OPAP
Note: This is a daily stock update and the information stands true as of 21/11/24, 09:00 CET.
Company Update:
Expert Opinion:
I like gaming/gambling which offers a strong resilient profile in time of economic uncertainties. While sales can prove volatile on a quarterly basis due to external events (like meg jackpots for lotteries or sporting events), the overall underlying trend remains positive. Valuation remains attractive with a PE 24 at 12.6x down to 11.4x in 2026.
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Company Update:
Q3, sales were up 17.6% to €566m, a clear acceleration vs H1.
EBITDA is up 23.8% to €213m thanks to a strong cost control.
FY24 EBITDA guidance narrowed at the top end of the €750-€770m range. However, following the strong Q3 delivery, we now see this range as conservative. Hence, we will upgrade our estimates by low-to-mid single-digits.
I like gaming/gambling which offers a strong resilient profile in time of economic uncertainties. While sales can prove volatile on a quarterly basis due to external events (like meg jackpots for lotteries or sporting events), the overall underlying trend remains positive. Valuation remains attractive with a PE 24 at 12.6x down to 11.4x in 2026.
For daily updates, subscribe to our newsletter and for detailed daily updates, reach out to us at sales@alphavalue.eu
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