Intralot is a leading gaming technology and services provider with 52 live contracts across 39 countries.
Intralot has an integrated offering covering lottery, betting, interactive gaming and ancillary services. This enables Intralot to service clients across the gaming ecosystem, from government authorities to private operators, as well as operating its own gaming licence. With proprietary technology powering activities and driving innovation, Intralot is well-positioned to capitalise on the major growth opportunities in regulated gaming markets globally.
There are five key strengths underpinning the Intralot investment case.
With its integrated offering, global footprint, long-term contracts, next-generation technology, growth exposure and improved margins, Intralot represents a compelling investment case in the regulated global gaming industry.
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Update
Consumer |
Initiation
Consumer |
edison tv
Andreas Chrysos
CFO
Chrysostomos Sfatos
Deputy CEO
Nikolaos Nikolakopoulos
CEO
Sokratis Kokkalis
Chairman
Forecast net debt (€m)
301.7
Forecast gearing ratio (%)
566
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 0.0 | (0.7) | 100.0 |
Relative | 4.1 | (0.3) | 78.7 |
52 week high/low | €1.2/€0.6 |
Intralot reported good underlying revenue growth in Q124, offset by broad-based unfavourable foreign exchange translation effects and some phasing. Our estimates are unchanged following the results. The absolute year-on-year decline in EBITDA of €3.6m, to €30.1m, appears to be entirely due to the translation effects of the Argentine peso devaluation, further investment in Turkey to drive market share and the smaller scope of a renewed contract in Morocco, which offset very strong (c +40%) growth in Europe. The company also announced the appointment of Nikolaos Nikolakopoulos as CEO. Mr Nikolakopoulos, who remains CEO of the US subsidiary, Intralot Inc, takes the role from the incumbent chairman, Sokratis Kokkalis.
Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 343.9 | 122.9 | 16.3 | (0.89) | N/A | 2.8 |
2023A | 348.6 | 129.5 | 26.1 | 0.67 | 174.6 | 4.8 |
2024E | 354.0 | 138.1 | 47.7 | 1.85 | 63.2 | 6.4 |
2025E | 378.9 | 151.5 | 70.2 | 4.07 | 28.7 | 5.4 |