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 49.8% stake and significant board representation.
The Hellenic Gaming Commission estimates the total Greek gaming market’s gross gaming revenue (GGR) amounted to €1.86bn in 2021, growth of c 15% in the year as it recovered from the severe drop of 27% in FY20 due to the initial COVID-19 outbreak and its effect on retail businesses. On an absolute basis, 2021’s GGR was equivalent to c 83% of the pre-COVID-19 level of €2.23bn.
Consumer
Consumer
Jan Karas
CEO
Pavel Mucha
CFO
Forecast net debt (€m)
225.9
Forecast gearing ratio (%)
25
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 5.4 | 10.2 | 4.3 |
Relative | (4.2) | (6.4) | (3.3) |
52 week high/low | €14.6/€11.8 |
OPAP’s strategy of greater product innovation, and the resilience of retail revenue despite increased pressures on consumer spending, drove solid revenue growth in Q322. Ongoing cost control led to an impressive improvement in profitability, enabling management to increase its FY22 EBITDA guidance back towards prior guidance from the start of the year (€720m).
Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2020A | 1129.8 | 263.9 | 132.0 | 31.83 | 43.7 | 21.0 |
2021A | 1538.8 | 551.2 | 364.6 | 82.28 | 16.9 | 9.1 |
2022E | 2030.9 | 716.1 | 560.9 | 119.59 | 11.6 | 7.6 |
2023E | 2100.6 | 729.4 | 564.2 | 118.56 | 11.7 | 7.8 |
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