OPAP Q4/FY 2014 1st Glimpse

30.03.2015 09:40

OPAP announced its Q4/FY 2014 results which came above our and market estimates on higher EBITDA margin due to stronger GGR –lower payout ratio and cost initiatives.

 

Q4/FY Highlights:

 

  • Q4 Revenues helped by Hellenic lotteries (1st time of consolidation) Joker Jackpots. Net earnings at 195m (+38% y-o-y) on adjustment basis €216.7m.
  • Net Cash at the end of 2014 €232.5m
  • FY 2014 dividend at €0.4517 (already paid interim €0.23)

 

OPAP 2013 2014 Y-o-Y 2014 Act. vs 2013 2014 Y-o-Y 2014 Act. vs
EUR m. 12M 12M (%) FY  Est. Est. 4Q 4Q (%) 4Q Est. Est.
Sales 3.711,1 4.259,1 14,8%  4.285,0 -0,6%  1.069,2 1.277,5 19,5%  1.303,4 -2,0% 
EBITDA 221,7 346,5 56,3%  338,0 2,5%  47,6 107,4 125,6%  98,9 8,6% 
EBITDA Mrg 6,0%  8,1%  +216 bps  7,9%  3,1% 4,5%  8,4%  +396 bps  7,6%  11%
Net Income 141,1 195,0 38,2%  180,0 8,3%  29,4 76,0 158,5%  61,0 24,6% 
Net Mrg 3,8%  4,6%  +78 bps  4,2%  9,0% 2,8%  6,0%  +320 bps  4,7%  27%

 

A conference call is scheduled on March 31 at 16:00 (GR time). Focus on VLT’s deployment, internet monopoly and horse racing licence. CC Details:

 

  • GR Participants dial in:         + 30 211 180 2000
  • UK Participants dial in:         + 44 (0) 800 376 9250
  • US Participants dial in:          + 1 866 288 9315

 

 

Best Regards,

 

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

 

Tel: +30 210 6478755 /754

Fax +30 210 6448791

Email: [email protected]

 





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