Edison Investment Research - Greek Organisation of Football Prognostics SA (OPAP) OPAP - Sequential improvement in Q321

Report

Edison Investment Research

Kate Heseltine

OPAP - Sequential improvement in Q321

OPAP’s Q321 results showed a strong sequential (quarter-on-quarter) improvement as all verticals were open throughout the period and unaffected by COVID-19-related closures that affected H121. The year-on-year growth in gross gaming revenue (GGR) due to M&A and improvement in online were complemented by ongoing control of operating costs and the income related to the extension of the concession agreement to drive a significant increase in net profit and free cash flow generation and a reduction in the net position. New restrictions introduced by the Greek government to restrict the spread of COVID-19 will hamper GGR growth in Q421, therefore we trim our forecasts for FY21 and assume some continuation of the restrictions in FY22. Our DCF-based valuation reduces to €16.3/share (€16.6 previously).

30/11/2021 1 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

Kate Heseltine

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OPAP - Sequential improvement in Q321

WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI

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