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.
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Jan Karas
CEO
Pavel Mucha
CFO
Forecast net debt (€m)
293
Forecast gearing ratio (%)
72
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (1.8) | 6.4 | 11.3 |
Relative | (2.4) | (3.5) | (20.1) |
52 week high/low | €17.3/€14.5 |
OPAP enjoyed good growth from its land-based activities, as well through the continued expansion of its online activities in FY23, and it surpassed its own profit expectations. Ongoing enhancements to OPAP’s offer, including the revitalisation of games, will support further growth in FY24.
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 | 12.8 | 7.8 |
2023A | 2088.0 | 745.0 | 593.0 | 125.61 | 12.9 | 7.9 |
2024E | 2185.0 | 763.0 | 626.0 | 126.29 | 12.9 | 7.8 |
2025E | 2248.0 | 782.0 | 650.0 | 132.59 | 12.3 | 7.5 |