OPAP - Fast Forward to growth and higher returns
OPAP is Europe’s only listed gaming operator with 100% pre-paid exclusive retail licences, which provide significant barriers to entry and relatively secure recurring cash flow. Prior to COVID-19, management delivered consistent revenue growth from product enhancements and profit growth was further helped by managing operating costs. The company looks well placed to deliver strong revenue growth as it recovers post COVID-19, and its exposure to faster growing businesses, including online, increases. The new CEO’s strategy, Fast Forward, aims to grow the brands and customer interactions while maintaining OPAP’s leading corporate and social responsibility credentials. We expect OPAP to continue its dividend policy of paying out the bulk of free cash flow and estimate a dividend yield of 5.8% in FY21 and 9.1% in FY22.OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.
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