Sparks commentary - Allwyn

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Sparks - Allwyn

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OPAP (ASE: OPAP) – FY24 results well above guidance and Edison estimates
Published by Russell Pointon

OPAP has enjoyed a very strong Q424, which has meant GGR (revenue) came in at £2,296m and EBITDA/recurring EBITDA at €832m and c €828m, respectively. These were well above the company’s guidance of  GGR of €2,150–2,200m and EBITDA of €750–770m. They beat our FY24 estimates handsomely, which were above guidance as we believed the guidance was conservative at the time of the Q324 results, and were ahead of our FY25 estimates. Management has provided guidance for low single-digit growth in GGR in FY25 and an EBITDA margin of around 35%.

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