Berenberg starts Lottomatica with 'buy' on promise of online penetration

Lottomatica SpA

13/08/2024 08:07

** Analysts at Berenberg initiate coverage on Lottomatica
 LTMC.MI  with "buy" rating and a target price of 16.20 euros 
($17.71)
    ** The broker notes the Italian gambling market is the
largest in Europe, but online penetration lags that of countries
such as the UK, and sees Lottomatica poised to capture the
opportunities presented by this expected "online channelisation"
given its omni-channel offering
    ** "We expect an increase in online penetration, facilitated
by improvements in broadband coverage and e-payment offerings",
the analysts say in a note 
    ** On July 30, the betting firm lifted its full-year
forecast on adjusted EBITDA to a range of 700 million and 730
million euros ($765.31 million and $798.11 million), after
posting a 17% yearly increase of the adjusted EBITDA in Q2
    ** Out of 12 analysts that cover the firm, 11 rate the stock
"strong buy" or "buy",​ and only one analyst rates it "hold" 



($1 = 0.9147 euros)

 (Reporting by Luca Fratangelo)
 ((Luca.fratangelo@thomsonreuters.com))