Q119 gross gaming revenues (GGR) increased 5% to €396.0m, OPAP's strongest Q1 performance since 2010. This was driven by a 58.9% increase in video lottery terminals (VLT) GGR (17% of GGR). The core lottery business was steady at €191.7m, although sports betting declined by 5.3%. Sustainable cost containment contributed to an adjusted EBITDA margin of 25%. Our headline forecasts are broadly unchanged, and we assume that the VLT roll-out will continue as previously planned. Cash generation remains strong, net debt/LTM EBITDA is only 1.1x and the company recently announced a scrip dividend option for shareholders. OPAP trades at 8.3x EV/EBITDA and 15.6x P/E with a 7.9% dividend yield for FY19.Den vollständigen Artikel lesen ...