OPAP - Edison Group

Overview
Price performance
Financials
Research
Thematics

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 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

Consumer |
Update

19.03.24

OPAP — A good end to FY23

Consumer |
Update

24.11.23

OPAP — Short-term challenges in Q323

Consumer |
Outlook

20.10.23

OPAP — Strategy delivering incremental growth

Consumer |
Update

26.05.23

OPAP — Revenue growth and margin leverage in Q123

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Sector

Consumer

Equity Analyst

Russell Pointon

Director, Consumer

Richard Finch

Analyst, Consumer

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

Jan Karas

CEO
Pavel Mucha

CFO

Balance Sheet

Forecast net debt (€m)

293

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	1.3	3.3	6.5
Relative	2.1	(0.6)	(15.0)
52 week high/low	€17.3/€14.5

Financials

OPAP’s FY23 revenue grew by c 8% y-o-y to €2,088m, within management’s guidance of €2,060–2,140m. Land-based revenues increased by c 5% and online activities rose by a healthy 18%. Underlying EBITDA of €745m surprised on the upside versus the recently reduced guided range of €720–740m; a lower gross margin was helped by stable cost ratios. Management’s first-time FY24 guidance for revenue of €2,150–2,200m and EBITDA of €750–770m, represents year-on-year growth of c 3–5% and c 1–3%, respectively. We have increased our FY24 and FY25 revenue and EBITDA estimates by c 1% to reflect the higher FY23 base.