Today’s Headlines
· Announcements for the State subsidies on the electricity bills for September are expected tomorrow (press)
· Alpha Services and Holdings to issue new AT1 Notes-Press
· Sarantis 1H24 Results out
· OPAP 2Q24e preview | Solid quarter, in trajectory to meet management guidance; we expect interim DPS of EUR 0.52
· Intralot 1H24 CC Highlights
· Attica Bank EGM today
· Coca Cola HBC new shares to commence trading on 04 September
· Kloukinas Lappas (KLM) disposes a real estate property
Sector Headlines
Announcements for the State subsidies on the electricity bills for September are expected tomorrow (press)
According to Energypress.gr, the government is expected to announce tomorrow the extent of the state subsidies on the electricity bills for September, so as the final retail tariff for the retail consumers to shape below EUR 150/MWh.
Company Headlines
Alpha Services and Holdings to issue new AT1 Notes-Press
Reportedly (euro2day), Alpha Services and Holdings plans to tap the markets in order to issue a new Additional Tier 1 Perpetual Notes of EUR 300m-400m. Recall that Alpha issued on 08/02/23 an AT1 bond of EUR 400m with a coupon of 11.875%.
Sarantis 1H24 Results out
Sarantis posted a strong set of results yesterday. In more detail, revenues (including Stella Pack) grew to EUR 302.6m vs. EUR 232.4m in 1H23, recording an increase of 30.2% y-o-y, reaching a new high record. EBITDA of the group increased by 45.3% y-o-y, to EUR 41.7m vs. EUR 28.7m in 1H23, with the EBITDA margin improving to 13.8% from 12.4% last year. Net profit came in at EUR 24.3m vs. EUR 19.2m, recording a 26.8% y-o-y increase, while EPS increased by 30.7% y-o-y to EUR 0.3745/share vs. EUR 0.2866/share in 1H23. Finally, net debt increased to EUR 43.9m vs. net cash of EUR 43.6m in FY23, impacted by the acquisition of Stella Pack and the repayment of its debt (EUR 8.5m), the share buyback programme (EUR 8.5m) and the dividend payment (EUR 15m).
OPAP || CP: EUR 16.15 | Rating: Buy | TP: EUR 19.30
2Q24e preview: Solid quarter, in trajectory to meet management guidance; we expect interim DPS of EUR 0.52
Solid 2Q24e performance | OPAP will release its 2Q24e results today, AMC, while it will hold a cc tomorrow at 16:00 Athens time. We expect a strong quarter in terms of top line, with revenue growth driven by Betting (supported by EURO 2024 soccer event) and Online Casino, while on the flip side Instant & Passives category continued losing momentum due to strong online competition. We project that high OpEx continued to trim profitability in 2Q24e affected by high advertising costs of Eurojackpot and Euro24. The quarter was marked by a) favourable Euro 2024 results for operators, b) the gradual increase of Eurojackpot, and c) the continued growth of Online casino with players increasing their engagement levels.
2Q/1H24e Group Key P&L Forecasts
|
EUR m |
2Q23 |
2Q24e |
y-o-y |
1H23 |
1H24e |
y-o-y |
|
Betting (Retail+Stoiximan+Online OPAP) |
151.8 |
170.3 |
12.2% |
320.6 |
338.8 |
1.9% |
|
Lottery (Retail + Online Loterry) |
177.7 |
178.2 |
0.3% |
366.4 |
374.3 |
5.6% |
|
Instant & Passives |
29.6 |
25.5 |
-14.0% |
60.1 |
53.2 |
-3.5% |
|
VLTs |
81.0 |
80.6 |
-0.5% |
165.4 |
167.1 |
2.3% |
|
Online casino (Online OPAP + Stoiximan) |
58.1 |
69.2 |
19.2% |
113.0 |
140.1 |
19.0% |
|
Revenues |
498.1 |
523.8 |
5.1% |
1025.6 |
1073.5 |
4.7% |
|
GGR tax & levies |
-153.3 |
-166.0 |
8.3% |
-317.2 |
-339.2 |
6.9% |
|
Net gaming revenue |
344.8 |
357.7 |
3.7% |
708.3 |
734.2 |
3.7% |
|
Agents fees |
-98.2 |
-98.9 |
0.7% |
-200.5 |
-203.9 |
1.7% |
|
Other operating income |
26.4 |
26.9 |
1.6% |
52.6 |
50.4 |
1.6% |
|
Other income related to the new lottery/betting concession |
57.5 |
58.0 |
0.8% |
115.4 |
116.8 |
1.2% |
|
Other operating costs |
-15.0 |
-15.6 |
4.0% |
-31.8 |
-29.0 |
4.0% |
|
Direct costs |
-42.0 |
-43.8 |
4.2% |
-85.2 |
-88.7 |
4.2% |
|
Opex |
-95.5 |
-109.2 |
14.3% |
-184.1 |
-214.5 |
19.5% |
|
Impairment of financial assets |
-0.1 |
0 |
-100.0% |
-0.3 |
0.0 |
-89.2% |
|
EBITDA |
177.9 |
175.1 |
-1.6% |
374.4 |
365.4 |
-2.4% |
|
% of GGR |
35.7% |
33.4% |
-230bps |
36.5% |
34.0% |
-250bps |
|
Depreciation |
-35.0 |
-33.0 |
-5.7% |
-64.8 |
-66.1 |
2.1% |
|
EBIT |
142.9 |
142.1 |
-0.6% |
309.6 |
299.2 |
-3.3% |
|
Net financial expense |
-2.0 |
-2.0 |
0.0% |
-5.0 |
-3.6 |
-28.7% |
|
EBT |
140.9 |
140.1 |
-0.6% |
304.6 |
295.7 |
-2.9% |
|
Income tax |
-35.4 |
-35.0 |
-1.0% |
-75.9 |
-74.9 |
-1.3% |
|
EAT |
105.6 |
105.1 |
-0.4% |
228.7 |
220.7 |
-3.5% |
|
Minorities |
-1.6 |
-2.6 |
n.m |
-4.3 |
-5.0 |
16.8% |
|
EAT ex-minorities |
103.9 |
102.5 |
-1.4% |
224.4 |
215.7 |
-3.9% |
Source: the Company, Optima bank research
Intralot 1H24 CC Highlights
Management stated on the conference call that it expects some news within September, as it has submitted bids for various contracts around the world and in specific in Australia (technology contract for TLC with 90% market share), Quebec and Ontario in Canada (Lottery contracts), Illinois (VLT monitoring) and will also bid in mid-September for contracts in Missouri US and in New Zealand. Finally, management said is cautiously optimistic and anticipates stronger performance in 2H in Turkey and Argentina as well as a jackpot in US, since the second half is seasonally stronger in both countries. We reiterate our Buy rating and TP of EUR 1.55/share.
Attica Bank EGM today
The EGM of Attica Bank is taking place today at 10:00 Athens/08:00 London Time and shareholders will approve the merger of Attica Bank with Pancreta Bank by absorption of the latter by the former.
Coca Cola HBC new shares to commence trading on 04 September
The company announced that the new 63,574 ordinary registered shares with a par value of CHF 6.70 each fully paid, which have already been issued following the exercise of stock option plan will commence trading on ATHEX on 4 September 2024.
Kloukinas Lappas (KLM) disposes a real estate property
Kloukinas Lappas (KLM) announced the disposal of a 3,230sqm real estate property in Moschato, Athens for EUR 6.3m.
Calendar of Events
Macros
06/09/24 | GDP 2Q:24 (provisional data)
06/09/24 | DBRS – Greek sovereign credit review
13/09/24 | Moody’s – Greek sovereign credit review
2Q/1H24 Results Release
03/09/24 | OPAP (Aft-mkt), Trade Estates (Aft-mkt)
04/09/24 | QUEST Holdings (Aft-mkt)
10/09/24 | Fourlis (Aft-mkt), Athens Airport (Aft-mkt)
11/09/24 | Aegean Airlines (Aft-mkt), ElvalHalcor (Aft-mkt)
12/09/24 | LAMDA Development (Aft-mkt), Alpha Trust Andromeda
17/09/24 | Noval Property
19/09/24 | Viohalco, Attica Bank, Alpha Real Estate, Lavipharm
20/09/24 | Premia Properties, Logismos
25/09/24 | ADMIE Holding (Bef-mkt), AS Company (Aft-mkt)
26/09/24 | EYDAP, INTERTECH, Loulis Food
27/09/24 | Piraeus Port Authority, Alpha Trust Holdings, Alumil (Aft-mkt), Biokarpet, Ble Kedros, Sunrise Mezz Plc, Thessaloniki Water Supply (Aft-mkt), Orilina Properties, Phoenix Vega Mezz PLC, Trastor REIC
30/09/24 | Epsilon Net (Bef-mkt), Galaxy Cosmos Mezz Plc, Space Hellas, Technical Olympic (Aft-mkt), Athens Medical Center, Interlife, Medicon, Pairis
EGM / AGM
03/09/24 | Attica Bank (EGM)
04/09/24 | ELVE (AGM), Moda Bagno (AGM), Revoil (EGM)
06/09/24 | Orilina Properties (AGM), Domiki Kritis (AGM)
10/09/24 | Epsilon Net (AGM), MED (AGM)
13/09/24 | Bank of Cyprus (EGM)
16/09/24 | Coca-Cola HBC AG (EGM)
17/09/24 | MED (EGM)
19/09/24 | Ideal Holdings (EGM)
02/10/24 | Cenergy Holdings (EGM)
Initiation of trading of new shares
04/09/24 | Coca-Cola HBC AG (from stock option rights)
Ex-Dividend
09/09/24 | ADMIE Holding (EUR 0.058)
12/09/24 | Evrofarma (EUR 0.05)
17/09/24 | Epsilon Net
Ex-Capital Return
12/09/24 | Unibios (EUR 0.02)
Research Department
Equity Research
Τ: 210 8173 383 F: 210 3279 287 E: [email protected]
32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr
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