OPAP (ASE: OPAP)

Currency in EUR

Last close As at 30/11/2023

EUR14.70

−0.08 (−0.54%)

Market capitalisation

EUR5,470m

OPAP was founded in 1958 as the Greek national lottery and is the exclusive licensed operator of all numerical lotteries, sports betting, instant and passives, VLTs and horse racing. OPAP listed in 2001 and was fully privatised in 2013. Allwyn has a 50.2% stake and significant board representation.

The Hellenic Gaming Commission estimates the total Greek gaming market’s gross gaming revenue amounted to €2.3bn in 2022, growth of c 26% in the year as it continued to recover from the COVID-19 pandemic. On an absolute basis, 2022’s gross gaming revenue was 5% ahead of the pre COVID-19 level of €2.23bn.

Latest Insights

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Consumer | Update

OPAP — Short-term challenges in Q323

Consumer | Outlook

OPAP — Strategy delivering incremental growth

Consumer | Update

OPAP — Revenue growth and margin leverage in Q123

Consumer | Update

OPAP — FY22 profit and cash returns exceed estimates

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Jan Karas

    CEO

  • Pavel Mucha

    CFO

Balance Sheet

Forecast net debt (€m)

623.5

Forecast gearing ratio (%)

75

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.8) (5.9) 12.3
Relative (9.8) (2.4) (19.4)
52 week high/low €16.8/€12.9

Financials

OPAP’s Q323 results were negatively affected by industry-wide influences in sports betting, a tough comparative for Lotteries, and one-off natural events, which have led to a minor, c 3%, tweaking to management’s prior FY23 EBITDA guidance. From an operational perspective, the new iLottery platform is building awareness and growing revenue, and player activity increased on the OPAP Store app, while the retail offer continues to evolve.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 1538.8 551.2 364.6 82.28 17.9 9.1
2022A 1939.0 722.6 565.9 123.48 11.9 7.2
2023E 2059.3 720.7 585.3 118.14 12.4 7.4
2024E 2164.4 753.4 621.0 125.97 11.7 7.1

Research

Update

Consumer

OPAP — Resilience prompts FY22 EBITDA upgrade

Update

Consumer

OPAP — ‘Hefty’ retail recovery

Update

Consumer

OPAP — Strong retail recovery in Q122

Outlook

Consumer

OPAP — Progressing the strategy

Update

Consumer

OPAP — Significant new dividend commitment

Outlook

Consumer

OPAP — Fast Forward to growth and higher returns

Update

Consumer

OPAP — New licence boosts post-FY20 forecasts

Thematics

thematic

Consumer

ConsumerWatch – October 2023

thematic

Consumer

ConsumerWatch – July 2023

thematic

Consumer

ConsumerWatch – April 2023

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