OPAP’s Q3 FY20 performance was quite resilient, considering that the business was just recovering from the lockdown restrictions. We note the profitability improvement (+60bp yoy) led by online and Kaizen Gaming during the quarter. However, the financial impact of the current / second lockdown is worse than we expected. We will trim the estimates but maintain a positive stance on the stock’s valuation.
26 Nov 2020
First read: decent Q3 performance, but weaker lockdown guidance is a dent
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First read: decent Q3 performance, but weaker lockdown guidance is a dent
- Published:
26 Nov 2020 -
Author:
Virendra Chauhan -
Pages:
3
OPAP’s Q3 FY20 performance was quite resilient, considering that the business was just recovering from the lockdown restrictions. We note the profitability improvement (+60bp yoy) led by online and Kaizen Gaming during the quarter. However, the financial impact of the current / second lockdown is worse than we expected. We will trim the estimates but maintain a positive stance on the stock’s valuation.