WOOD Flash – OPAP: 4Q20 review – lockdown effects on GGR, FY20 DPS at EUR 0.45
OPAP reported its 4Q20 results yesterday (31 March), after the close, with the numbers reflecting the suspended retail operations (for 52 days), due to the nationwide lockdown that started on 7 November. During 4Q20, the company recorded a one-off gain of EUR 143m from the re-measurement of the 36.7% stake in Kaizen Gaming’s Greek and Cypriot operations (Stoiximan) and started to fully consolidate the segment starting from December 2020, vs. expectations of full consolidation from January 2021-onwards. OPAP will propose a DPS of EUR 0.45 (gross), which is above both the street’s and our expectations (our estimate is at EUR 0.33).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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