OPAP <OPAr.AT/OPAP GA – Outperform>
OPAP will release 4Q/FY22e results tomorrow followed by a conference call on Thursday.
Our 4Q22 forecasts are as follows:
GGR EUR652m (+31% y/y), EBITDA at EUR186m (+9% y/y) and net profit at EUR103m (+22% y/y);
for the year, we expect
GGR EUR2,050m (+33% y/y), EBITDA at EUR719m (+31% y/y) and net profit at EUR389m (+50% y/y).Our forecasts are based on the assumption of enhanced activity due to FIFA World Cup, Qatar event in late November – December, increased footfall in the physical network following abolition of the remaining Covid-19-related restrictions back in 2Q22 and healthy online gaming performance.
We will revert after the release of the actual results.