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Italian gaming operator running lottery, sports betting and gaming machine operations, including the Lotto game.
Italian gaming operator running lottery, sports betting and gaming machine operations, including the Lotto game.
Takes a margin on money staked rather than selling a product: sports betting and online games, plus slot and video-lottery machines placed in licensed venues, with the state taking a large share through gaming taxes. Online has been the faster-growing side as customers move from betting shops.
Moat: narrow (regulatory licence, scale, brand). Long-term state lottery concession creates a regulated, high-barrier gaming franchise.
Headquarters: Rome, Italy · Employees: 2,565
Size Lottomatica (LTMC.MI) is an Italy Consumer Discretionary company (Casinos/Gaming) with a market value of $7.17B, the 35th largest of 123 Italy companies the cockpit tracks. Shares closed at €27.57 on 6 Nov 2026.
Performance Over six months the shares gained 4.0%, against -13.2% for the median peer and +3.1% for the Italy market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +6.1%); the operating margin is 20.9% (peer median 18.5%).
Valuation It trades at 15.4× forward earnings against a peer median of 12.6× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +43%, so the hurdle is -44 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.6 points above its cost of capital (5.9% WACC).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.29B | €2.25B | €2.00B | €1.63B | €1.39B |
| Revenue growth | — | +12% | +23% | +17% | — |
| Gross profit | €922M | €902M | €750M | €624M | €514M |
| EBITDA | €752M | €712M | €615M | €520M | €400M |
| Net income | €220M | €174M | €98.6M | €67.9M | €72.1M |
| Free cash flow | €481M | €447M | €301M | €229M | €289M |
| Capital expenditure | €236M | €229M | €181M | €123M | €91.1M |
| Total debt | €2.41B | €2.06B | €2.03B | €2.01B | €1.86B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lottomatica LTMC.MI | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% |
| Flutter Entertainment FLUT | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% |
| Entain ENT.L | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LTMC.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.9% | +4.9% | 2nd highest of 20 |
| 6-month return | +4.0% | -13.2% | 5th highest of 20 |
| Distance from 52-week high | -2.5% | -37.3% | 2nd highest of 20 |
| Revenue growth (TTM) | +4.0% | +6.1% | 10th lowest of 20 |
| Operating margin | 20.9% | 18.5% | 10th highest of 20 |
| Forward P/E | 15.4× | 12.6× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.4% | 2.6% | 6th least demanding of 17 |
| Growth delivered (Del g) | +42.7% | +26.8% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -44.1 pp | -19.5 pp | 2nd least demanding of 17 |
| ROIC minus cost of capital | +8.6 pp | +6.5 pp | 9th highest of 20 |
| EV / EBITDA | 11.3× | 8.4× | 6th most expensive of 19 |
| Net debt / EBITDA | 2.7× | 2.8× | 9th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| Las Vegas Sands LVS | United States | $25.5B | -23% | +11% | 22% | 14.2× | -2.5% | +34.7% |
| Aristocrat Leisure ALL.AX | Australia | $26.9B | +27% | -1% | 32% | 24.8× | 9.5% | +8.8% |
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |