OPAP 1st Glimpse: In line across the P/L but adjusted net earnings came higher than expected

30.03.2016 19:02

OPAP 1st Glimpse: In line across the P/L but adjusted net earnings came higher than expected ( €15m impairment charge of Hellenic Lottery)

 

  • OPAP announced a satisfactory set of Q4 results which came in line with out estimates. Yet OPAP net earnings were burdened with €15m one off due to revaluation of Hellenic lotteries licence.
  • Negative surprise came from remaining dividend which stands at 0.23 euro/share (vs our estimate of 0.38 euro/share). We believe that the management adopted a conservative stance ahead of final determination of key regulatory/taxation issues.
  • On an adjusted basis, Q4 2015 net profit declined by 22.7% at €58.8m while adjusted FY 2015 net profit closed at €221.4m (+13.5%)

 

The following table summarises results vs our estimates:

 

OPAP 2014 2015 Y-o-Y 2015 Act. vs 2014 2015 Y-o-Y 2015 Act. vs
EUR m. FY FY (%) FY Est. Est. 4Q 4Q (%) 4Q Est. Est.
Sales 4,259.1 4,257.3 0.0%  4,179.6 1.9%  1,277.5 1,195.7 -6.4%  1,118.0 7.0% 
EBITDA 346.5 377.1 8.8%  376.5 0.2%  107.4 103.6 -3.5%  103.0 0.6% 
EBITDA Mrg 8.1%  8.9%  +72 bps  9.0%  -1.7% 8.4%  8.7%  +26 bps  9.2%  -6.0%
Net Income 195.0 210.72 8.1%  210.00 0.3%  76.0 51.7 -32.1%  50.9 1.4% 
Net Mrg 4.6%  4.9%  +37 bps  5.0%  -1.5% 6.0%  4.3%  -163 bps  4.6%  -5.2%

 

 

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

 

*Τα όσα αναγράφονται στη στήλη είναι προιόν δημοσιογραφικής έρευνας και δεν αποτελούν προτροπή αγοράς, πώλησης ή διακράτησης μετοχών



Shortlink:

Contact us | About us | Terms & conditions | Privacy policy
Mikrometoxos 2014