olivLaw · European equity research
Bally's Intralot Α.Ε. BYLOT.AT
Greece · Athens Stock Exchange · ISIN GRS343313003 · Vertical: Listed companies from Greece
Bally's Intralot is a global technology and services provider for state lotteries, betting operators and gaming companies, with an important presence in the United States. In fiscal 2025 revenue rose 34.8% to EUR 518.0 million, mainly because of the Bally's International Interactive acquisition, while adjusted net debt increased substantially, which makes the attention given to the financial structure and the capacity to support new contracts relevant.
At the close of 05 Nov 2026, Bally's Intralot Α.Ε. (BYLOT.AT) stock was 1.12 EUR (−0.36% on the day), with market capitalisation 464.8 m EUR, P/E 15.3 on diluted EPS of 0.07 EUR over the last 12 months, dividend yield 0.98%, beta 0.64, 52-week range 0.84–1.22 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- 1.08 – 1.14
- in the upper half of the band · %B 0.54 · band width 5.2%
- SMA 50 / 200
- 1.11 / 1.08
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.4% | +0.4% | −0.7 pp | — |
| 3 months | −3.0% | −3.3% | +0.3 pp | — |
| 6 months | −2.1% | +4.0% | −6.1 pp | — |
| Year to date | +5.4% | +8.1% | −2.7 pp | — |
| 1 year | +2.3% | +10.7% | −8.4 pp | 0.0% |
| 3 years | +50.7% | +50.1% | +0.6 pp | +35.3% |
| 5 years | +58.4% | +43.6% | +14.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 14.5, median 75.4, max 131.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 364.0 m | 384.3 m | 518.0 m |
| Revenue YoY | unavailable | +5.6% | +34.8% |
| Net income | 5.8 m | 4.9 m | -65.2 m |
| Net income YoY | unavailable | −16.4% | −1,436.6% |
| Diluted EPS | 0.01 | 0.01 | 0.07 |
| Diluted EPS YoY | unavailable | −42.9% | +812.5% |
| net % | 1.6% | 1.3% | -12.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 236.2 m EUR
- Financial debt
- 1.6 bn EUR
- Net debt
- 1.4 bn EUR
- Equity
- 1.4 bn EUR
- Total assets
- 3.5 bn EUR
- Debt / equity
- 1.16x
- Current ratio
- 1.28x
- ROE
- -9.0%
- ROA
- -3.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 364.0 m | 384.3 m | 518.0 m | esef· 23 Oct 2026verified |
| Cost of revenue | 218.8 m | 235.0 m | — | esef· 08 May 2025verified |
| Gross profit | 145.2 m | 141.3 m | — | esef· 08 May 2025verified |
| Research & development | 1.5 m | 1.5 m | — | esef· 08 May 2025verified |
| Operating income | 61.6 m | 51.4 m | 50.3 m | esef· 23 Oct 2026verified |
| Depreciation & amortisation | — | 70.9 m | 92.4 m | esef· 23 Oct 2026verified |
| EBITDA | — | 122.4 m ≈ | 142.7 m ≈ | esef· 23 Oct 2026derived |
| Interest expense | 41.8 m | 45.7 m | — | esef· 08 May 2025verified |
| Pre-tax income | 33.6 m | 18.0 m | -41.0 m | esef· 23 Oct 2026verified |
| Income tax | 19.7 m | 1.4 m | 20.0 m | esef· 23 Oct 2026verified |
| Net income | 5.8 m | 4.9 m | -65.2 m | esef· 23 Oct 2026verified |
| Diluted EPS | 0.01 | 0.01 | 0.07 | esef· 23 Oct 2026verified |
| Dividend per share | 0.01 | — | — | esef· 08 May 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 111.9 m | 85.8 m | 236.2 m | esef· 23 Oct 2026verified |
| Receivables | 119.9 m | 149.1 m | 167.3 m | esef· 23 Oct 2026verified |
| Inventories | 24.4 m | 26.4 m | 25.7 m | esef· 23 Oct 2026verified |
| Current assets | 256.2 m | 261.3 m | 429.2 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 91.6 m | 84.4 m | 127.9 m | esef· 23 Oct 2026verified |
| Total assets | 588.7 m | 589.7 m | 3.5 bn | esef· 23 Oct 2026verified |
| Long-term debt | 182.1 m | 298.1 m | 1.6 bn | esef· 23 Oct 2026verified |
| Current liabilities | 320.7 m | 207.6 m | 334.5 m | esef· 23 Oct 2026verified |
| Total liabilities | 546.5 m | 534.2 m | 2.1 bn | esef· 23 Oct 2026verified |
| Equity | 42.1 m | 55.4 m | 1.4 bn | esef· 23 Oct 2026verified |
| Shares outstanding at year end | 416.9 m | — | — | esef· 08 May 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 16 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 464.8 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality14
- Returns16
- Valuation24
- Balance sheet8
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.15 – 0.95 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/E0.60 – 0.95 (Mid 0.80)26 companies used · median multiple 10.9x · quartiles 8.3x – 13.0xAEGN.AT, AEM.AT, ALMY.AT, ASCO.AT, ASTAK.AT, AVAX.AT, BELA.AT, BIOKA.AT, BIOSK.AT, BIOT.AT, BRIQ.AT, CENER.AT, CENTR.AT, DAIOS.AT, DIMAND.AT, EIS.AT, ELBE.AT, ELHA.AT, ELLAKTOR.AT, ELSTR.AT, ELTON.AT, ETE.AT, EUROB.AT, EYAPS.AT, FAIS.AT, FLEXO.AT
- Dividend discount (DDM)0.15 – 0.20 (Mid 0.17)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Unattractive profile · Score 16/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.8% | 22 (vs peers) | 16% |
| Net margin · Quality | -12.6% | 0 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 9.7x | 0 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 15.3x | 30 (vs peers) | 16% |
| EV/EBITDA · Valuation | 13.0x | 18 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality14/100 · 2/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation24/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BALLY'S INTRALOT Α.Ε. (BYLOT.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 518.0 m EUR in 2025; YoY growth 34.8%; net margin -12.6%; ROE -9.3%; net debt/EBITDA 9.7x.
The estimated value range is 0.38–0.58 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.49 EUR, the price of 1.11 EUR leaves a potential of -56.5% (value / price − 1) and a margin of safety of -129.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 16/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 2.8%
- Net margin: -12.6%
- Net debt / EBITDA: 9.7x
- Interest coverage: 1.1x
- P/E (TTM): 15.3x
- EV/EBITDA: 13.0x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Greece · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια | 17.3 bn | 12.7 | 14.0% | 39.7% | +2.7% | +38% / +178% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 15.2 bn | 13.1 | 13.3% | 42.5% | −5.4% | +24% / +167% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 4.9 bn | 28.5 | 6.4% | 1.5% | −9.0% | +97% / +114% |
| CENER.ATCenergy Holdings | 4.5 bn | 23.5 | 24.3% | 9.4% | +14.7% | +45% / +207% |
| BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια | 3.7 bn | 11.6 | 21.5% | 26.0% | +7.2% | +1% / +15% |
| AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων | 2.0 bn | 110.5 | 6.7% | 1.3% | +11.2% | +7% / +186% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.5 bn | — | -2.6% | -5.9% | −2.4% | +86% / +136% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.4 | 9.8% | 2.9% | +5.1% | +6% / +83% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 1.0 bn | 6.9 | 27.7% | 7.9% | +4.6% | −21% / −1% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 505.7 m | 10.7 | 25.9% | 5.0% | +47.1% | +40% / +123% |
| BYLOT.ATBally's Intralot Α.ε. | 464.8 m | 15.3 | -9.3% | -12.6% | +34.8% | +12% / +18% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 421.5 m | 2.7 | 26.1% | 175.2% | −74.8% | −32% / −44% |
| AEM.ATAlter Ego Media Α.ε. | 356.1 m | 18.1 | 18.3% | 14.0% | +12.6% | −2% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 324.0 m | 10.5 | 23.5% | 6.0% | +11.7% | +16% / +121% |
| DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων | 266.7 m | 7.6 | 18.5% | 58.5% | +110.6% | +42% / +28% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 169.9 m | 22.0 | 4.1% | 8.8% | +2.4% | +24% / +42% |
| EVR.ATΕυρώπη Holdings Α.ε. | 168.6 m | 37.2 | 2.9% | 30.7% | +435.3% | −32% / +33% |
| BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια | 150.0 m | 5.9 | 15.5% | 116.9% | +37.8% | +13% / +70% |
| FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια | 117.2 m | 8.7 | 22.1% | 6.3% | +12.9% | −6% / unavailable |
| DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε. | 107.2 m | 10.9 | 14.0% | 15.6% | +9.1% | 0% / +123% |
| ASTAK.ATAlpha Real Estate Services Ae | 93.3 m | 12.4 | 10.4% | 30.3% | +22.4% | −8% / −8% |
| FLEXO.ATFlexopack Ανωνυμη Εμπορικη Και Βιομηχανικη Εταιρεια Πλαστικων | 92.5 m | 8.3 | 8.3% | 6.8% | +4.6% | −2% / −2% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.8 m | 10.5 | 14.1% | 15.8% | +16.4% | +11% / +106% |
| AVE.ATAve Α.ε. | 50.9 m | — | -25.2% | -7.4% | +8.2% | −7% / −12% |
| ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια | 47.3 m | 13.9 | 4.9% | 1.9% | +8.6% | −11% / −18% |
1- and 3-year price returns: for BYLOT.AT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bally's Intralot is a global technology and services provider for state lotteries, betting operators and gaming companies, with an important presence in the United States. In fiscal 2025 revenue rose 34.8% to EUR 518.0 million, mainly because of the Bally's International Interactive acquisition, while adjusted net debt increased substantially, which makes the attention given to the financial structure and the capacity to support new contracts relevant 1.
SWOT
Strengths
- Consolidated position in contracts with US and Canadian state lotteries, including long-term contracts that provide recurring revenue 1.
- Broad technology portfolio, with cloud platforms and artificial intelligence tools for responsible gaming 1.
- Strong growth in revenue and adjusted EBITDA after the BII acquisition was consolidated 1.
Weaknesses
- High adjusted net debt, which increases sensitivity to the cost of financing and refinancing 1.
- Negative net result in fiscal 2025, influenced by transaction costs and high financial expenses 1.
- Comparable revenue declining outside the acquisition, affected by exchange rates and lower merchandise sales 1.
Opportunities
Risks
- High indebtednesshigh
Adjusted net debt rose sharply in fiscal 2025, and refinancing costs may affect cash flow available for investment 1.
- Negative net resulthigh
The net loss in fiscal 2025 shows that acquisition costs and financial expenses could keep profitability under pressure in the following year 1.
- Currency riskmedium
Revenue in dollars and Turkish lira may fluctuate strongly against the euro, affecting reported results 1.
- Regulatory riskmedium
Changes to rules for betting and lotteries in the US could alter market access conditions 1.
- Dependence on state contractslow
Revenue depends on a few large state lottery contracts, and losing or not renewing one could have a significant effect 1.
Investment thesis
What would need to be true (bull case)
- If the integration of Bally's International Interactive succeeds and iGaming growth continues, revenue and EBITDA could stay on an upward path 1.
- Long-term US contracts, such as the Nebraska contract of up to 13 years, could provide stable revenue if they are delivered and extended 1.
- Operating cash flow improved in fiscal 2025, which could support a gradual reduction of debt if this pace is maintained 1.
What would break the thesis
- Very high adjusted net debt could limit financial flexibility if results do not grow enough 1.
- The net loss in fiscal 2025 and high transaction costs could continue to weigh on profitability if integration takes longer than expected 1.
- Comparable revenue declining outside the acquisition suggests the core business could be weaker than the headline total indicates 1.
What to watch
- Evolution of revenue and adjusted EBITDA after the BII integration2026
- Level of adjusted net debt and refinancing costs2026
- Impact of US regulation for sports betting and digital lotteries2026
- New contracts and extensions with state lotteriesnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group provides technology, gaming systems, retail networks and support services for state-licensed lotteries and operators, as well as iGaming and sports betting platforms for end customers. Activity is split between the B2C segment, which grew sharply after the BII consolidation, and the B2B segment, which supplies services to operators and lotteries 1.
The company aims to increase cash flows through long-term, high-margin contracts such as facilities management and managed services, and it exits less profitable contracts 1. The strategy also includes expansion into mature markets such as the United States, Canada and Europe through local partnerships 1.
In 2025 the company completed the acquisition of Bally's International Interactive, consolidated from 8 October 2025, and carried out a full reorganisation of its financial structure with an equity issue and new borrowings 1. The net result for fiscal 2025 was negative, reflecting transaction costs and higher financial expenses 1.
Segments
Lottery games
Lottery games accounted for 46.2% of total revenue in fiscal 2025, making it the group's largest segment 1. The company supplies systems and infrastructure for state lotteries in the US and Canada, including real-time monitoring systems 1.
iGaming and sports betting
This segment contributed 45.2% of revenue in fiscal 2025 and became the main driver of growth after the Bally's International Interactive consolidation 1.
VLTs and casinos
Video lottery terminals contributed 8.1% of revenue, while casinos and other activities contributed 0.5% in fiscal 2025 1.
Market context
The US and Canadian market is currently the centre of sector developments, due to regulatory changes for sports betting, gaming machines and digital lotteries 1. The company operates through 15 contracts in 13 states or jurisdictions, of which 11 states give it access to lotteries 1.
Emerging markets have been reduced in favour of mature markets, and revenue from Argentina, Australia and Croatia showed different trends in 2025, while Turkey grew as a market but reported revenue declined 1.
Trends
- Regulation of sports betting and digital lotteries in the UStailwind
Regulatory changes in US states for sports betting, gaming machines and digital lotteries open opportunities for new contracts if the rules favour licensed operators 1.
- Shift to cloud and AI systemstailwind
Migration of gaming systems to the cloud and use of Vitruvian for responsible gaming and personalisation could strengthen the technology edge if adoption stays fast 1.
- Currency pressureheadwind
Exchange rates reduced revenue reported in dollars and Turkish lira, which could continue to affect results in euro 1.
- High financing costsheadwind
High net debt and refinancing costs may limit investment flexibility, especially if interest rates stay high 1.
Competitive position
The company competes with other global providers of lottery systems and gaming operators for state contracts, with competition based on reputation, technology and implementation costs. The company presents itself as one of the three suppliers holding contracts with US state lotteries 1.
In iGaming and betting, competition comes from specialised digital operators with scale and marketing advantages. Differentiation depends on long-term contracts and the ability to obtain licences in new markets 1.
- Other lottery systems providers
Competition for contracts with US and Canadian state lotteries; the source refers to a small number of providers with active contracts.
- Online sports betting operators
Competition in the iGaming and sports betting segment, where the company obtained 45.2% of revenue.
- Casino and VLT operators
Competition for video lottery terminals and gaming machines in local markets.
- Regional lottery providers
Competition in emerging markets where the company is reducing its exposure.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202523 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Bally's Intralot Α.Ε. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.