OPAP's Q320 results showed a strong sequential improvement in revenue from Q220 as trading returned towards normality, which led to an improvement in profitability and free cash flow generation. Further regional lockdowns and a second full national lockdown from November lead us to downgrade revenue forecasts for FY20 by c 15%. Most significantly, the new licence for Lotteries and Sports Betting from FY20-30 with reduced taxes on revenue, agreed in FY11, became effective in October 2020 with no reaction from the Greek government, leading to significant upgrades to our forecasts for EBITDA, free cash flow and distributions to shareholders in FY21. The resulting prospective dividend yield of 10.1% looks very attractive.Den vollständigen Artikel lesen ...