WOOD Flash – OPAP: 3Q21 results review – a sense of normality
OPAP has reported a strong quarter, with a defensive performance, despite the challenging retail environment. The encouraging VLTs performance, the full consolidation of Stoiximan and the licence extension mean that the reported income was further shielded the 3Q21 figures; while, despite the higher operating expenses arising from the consolidation, the company managed to contain its core opex charges under its cost optimisation initiatives. Looking ahead, we expect management to provide some colour on the 4Q21E trends, as we believe that, despite the strong performance so far, the recent COVID-19 restrictions are likely to weigh on our full-year GGR estimate of EUR 1.54bn.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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