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5-day change
1st Jan Change
15.5
EUR
-0.70%
-5.60%
+0.85%
Greek Organisation of Football Prognostics S A : Stoiximan Investment Update
April 21, 2020 at 02:11 am EDT
Stoiximan Investment Update
Investment in Stoiximan Group | Executive summary
Sole control* of Stoiximan's Greek/Cypriot operations via 84.5% stake post-acquisition
Maintain international exposure via 36.75% of Stoiximan's international business
Taking leading position in both Greek & Cypriot online markets
OPAP Group now offers a fully diversified portfolio across all channels
Stoiximan's management remains in place and company will continue to operate independently from OPAP's gaming activities
Total investment in Q2/Q3 2020 of €163.4m+net cash, plus Earnouts for FY20/FY21
Approvals Progress
69% stake
Sole Control (with 85% stake)
Gaming Commissions
Required
Greek Competition Authority
Required
Cypriot Competition Authority
Required
* subject to approvals of relevant regulatory/competition authorities
Investment in Stoiximan Group | Transaction overview
Transactions
Final structure
36,75%
TCB Holdings
Greek & International
Business
63,25%
Reaching 84.49%
Reaching Sole
of Greek & Cypriot
control
Business
Carve-out of Greek and Cypriot operations, into a separate entity
36,75% 15,51%
TCB Holdings
Stoiximan
International
Greek & Cypriot
Business
Business
63,25%
84,49%
OPAP Other shareholders
Indicative timeline & preliminary calculation of considerations
Q4 2018
Q2/Q3 2020
Q2 2021
Q2 2022
€50m
€163.4*m (+ net cash)
Earn-out '20**
Earn-out '21**
net consideration
(already paid)
TBD upon EBITDA performance
**calculation formula: 30%*8x-10x*EBITDA performance differential
*After subtracting OPAP's own stake
Stoiximan Group - Overview
Countries of Operations
Estimated Market Share - FY 2019
Greece
Cyprus
Mkt: €437mn1
mkt: €30mn2
49%
47%
Stoiximan
Others
Stoiximan
Others
1 according to official HGC data,
2 according to NBA
not including grey operators
TCB Holdings - FY2019 GGR
80%
73%
Greece/Cyprus
International
Betting
Casino
Romania
Portugal
mkt: €208mn3
mkt: €215mn4
*Q4 market share; started operation in May'19
Betano
Others
Betano
Others
3 according to H2GC
4 according to SRIJ
TCB Holdings - EBITDA
TCB Group (inc Greece/Cyprus)
Greece/Cyprus (est./adj.)
44
38
16
19
2017
2019
€m
OPAP Group - ProForma FY2019 figures
Gross Gaming Revenues (GGR) 2019 - per channel
Gross Gaming Revenues (GGR) online - net of bonuses
Online
206 (11%)
1,814m
Retail
1.608 (89%)
€m
Gross Gaming Revenues (GGR) 2019 - per product
Instant & Passives
Online Casino
49m (3%)
147m (8%)
VLTs
1,814m
Lottery
298m (16%)
779m
€m
+20.3%+35.5%
206.2
126.5152.2
2017
2018
2019
€m
OPAP betting
OPAP - Tzoker
Stoiximan GR - betting
Stoiximan GR - other
Stoiximan CY
Active online Players (monthly average)
+15,3%+59,4%
204
128
111
'000
2017
OPAP
2018
Stoiximan
2019
OPAP Group's products - a more balanced product portfolio with betting now 30% of total GGR
Online contribution - now benefiting from a significant contribution from fast-growing Online channels
Active Players - player base is recording significant expansion across both OPAP and Stoiximan Attachments
Original document
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Disclaimer
OPAP SA - Greek Organisation of Football Prognostics published this content on 21 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2020 06:10:04 UTC
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Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
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OPAP - Greek Organisation of Football Prognostics S.A. is the Greek leader in the design and marketing of games of chance under the names of Lotto, Proto, Propo, Propo-Goal, Joker, Pame Stihima, Super 3, Extra 5 and Kino. Net sales break down by type of gaming as follows:
- lottery games (36.6%);
- sports betting (31.1%): soccer and basketball games, Formula 1 races, etc.;
- other (32.3%).
More about the company
Last Close Price
15.5
EUR
Average target price
18.29
EUR
Spread / Average Target
+17.97%
Consensus
1st Jan change
Capi.
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