OPAP will release 2Q19 results on September 11 after the bell. We expect GGR to increase by 6% y-o-y at €382m mainly due to strong VLTs and lotteries (Jocker GGR should grow dds), counterbalancing weakness in virtual/Pamestoixima (tough comparison due to 2018 World Cup) and instant & passive games.
EBITDA is projected to increase by 31% y-o-y at €92m on lower opex and net earnings by 53% at €40m on higher depreciation charges. Overall, we anticipate a positive start for the year.
A conference call will follow on September 12 at 16.00 (Athens). Focus will turn on Stoiximan acquisition in our view.