OPAP's FY18 results were in line with our forecasts, with gross gaming revenue (GGR) growth of 6.3% to €1.55bn and a 22.9% EBITDA margin. The recently installed video lottery terminals (VLTs) contributed €208.7m to GGR (vs €57.6m in FY17) and new Kino features led to a strong Q418 within the core Lottery division. OPAP's investment phase is nearing completion, cost containment is in place and the business model is highly cash generative. The €0.70 FY18 dividend was over 100% of free cash flow and notably higher than our 90% estimate. This was an encouraging set of results and our core OPAP forecasts are broadly unchanged. OPAP trades at 14.6x P/E and 8.2x EV/EBITDA, with an 8.4% dividend yield for FY19e.Den vollständigen Artikel lesen ...
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