OPAP's Q219 results showed improving sequential trends across all divisions. Gross gaming revenues (GGR) increased 6.5% to €383.6m, driven by a 54.2% increase in video lottery terminals (VLT) GGR and a better lottery performance. After a temporary suspension, the VLT roll-out is now back on track. Alongside the new products, OPAP is successfully containing costs, which contributed to a c 30% increase in net profit. Net debt/LTM EBITDA is only 0.9x and strong cash generation leads to a consistently high dividend payout. OPAP trades at 7.7x EV/EBITDA and 14.6x P/E with a very attractive 9.4% dividend yield for FY20e. OPAP is currently subject to a tender offer by Sazka Group, at €9.12/share.Den vollständigen Artikel lesen ...