers. Despite steady fundamental progress, the stock's day-to-day moves have been modest, suggesting investors are weighing improving operating results against ongoing regulatory and tax uncertainty in several of the company's core markets.
Codere Online (CDRO) Business Overview and Competitive Position
Codere Online is a Luxembourg-headquartered online gaming operator that provides sports betting and online casino products through its website and mobile applications. The company is part of the broader Codere group, a long-established name in the land-based gaming industry, and operates in Spain, Mexico, Colombia, Panama, and the city of Buenos Aires in Argentina.
The business model is built on two complementary product lines: online casino, which has recently represented roughly 62% of net gaming revenue, and sports betting, which accounts for the remaining share. Codere Online holds brand partnerships that reinforce its visibility in key markets, including serving as an official betting partner of Real Madrid in Latin America, River Plate in Argentina, and Monterrey Rayados in Mexico. From what I see, these partnerships help support customer acquisition in competitive environments.
Spain and Mexico dominate the revenue mix, together contributing more than 90% of trailing net gaming revenue, with Mexico ranking as the largest single market. The company's competitive strengths include its established brand, diversified customer acquisition channels, and an improving track record of converting revenue growth into profitability.
Recent Developments Driving CDRO
The most significant recent catalyst was Codere Online's second-quarter 2026 earnings release, in which the company reported its highest quarterly revenue to date. Net gaming revenue reached EUR 69.4 million, up 27% year over year, while adjusted EBITDA rose to EUR 5.8 million from EUR 2.3 million in the prior-year period. Management raised full-year 2026 guidance to net gaming revenue of EUR 255 million to EUR 265 million and adjusted EBITDA of EUR 20 million to EUR 25 million.
Growth was led by Spain and Mexico, which posted year-over-year net gaming revenue increases of roughly 25% and 24%, respectively. The 2026 FIFA World Cup provided an additional boost, with stakes reaching approximately EUR 63 million, about 180% above the 2022 tournament, and nearly 40,000 new customers acquired. Colombia also benefited from the removal of a 19% value-added tax on customer deposits, supporting a recovery in player activity. I’m watching this closely as it highlights the impact of major events on engagement.
On the balance sheet, the company ended the quarter with approximately EUR 63 million in cash and no financial debt. At the same time, management has flagged intensifying competition in Mexico, upcoming Spanish restrictions on VIP players and deposit limits, and lingering tax uncertainty in Colombia as factors that could temper near-term momentum.
2026 Outlook and What Investors Should Watch
Codere Online enters the remainder of 2026 with raised guidance and strong momentum in its two largest markets. Investors will likely focus on whether the customer base acquired during the World Cup can be retained and converted into recurring, higher-value activity, a key test of the company's recent acquisition strategy.
Regulatory developments remain a central watch item. In Spain, proposed restrictions on VIP players and joint deposit limits could weigh on growth in the company's most profitable market. In Colombia, the persistence of an additional layer of taxation has kept management cautious about resuming full marketing investment. In Mexico, an increasingly competitive landscape and a strong peso could pressure both customer economics and euro-denominated costs.
Other factors to monitor include continued marketing efficiency gains, the pace of adjusted EBITDA margin expansion, and management's use of its debt-free cash position for share repurchases or potential expansion into newly regulated Latin American markets. These elements will help shape how the stock is valued against its broader online gaming peer group.
Using Tickeron AI Tools for Market Insights
In my view, one resource that adds real value to this kind of analysis is Tickeron’s AI Trading Bots. I often review the platform’s automated strategies to see how different approaches are positioned around names like CDRO and the broader sector. It helps put the fundamental picture into a data-driven trading context without replacing core research.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
CDRO sees its Stochastic Oscillator climbs out of oversold territory
On October 12, 2026, the Stochastic Oscillator for CDRO moved out of oversold territory and this could be a bullish sign for the stock. Traders may want to buy the stock or buy call options. Tickeron's A.I.dvisor looked at 58 instances where the indicator left the oversold zone. In 50 of the 58 cases the stock moved higher in the following days. This puts the odds of a move higher at over 86%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 27, 2026. You may want to consider a long position or call options on CDRO as a result. In 80 of 106 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 75%.
CDRO moved above its 50-day moving average on October 27, 2026 date and that indicates a change from a downward trend to an upward trend.
Following a +7.23% 3-day Advance, the price is estimated to grow further. Considering data from situations where CDRO advanced for three days, in 185 of 240 cases, the price rose further within the following month. The odds of a continued upward trend are 77%.
CDRO may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In 149 of 184 cases where CDRO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 81%.
Bearish Trend Analysis
The Moving Average Convergence Divergence Histogram (MACD) for CDRO turned negative on October 05, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 49 similar instances when the indicator turned negative. In 40 of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at 82%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CDRO declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 81%.
Fundamental Analysis (Ratings)
The Tickeron Price Growth Rating for this company is 50 (best 1 - 100 worst), indicating steady price growth. CDRO’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of 71 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (6.445) is normal, around the industry mean (3.765). P/E Ratio (-0.947) is within average values for comparable stocks, (1.648). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (0.476). Dividend Yield (0.000) settles around the average of (0.012) among similar stocks. P/S Ratio (1.820) is also within normal values, averaging (1.692).
The Tickeron PE Growth Rating for this company is 97 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron SMR rating for this company is 100 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. CDRO’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 100, placing this stock worse than average.
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Advertisement
General Information
Industry CasinosGaming
Advertisement