bullish
OPAP - Strong retail recovery in Q122
SUMMARY
OPAP’s Q122 results showed a strong improvement from the prior year as it enjoyed a full period of (relatively) uninterrupted trading in its land-based locations, with a compensating moderation in the contribution from online revenue. The strong revenue recovery fed through to an improved EBITDA margin as management continues to control costs well on a relative basis as operations ramped up. Our forecasts are unchanged. The share price valuation and prospective dividend yield of 8.5% remain attractive versus quoted peers.
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- OPAP - Strong retail recovery in Q12208 Jun 2022
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