Edison Investment Research - Greek Organisation of Football Prognostics SA (OPAP) OPAP - Strong EBITDA driven by VLTs and cost controls

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Edison Investment Research

Victoria Pease

OPAP - Strong EBITDA driven by VLTs and cost controls

Q119 gross gaming revenues (GGR) increased 5% to â‚¬396.0m, OPAPâ€™s strongest Q1 performance since 2010. This was driven by a 58.9% increase in video lottery terminals (VLT) GGR (17% of GGR). The core lottery business was steady at â‚¬191.7m, although sports betting declined by 5.3%. Sustainable cost containment contributed to an adjusted EBITDA margin of 25%. Our headline forecasts are broadly unchanged, and we assume that the VLT roll-out will continue as previously planned. Cash generation remains strong, net debt/LTM EBITDA is only 1.1x and the company recently announced a scrip dividend option for shareholders. OPAP trades at 8.3x EV/EBITDA and 15.6x P/E with a 7.9% dividend yield for FY19.

07/06/2019 6 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

Victoria Pease

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OPAP - Strong EBITDA driven by VLTs and cost controls

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