Edison Investment Research - Greek Organisation of Football Prognostics SA (OPAP) OPAP - Responsible gaming with high cash flow

Report

Edison Investment Research

Richard Williamson

OPAP - Responsible gaming with high cash flow

OPAP is Europeâ€™s only listed gaming operator with 100% pre-paid exclusive retail licences, providing substantial barriers to entry. Margin expansion and high cash flow have been achieved through product enhancements and successful cost controls, while maintaining strong CSR credentials. COVID-19 presents a significant near-term disruption and our forecasts include a total loss of â‚¬400m of gross gaming revenues in FY20. Despite the weaker outlook for retail spending, the company has a robust balance sheet and net debt/EBITDA should fall below 1.0x in FY21. We expect OPAP to continue its dividend policy of paying out the bulk of free cash flow and we estimate an FY21 dividend yield of 9.9%.

30/04/2020 20 EN

Underlying

Greek Organisation of Football Prognostics SA

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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GRS419003009 Greece

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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OPAP - Responsible gaming with high cash flow

WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV NA; CEZ CP; OPAP GA; DOC AV

WOOD Daily: EME Macro/Strategy Weekly; OPAP GA; SOLUTION AB; BOROUGE UH; GPP PW; EBS AV; OTP HB; PEO PW; PKO PW

WOOD Daily: DAT PW; EU Macro; CBF PW; SHO PW; OPAP GA; AEGN GA; GTC PW; CDR PW; MTELEKOM HB; KRU PW; ACP PW

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