OPAP’s Q120 results showed the initial impacts of the COVID-19 outbreak, with revenue declining by 17.1% as the company’s physical locations began to close from 14 March. Since gradually re-opening in May, OPAP has seen a steady recovery, albeit not back to pre-lockdown levels, and encouragingly, management expects to be EBITDA positive in Q220, likely to be the financial period most affected by lockdowns in Greece and Cyprus. As a result, we retain our underlying forecasts, which
18 Jun 2020
OPAP - Forecasts held as it emerges from lockdown
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OPAP - Forecasts held as it emerges from lockdown
- Published:
18 Jun 2020 -
Author:
Russell Pointon -
Pages:
5
OPAP’s Q120 results showed the initial impacts of the COVID-19 outbreak, with revenue declining by 17.1% as the company’s physical locations began to close from 14 March. Since gradually re-opening in May, OPAP has seen a steady recovery, albeit not back to pre-lockdown levels, and encouragingly, management expects to be EBITDA positive in Q220, likely to be the financial period most affected by lockdowns in Greece and Cyprus. As a result, we retain our underlying forecasts, which