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OPAP stores Reopening upgrades FY’20 DPS to €0.55

Q1’21 Results: Full Stoiximan consolidation and strong on-line performance support Group Operations  at GGR level to contain their y-o-y losses to -47.1% despite the lock-down on all OPAP stores during the longest part of the quarter; EBITDA adj. also registers 43.3% y-o-y drop at €49m, €45.5m of which generated by the Extension of the 2011 Concession Agreement; OPAP stores reopened from 12Apr’21 and PLAY stores to also open on 24May’21, allowing the top-up of the FY’20 DPS to €0.55 (from €0.45); Net Debt at €605m in FY’20 (from €584m in FY’20), FCF in Q1’21 at €20.6m  (from €37m in Q1’20) due to lower OpCf

OPAP’s Q1’21 results were above our call at GGR and EBITDA level largely due to the strong on-line gaming and Betting performance (including Stoiximan ops, which are reported with OPAP’s in-house on-line reves. In general, quarterly figures were satisfactory, when accounting for the extended lock-down imposed on all OPAP stores during the longest part of the quarter.

Turning to segmental performance, Lottery and Betting registered heavy GGR contraction during Q1’21, (€37m, -76% y-o-y and €12m, -86% respectively), as OPAP stores remained closed for c.4/5 of the quarter. Moreover, VLT’s generated zero GGR, as OPAP “PLAY” stores remained closed throughout the quarter (now expected to reopen on 24May’21). On the positive side, OPAP on-line Betting and Casino games (including Stoiximan) reached €117m, accounting for c.2/3 of Group GGR. Finally, Instants and Passives continue to underperform, with the segmental GGR in Q1’21 down by 59% to €8m.

All in, group Q1’21 GGR dropped by 47.1% y-o-y to €174m (Exx at €156). Going down the P&L, group recurring EBITDA dropped by c43% y-o-y to €49m (Exx at 43m), driven by the €45.5m benefit from the implementation of the extension of the 2011 Concession Agreement. Moreover, OPAP reported recurring Net Losses Profit of €2m from €36m profitsin Q1’20, (in line with our call), excluding bottom-line one-off gains of €12m.

In Q1’21, OPAP’s FCF dropped to €20.6m from €37m a year ago, due to the lower OpCf of €20.2m vs. €33.4m in Q1’20 (down by 39% y-o-y), while investing cash inflows dropped to €0.4m vs inflows of €3.6m in Q1’20. Finally, Net debt increased by c€21m y-t-d and by to €605m, while cash stood at €490m (from €511m in FY’20).

On the dividend front, following the reopening of OPAP stores as of 12Apr’21 and the expected reopening of “PLAY” stores next week, OPAP increased its FY’20 DPS to €0.55 (DY:4.6%, ex-date 13Jul’21), vs.€0.45 initially declared.

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