€3097.2m market cap

€9.63 last close

OPAP was founded in 1958 as the Greek national lottery and it is the exclusive licensed operator of all numerical lotteries, sports betting, VLTs, instant and passive lotteries and horse racing. OPAP listed in 2001 and was fully privatised in 2013.

Investment summary

OPAP is Europe’s only listed gaming operator with 100% pre-paid exclusive retail licences, providing significant barriers to entry. OPAP is completing its 2020 Vision plan to create a leading gaming entertainment company and further momentum is underway with full deployment of video lottery terminals (VLTs), as well as a move into online. The business is highly cash generative, with the bulk of free cash flow (FCF) paid out as dividends (this equated to over 100% of FCF in 2018). In July 2019, Sazka Group made a bid to increase its stake in OPAP at €9.12/share (the major shareholder Emma Delta Hellenic Holding has a 33.0% stake, within which Sazka Group has a 24.7% stake with board representation). Q3 results are due on 27 November.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 1455.5 306.5 197.5 42.41 22.7 N/A
2018A 1547.0 353.6 234.9 51.88 18.6 N/A
2019E 1635.0 408.7 271.7 60.47 15.9 N/A
2020E 1845.0 465.0 311.1 66.35 14.5 N/A
Industry outlook

The Hellenic Gaming Commission estimates that the total legal Greek gaming market amounted to €1.9bn in 2017, of which OPAP comprised €1.37bn gross gaming revenues (including horse racing and Hellenic Lotteries). Land-based casinos comprised an estimated €254m, with online amounting to c €280m. Regulation of the online gaming market is under discussion with possible implementation in 2020.

Last updated on 14/11/2019
Share price graph
Balance sheet
Forecast net debt (€m) 493.6
Forecast gearing ratio (%) 72
Price performance
Actual 1.4 0.8 13.7
Relative* (2.5) (9.5) (18.9)
52-week high/low €10.3/€7.6
*% relative to local index
Key management
Damian Cope CEO
Nikos Polymenakos Investor Relations Director