OPAP reported mixed Q2 22 numbers, missing top-line estimates, but beating on the bottom line, thanks to good cost control – a big positive given the inflationary market environment. Growth was attributable to the VLT (+106.4%) and retail recovery (+10.2%), which was partially offset by the expected broad-based decline in online revenue. Though the top-line miss suggests otherwise, the economic resilience of lottery makes OPAP an unlikely defensive play. We re-iterate our positive stance on the ....
12 Sep 2022
Q2 22: retail, VLTs offset expected online decline
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Q2 22: retail, VLTs offset expected online decline
- Published:
12 Sep 2022 -
Author:
Virendra Chauhan -
Pages:
3
OPAP reported mixed Q2 22 numbers, missing top-line estimates, but beating on the bottom line, thanks to good cost control – a big positive given the inflationary market environment. Growth was attributable to the VLT (+106.4%) and retail recovery (+10.2%), which was partially offset by the expected broad-based decline in online revenue. Though the top-line miss suggests otherwise, the economic resilience of lottery makes OPAP an unlikely defensive play. We re-iterate our positive stance on the ....