OPAP (ASE: OPAP)

Currency in EUR

Last close As at 04/02/2023

EUR13.90

0.08 (0.58%)

Market capitalisation

EUR5,021m

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.

Latest Insights

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Consumer

OPAP — ‘Hefty’ retail recovery

Consumer

OPAP — Strong retail recovery in Q122

Consumer

OPAP — Progressing the strategy

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Jan Karas

    CEO

  • Pavel Mucha

    CFO

Balance Sheet

Forecast net debt (€m)

225.9

Forecast gearing ratio (%)

25

Share Price Performance

Price Performance
% 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

Financials

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

Thematics

Consumer

ConsumerWatch – January 2023

Consumer

ConsumerWatch – October 2022

Consumer

IPO apocalypse

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