Consumer Services Greek Community

Recommendation: I remain sidelined, NEUTRAL (HOLD );— Slight bearish tilt Rating agencies' views reinforce a mixed picture: post-acquisition upgrades (Fitch to 'B+' IDR with 'BB' notes, Moody's to B2 stable, Morningstar DBRS to B(high) positive trend, S&P to 'B-' stable) reflect improved scale, synergy potential, and deleveraging path, with projected adjusted EBITDA margins largely resilient at 37-38% (S&P over 2025-2027), ~38% (Morningstar DBRS), and above 35% (Fitch pre-revision emphasis on margin expansion via integration). However, Fitch revised its outlook to Negative in December 2025 due to "material exposure to increased UK taxation," which will result in lower-than-previously-expected EBITDA (though not quantified as a sharp margin drop—management mitigated the 2026 impact to ~4% via €84M offsets, revising FY2026 EBITDA guidance to €420-440M from prior higher targets).Read more

OPAP S.A. (OPAP.AT), Greece's dominant gaming and lottery operator with exclusive concessions across lotteries, sports betting, video lottery terminals (VLTs), and online platforms, is undergoing a transformative merger with Allwyn International AG, announced on October 13, 2025, to form the world's second-largest listed lottery and gaming entity valued at €16 billion. This all-share transaction, pending shareholder approval at an Extraordinary General Meeting on January 7, 2026, positions OPAP for pan-European expansion, leveraging Allwyn's footprints in the UK, Austria, and Czech Republic while enhancing OPAP's online and VLT capabilities domestically.Read more

Catalysts About Bally's Intralot Bally's Intralot operates a combined online gaming, sports betting and lottery technology platform serving regulated markets across North America, Europe and other regions. What are the underlying business or industry changes driving this perspective?Read more

Catalysts About Intralot Intergrated Lottery Systems and Services Intralot Integrated Lottery Systems and Services provides lottery, gaming and related technology and services to government and regulated customers worldwide. What are the underlying business or industry changes driving this perspective?Read more

Catalysts About Organization of Football Prognostics Organization of Football Prognostics operates regulated gaming and betting activities, combining retail and online platforms across sports betting, lotteries and gaming machines. What are the underlying business or industry changes driving this perspective?Read more

Catalysts About Intralot Intergrated Lottery Systems and Services Intralot Integrated Lottery Systems and Services operates technology, systems and managed services for lottery and gaming operators worldwide, with a growing mix of B2B, B2G and interactive solutions. What are the underlying business or industry changes driving this perspective?Read more