Last month's stock market sell-off triggered by the collapse of Silicon Valley Bank forced some companies to delay their flotation plans. But European equity markets have since recovered most of their losses. Lottomatica offers gambling on sports and other events both online and in retail outlets, as well as operating a network of gaming machines in premises across Italy. The group said its adjusted core profit rose to around 155-156 million euros in the first quarter, a 15-16% increase on a pro-forma basis including the acquisition of Italian remote gaming company Betflag which was completed in November.
JP Morgan equity research seen by Reuters lists
Lottomatica's listed peers operating in the Italian market as
Britain's Flutter , Entain , Playtech and 888 Holding , which all have a more global exposure.
Flutter bought Italian gaming operator Sisal for 1.62
billion pounds last year, which was an enterprise value equal to
7.7 times its 2021 core profit, BNP Paribas Exane research says.
Lottomatica said it is aiming to deliver a mid-point core
profit of 560 million euros this year.
Barclays, Deutsche Bank, Goldman Sachs, JP Morgan and
UniCredit are acting as joint global coordinators and joint
bookrunners on Lottomatica's IPO.
Apollo Capital Solutions, Banca Akros, BNP Paribas and
Mediobanca are joint bookrunners and Equita SIM is acting as
co-manager. Credit Suisse is acting as financial adviser.
($1 = 0.9106 euros)
(Reporting by Elisa Anzolin; Editing by Gavin Jones, Jason
Neely and Alexander Smith)
