OPAP (ASE: OPAP)

Last close As at 20/06/2024

EUR14.60

−0.12 (−0.82%)

Market capitalisation

EUR5,403m

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 that the total Greek gaming market’s gross 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 gross gaming revenue was 5% ahead of the pre-COVID-19 level of €2.23bn.

Latest Insights

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Consumer | Update

OPAP — Steady progress towards FY24 guidance

Consumer | Update

OPAP — A good end to FY23

Consumer | Update

OPAP — Short-term challenges in Q323

Consumer | Outlook

OPAP — Strategy delivering incremental growth

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Richard Finch

Richard Finch

Analyst, Consumer

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • Jan Karas

    CEO

  • Pavel Mucha

    CFO

Balance Sheet

Forecast net debt (€m)

293

Forecast gearing ratio (%)

72

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.9) (11.9) (8.8)
Relative 0.5 (12.2) (18.8)
52 week high/low €17.3/€14.5

Financials

OPAP delivered good revenue growth in Q124 while profitability declined, mainly due to the upfront investment to support a major new product launch, which should boost revenue as the year progresses and provide better leverage on the higher cost base. The broad message is of strong online growth with resilience in its land-based activities, which gives management confidence to reiterate its guidance for the year.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 1939.0 733.0 581.0 126.70 11.5 7.0
2023A 2088.0 745.0 593.0 125.33 11.6 7.1
2024E 2185.0 763.0 626.0 126.45 11.5 7.0
2025E 2248.0 782.0 650.0 132.51 11.0 6.7

Research

Outlook

Consumer

OPAP — Strategy delivering incremental growth

Update

Consumer

OPAP — Revenue growth and margin leverage in Q123

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

Thematics

thematic

Consumer

ConsumerWatch – Give me a reason to love you

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

ConsumerWatch – Falling into the fall

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