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OPAP kann noch mehr ausschütten auf Grund sinkender Steuer ý noch mehr Dividende!!!
AKTIEN IM BLICK 10-Steuerpläne beflügeln Wettanbieter Opap:
"Ausgeschüttete Gewinne sollen ab 2012 pauschal mit 25 Prozent statt wie bisher progressiv mit bis zu 40 Prozent besteuert werden. Der teilstaatliche griechische Lotto- und Sportwetten-Anbieter gibt rund 95 Prozent seiner Netto-Erlöse weiter. Sollte dieses Gesetz verabschiedet werden, werde sich dies positiv auf die Gewinne aller Unternehmen mit hohen Ausschüttungsquoten auswirken, sagte Analyst Panos Panagiotou von der Proton Bank. "
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Desweiteren gibt es Neuigkeiten zum Monopol:
"OPAP MONOPOLY
Greece's regulated betting market consists of state-controlled operator OPAP (OPAr.AT), nine casinos, a horse racing operator and state lotteries. Total proceeds in 2008 were about 8.7 billion euros ($11.90 billion).
OPAP, Europe's biggest betting firm, offers three fixed-odds sports bets and six lotteries in Greece and Cyprus, producing revenues of about 5.4 billion euros in 2009. It has exclusive rights on sports betting and lotto games in Greece until 2020.
ONLINE BETTING
More than 250 illegal gambling websites offer services, handling about 2 billion euros of bets each year.
On top of that, several unlicensed bookmakers and operators offering poker and casino games have annual turnover of up to 2 billion euros.
GAMING MACHINES
Greece banned all gambling machines in 2002, excluding OPAP and slot machines in casinos, after illegal operators mushroomed but the EU ruled that the ban violated European law and has fined Greece about 11.5 million euros a year.
Despite the ban, there remain between 10,000 and 20,000 so-called Amusement With Prize (AWPs) machines and 100,000 to 150,000 terminals.
HORSE RACING
Punters can wager on horse racing through several outlets around the country. The business had an annual loss of 27 million euros in 2009.
DRAFT BILL ON GAMING
- Greece will auction 15-50 5-year online betting licences.
- It will also offer 10-year licences for up to 30,000 low-stake gaming machines.
- The minimum payout to winners will be 80 percent for both low-price gaming machines and online betting.
- Greece will allow amusement gaming machines in licenced locations.
- The government will collect a 6 percent tax on online gambling and gaming machine revenues.
Sources: Government data, Reuters"
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"Opap SA (OPAP GA) advanced 2.7 percent to 13.74 euros, on course for an eighth day of gains. Europe’s biggest listed gambling company is on HSBC’s “Top Picks” for Greek equities in the first half of 2011 as earnings have “proved resilient” and planned reforms to the Greek gambling market could “alleviate fears of industry liberalization” and drive earnings growth"
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"On the new state tax policy, OPAP’s effective tax rate will fall sharply to 30% from the current estimate of 50%, boosting EPS so buyers jumped in," Kostas Zouzoulas, head of analysis at Axia Venture Group, told Dow Jones Newswires.
"Other gaming policy changes bode well for OPAP to enter internet betting and slot machines even if the VLTs are low margin and may not be in sufficient number to cover all its network," he added.
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HSBC Sets OPAP΄s Price-Target At EUR18
HSBC said it raises OPAP’s price target to EUR18, while it maintains its overweight rating.
According to a HSBC’s report, earnings resilience has been proved and it forecasts momentum reversing.
Moreover, planned gaming reforms could drive earnings growth and prompt re-rating by alleviating liberalisation fears.
OPAP managed to grow Q3 2010 earnings by 28% year over year despite a sharply contracting economy, according to the report.
In addition, OPAP is about to launch new monitor and direct-draw games, targeting new client segments and beefing up cross-selling.
HSBC raises 2011-12 EPS estimates by 4%-6%, seemingly small but arguably the first upgrades for two years now.
Despite outperforming the local market by 31% during 2010, OPAP trades at 7.5x 2011 underlying Earnings Per Share, while offering dividend and Free Cash Flow yields of 10%-11%. At the same time, net cash amounts to no less than 18% of market value.
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