OPAP: Better than expected on lower operating costs – Positive surprise from dividend 28/11

OPAP Q3:19 results first glimpse: Better than expected on lower operating costs – Positive surprise from dividend
  • OPAP said the expected in Q1 extraordinary dividend payment:

    (i) does not anyhow replace the annual dividend, and

    (ii) will precede the annual dividend which, as always, will be announced with the FY19 results and be approved by the AGM. 

    On our estimates OPAP is very likely to distribute no less than 1.2 eur/share in H1:20 yielding 11% at current levels. 

    The following table summarise results vs our estimates: 

    OPAP

    2018

    2019

    Y-o-Y

    2019

    Y-o-Y

    2018

    2019

    Y-o-Y

    2019

    Y-o-Y

    EUR mn.

    9M

    9M Est.

    (%)

    9M Est.

    (%)

    Q3

    Q3 Est.

    (%)

    Q3 Est.

    (%)

    Total Wagers

              3.213,6

              3.213,6

    0,0% 

         3.215,7

    -0,1% 

    1.045,2

    1.081,9

    3,5% 

         1.084,0

    -0,2% 

    Payout Ratio

    65,6%

    63,5%

    -208 bps

    63,7%

    -18 bps

    64,7%

    63,6%

    -109 bps

    64,2%

    -54 bps

    Sports Betting

                    299,9

                    283,7

    -5,4%

    284,9

    -0,4%

    97,5

    91,9

    -5,7%

    93,0

    -1,2%

    Numerical Games

                    561,1

                    576,7

    2,8%

    574,3

    0,4%

    189,6

    197,4

    4,1%

    195,0

    1,2%

    Lotteries

                    105,2

                    100,1

    -4,8%

    99,0

    1,1%

    31,0

    31,6

    1,9%

    30,5

    3,6%

    VLTs

                    140,2

                    212,7

    51,7%

    209,89

    50,8

    72,8

    43,3%

    70,00

    4,0%

    GGR

              1.106,3

              1.173,2

    6,0% 

         1.168,1

    0,4% 

            368,8

               393,6

    6,7% 

            388,5

    1,3% 

    EBITDA

                    244,6

                    300,2

    22,7%

    296,1

    1,4%

    87,2

    101,6

    16,5%

    97,5

    4,2%

    EBITDA Mrg

    7,6%

    9,3%

    +173 bps

    9,2%

    +13 bps

    8,3%

    9,4%

    +105 bps

    9,0%

    +40 bps

    Net Income

                    105,2

                    140,7

    33,8%

    138,8

    1,4%

    39,1

    49,0

    25,2%

    47,0

    4,2%

    Net Mrg

    3,3%

    4,4%

    +111 bps

    4,3%

    +6 bps

    3,7%

    4,5%

    +78 bps

    4,3%

    +19 bps

    Conference call details on Thursday November 28th 2019 are as follows:

    Time: 16:00 (GR), 15:00 (CET), 14:00 (UK), 09:00 (NY)

    §  Greek participants:+30 211 180 2000

    §  UK participants: + 44 203 059 5872

    §  USA participants: +1 516 447 5632

    Kind Regards,

    Μάνος Χατζηδάκης

    Υπ. Τμήματος Ανάλυσης

    Λεωφ. Αλεξάνδρας 29

    Τ.Κ. 114 73, Αθήνα

    Τηλ: +30 210 6478755/754

    Fax:+30 210 6410139

    Email: [email protected]

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