Lottomatica Group (BIT:LTMC) Earnings Put Its Valuation Back In Focus
Lottomatica Group (BIT:LTMC) has released its earnings for the first nine months of 2026, reporting sales of €1,686.61 million, revenue of €1,695.56 million and net income of €148.16 million, compared with the prior year period.
Lottomatica Group’s latest earnings update lands after a strong run in the market, with a 30 day share price return of 12.39% and a 1 year total shareholder return of 46.07%. This indicates momentum that investors are treating as increasingly constructive rather than fading in the background.
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Recent gains in Lottomatica Group now sit alongside higher sales and net income, not just a change in mood. So how far does the current share price already reflect that shift in the business?
Most Popular Narrative: 14.9% Undervalued
Lottomatica Group last closed at €27.57, while the most followed narrative points to a fair value of €32.41 that anchors expectations using a 12.17% discount rate.
The planned merger with CIRSA, which is expected to create a group with about €2b of pro forma adjusted EBITDA in 2026 and targeted run rate cost and financing synergies of €150m within three years, could lift combined earnings and free cash flow once integration benefits are realised.
See why 13 investors see Lottomatica Group as 15% undervalued.
Result: Fair Value of €32.41 (UNDERVALUED)
Still, the story can change quickly if Italian regulation tightens, or if the CIRSA merger delivers weaker synergies and keeps leverage higher for longer.
Find out about the key risks to this Lottomatica Group narrative.
Another View: What Lottomatica Group’s P/E Ratio Is Saying
The first narrative leans on analyst fair value around €32.41. A simpler lens, the current P/E of 28.2x, tells a tougher story for Lottomatica Group because it is higher than both Italian and European Hospitality peers at about 18x.
The fair ratio estimate sits at 33.9x, which is above today’s multiple and suggests some headroom if the market eventually prices LTMC closer to that level. For you, that gap cuts both ways. It hints at upside if earnings and sentiment stay aligned, but it also raises the question of how much valuation risk you are willing to accept if sector multiples compress.
See what the numbers say about this price, find out in our valuation breakdown.See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
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