Professional
Added to YB: 2026-02-16
Pitch date: 2026-02-12
SGHC [bearish]
Super Group (SGHC) Limited
-2.87%
current return
Author Info
Spruce Point Capital Management is an activist investment manager specializing in forensic short-selling. Sign up for the newsletter.
Company Info
Super Group (SGHC) Limited operates as an online sports betting and gaming operator. The company offers Betway, an online sports betting and casino offering; and Spin, a multi-brand online casino.
Market Cap
$4.3B
Pitch Price
$8.71
Price Target
4.25 (-53%)
Dividend
4.81%
EV/EBITDA
7.78
P/E
18.81
EV/Sales
1.66
Sector
Hotels, Restaurants and Leisure
Category
special_situation
Spruce Point Capital Management Issues 'Strong Sell' Research Opinion On Super Group (SGHC) Ltd (NYSE: SGHC) And Sees 20% - 50% Downside Risk
SGHC (short): Forensic review reveals material EBITDA overstatement - claims 100% ownership of crown jewel Raging River subsidiary (52% of 2025E EBITDA) but B-BBEE certificate proves 10.71% minority interest exists, overstating EBITDA by ~$31M. Complex structure, related-party deals with largest shareholder, FinSurv investigation, prediction market disruption. 20-50% downside to $4.25-$6.80 at 4-6x EBITDA.
Read full article (7 min)