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FY22 Profit and Cash Returns Exceed Estimates

OPAP, Greek national lottery,  FY22 results benefited from the ongoing retail recovery post COVID, and a still-growing contribution from online (despite the tough comparative) as the company’s enhanced offering attracts growing customer numbers. The higher-than-expected profit, despite relative disappointment about Q422’s revenue due to the FIFA World Cup, reinforces management’s cost control credentials against a background of higher external cost pressures. Management’s guidance for further profit growth in FY23 and an under-geared balance sheet should be supportive of high cash returns. Edison Group's FY23 estimates are in line with management’s first-time guidance for revenue of €2,060–2,140m (+6–10% y-o-y) and EBITDA of €740–760m (+1–3%).



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