Market Monitor – Announcements & Results (31.3.2021)

OTHER RESULTS: 

CNL CAPITAL

2019

2020

Y-o-Y

EUR thous.

FY

FY

(%)

Sales

1,172

1,066

-9.1%

EBITDA

701

490

-30.1%

EBITDA Mrg

59.8%

46.0%

-1,384 bps

Net Income

636

-139

-121.8%

Net Mrg

54.3%

-13.0%

-6,726 bps

 

Trastor

2019

2020

Y-o-Y

2019

2020

Y-o-Y

EUR thous.

FY

FY

(%)

Q4

Q4

(%)

Sales

9,620

13,755

43.0%

3,086

4,199

36.1%

EBITDA

4,175

8,783

110.4%

1,525

4,312

182.8%

EBITDA Mrg

43.4%

63.9%

+2,045 bps

49.4%

102.7%

+5,328 bps

Net Income

13,767

3,088

-77.6%

7,683

-4,854

-163.2%

Net Mrg

143.1%

22.5%

-12,066 bps

249.0%

-115.6%

-36,456 bps

NAV at 1.056 eur/share. Trastor to distribute dividends 0.01 eur/share; ex-date 27/05, payment starts 03/06.

*****************

CPI (H1:20)

2019

2020

Y-o-Y

EUR thous.

H1

H1

(%)

Sales

8,136

8,158

8,136

EBITDA

7,177

6,771

7,177

EBITDA Mrg

88.2%

83.0%

88.2%

Net Income

6,901

5,374

6,901

Net Mrg

84.8%

65.9%

84.8%

Net Debt decreased by 32.3% y-o-y to €1.35mn.


BRIQ PROPERTIES: The company will report FY:20 results today before the opening.  Conference Call Details: Wednesday March 31 14:00 GR-Time

§   Greek participants: +30 213 009 6000

§   USA participants: +1 516 447 5632

§   UK participants: +44 (0) 203 059 5872


Ellaktor: The group will announce FY:20 results today after market followed by a conference call the same day. Results will be released to the ATHEX and will be published on the Company’s website on 1st April 2021 after the closing of trading session of ATHEX.

Conference Call Details: Tuesday, 31st March 2021 18:30 Greek Time

§   Greek participants: +30 213 009 6000

§   USA participants: +1 516 447 5632

§   UK participants: +44 (0) 203 059 5872


INFORM LYKOS: The company will announce FY:20 results today after market close. AGM on May 26.


MOTODYNAMICS: The company will report FY:20 results today after market close.


OPAP (Q4/FY:20 results preview): OPAP will announce Q4:20 results today after market hours followed by a conference call on Thursday. We expect a weak quarter as lockdowns weighed on legacy unit revenues. Note that OPAP is dully consolidating “Stoiximan” (OPAP reached 84.49% stake in August 2020) for one month in Q4:20.  In more details:

§   We expect wagers to drop 57% y-o-y at €538.4m. Sports betting is seen more resilient posting a drop of 47.5% y-o-y. On the other hand, Lotteries (“Xysto”, “Laheia”) are expected sharply down 72.6% at €13m. Less affected Numerical Games (-59.4% y-o-y) and VLTs (-69.4%) will shape total GGR at €180m down 59.7% y-o-y. Recall that Play stores accounted for just 1 month as strict lockdown came into effect from early November. Stoiximan contribution is estimated at €21m.

§   Further down, EBITDA is seen lower by 58.1% at €47m supported from the benefit of new tax regime (5% from 35% valid post October 13 2020).

§   Our 8m net profit forecast is more likely to deviate from reported figures on subsidiary impairments and other end-year one-offs.

§   On a full year basis, we expect wagers to land €3.06bn (-31.5% y-o-y), GGR down 33.4% y-o-y at €1.8bn, EBITDA of 254.5m (-38.3%) and net profit of €81.2m (-59.9%).

§   With regards to dividends we note that OPAP recently announced dividend ex-date in July implying that there will be some sort of payout for FY:20 results. On our estimates the maximum amount potentially could reach 29 eur/share with scrip option.

§   Despite the extraordinary conditions in FY:20 OPAP managed to stay profitable posting a remarkable ability to adopt. Note that in FY:21 FIFA Euro Cup and Tokyo Olympic Games will take place providing some extra 5-10% on sports betting GGR.

§   Focus in the conference call on business outlook, online licenses and CapEx guidance for the year.

§   In other related news OPAP said that Valea Foundation, owner of Sazka Group, held in the betting operator a 44.11% stake as of March 26 from the previously reported 42.82% holding in October. The stake corresponds to some 150.6 million shares.

We remain buyers on the stock and we expect appealing dividend distributions when conditions normalize.

  • The following table summarise our estimates:

OPAP

2019

2020

Y-o-Y

2019

2020

Y-o-Y

EUR mn.

FY

FY Est.

(%)

Q4

Q4 Est.

(%)

Total Wagers

        4,468.3

        3,060.0

-31.5%

1,254.7

538.4

-57.1%

Payout Ratio

63.7%

64.7%

+100 bps

64.4%

66.6%

+217 bps

Sports Betting

          396.2

          292.0

-26.3%

112.5

59.0

-47.5%

Numerical Games

          778.6

          518.6

-33.4%

201.8

82.0

-59.4%

Lotteries

          147.5

           73.7

-50.0%

47.4

13.0

-72.6%

VLTs

          297.6

          194.5

-34.6%

84.9

26.0

-69.4%

GGR

        1,619.9

        1,078.8

-33.4%

        446.6

        180.0

-59.7%

EBITDA

          412.5

          254.5

-38.3%

112.3

47.0

-58.1%

EBITDA Mrg

9.2%

8.3%

-91 bps

9.0%

8.7%

-22 bps

Net Income

          202.5

           81.2

-59.9%

61.8

8.0

-87.1%

Net Mrg

4.5%

2.7%

-188 bps

4.9%

1.5%

-344 bps

Conference Call Details: Thursday, 1st April 2021 16:00 Greek Time

§   Greek participants: +30 213 009 6000 or +30 211 180 2000

§   UK participants: +44 (0) 800 368 1063

§   USA participants: +1 516 447 5632

§   Other International participants +44 (0) 203 059 5872 


29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478755/754

Email: [email protected]