Intralot’s (INLOT’s) Q324 results demonstrated good underlying revenue growth, which was offset by one-offs and negative foreign exchange differences, and a typical seasonal and sequential (ie quarter-on-quarter) increase in EBITDA. Since the start of Q324, INLOT has announced a contract extension (at least two years beyond 2026) in Australia; a new iLottery contract win in British Columbia, extending the existing relationship with the province; and the loss of an important lottery contract, wit...
A director at Intralot S.A. bought 30,000 shares at 0.890EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
Intralot reported better year-on-year growth in revenue and EBITDA in Q224 than Q124, although foreign currency headwinds – notably from Argentina and Turkey – continued to dampen reported growth rates. Post period end, Intralot signed three-year contract extensions in the Netherlands and Ireland, highlighting the strength of its offering. In addition to retaining clients, the company is proactive in attempting to win a number of new contracts in North America and Australia.
Intralot reported good underlying revenue growth in Q124, offset by broad-based unfavourable foreign exchange translation effects and some phasing. Our estimates are unchanged following the results. The company also announced the appointment of Nikolaos Nikolakopoulos as CEO. Mr Nikolakopoulos, who remains as CEO of the US subsidiary, Intralot Inc, takes the role from the incumbent chairman, Sokratis Kokkalis. The US is a key market for the company’s future growth aspirations, with plenty of opp...
Intralot enjoyed good underlying trends in performance in FY23 with encouraging trends in its main countries of focus and further progress on profitability. The much-improved balance sheet and extension of debt maturities mean management can focus on the significant business development opportunities available in FY24 and beyond. The share price looks attractive in the absence of potential new contract wins, which could be materially enhancing to the valuation.
Intralot Integrated Lottery Systems and Services (Intralot) is a leading developer and supplier of integrated gaming systems and services that cover the entire value chain of select gaming markets. Its core global markets are forecast to produce steady growth, which is likely to be further boosted by new revenue opportunities as adjacent markets regulate and/or open up. The industry enjoys high barriers to entry and the long-term nature of client relationships provides attractive financial dynam...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We revisit our investment case following the recent weak results released by Intralot. We had previously cut our recommendation to ‘Neutral’ last 14 February just after the loss of the main Turkish contract (Inteltek) as credit ratios became very much stretched. We have updated our forecasts and believe that EBITDA should recover in 2019 as the ramp-up of new contracts should offset the loss of Inteltek. Meanwhile, cash generation should remain sizeably negative until 2021. Liqui...
We revisit our investment case following the recent weak results released by Intralot. We had previously cut our recommendation to ‘Neutral’ last 14 February just after the loss of the main Turkish contract (Inteltek) as credit ratios became very much stretched. We have updated our forecasts and believe that EBITDA should recover in 2019 as the ramp-up of new contracts should offset the loss of Inteltek. Meanwhile, cash generation should remain sizeably negative until 2021. Liqui...
The loss of the Turkish contract illustrates risks associated to Intralot's high exposure to emerging countries where traditionally lucrative B2C contracts are facing increasing challenges as these markets ramp up. Meanwhile, the strategy of expanding into B2B in mature countries is positive but initially proves highly dilutive to credit metrics. With stretched ratios (7.4x of pro-forma proportionate net leverage), the odds of a turnaround are becoming more remote. While we still...
The loss of the Turkish contract illustrates risks associated to Intralot's high exposure to emerging countries where traditionally lucrative B2C contracts are facing increasing challenges as these markets ramp up. Meanwhile, the strategy of expanding into B2B in mature countries is positive but initially proves highly dilutive to credit metrics. With stretched ratios (7.4x of pro-forma proportionate net leverage), the odds of a turnaround are becoming more remote. While we still...
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