What’s new? OPAP released Q2 results showing clean GGR/EBITDA/net income at E442m/E170m/E96m or +12%/+19%/+38% yoy with equity cash flow at E14m. The latter includes the E100m outflow relating to Stoiximan earn-out but was still enough to push net debt a bit further down to E30m. We believe the yoy and qoq trend is affected by…
What’s new? Inspired by IMF’s recent blog, that places Greece among the 5 least affected EU countries from a full Russian gas cutoff, we outline our thoughts and arguments below as to why Greece is probably a better investment case than what is implied by the energy crisis, inflation- recession fears, and the ongoing impact…
Imagine someone is cutting off your energy/gas supply (QE) while pounding you with heavy artillery weapons (interest rates). The focus is on surviving the war with the help of your allies (ECB)*. Our mid-year strategy report is about which equities can get through stagflation with the least casualties. As we noted in our Feb note:…
What’s new? OPAP released Q1 results showing GGR/EBITDA/net income at E457m/E169m/E88m with equity cash flow at E147m. The latter drove net debt down to E42m, reflecting the absence of capex. This is not the correct run rate for the full year given a c. E115m earn-out related to Stoiximan acquisition will be paid in H2…
What’s new? OPAP released Q4/FY results, surprised us positively with an overall E1.5/share (11% yield) payment to shareholders (o/w E0.10 interim DPS already paid) and provided GGR/EBITDA guidance for 2022 pointing to c.40% growth yoy. Conclusion: We are happy with our OI rating. Q4 results came in above our estimates by 15%-20% on stronger on-line…