OPAP (ASE: OPAP)

Last close As at 27/03/2024

EUR16.26

0.01 (0.06%)

Market capitalisation

EUR6,014m

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.

Latest Insights

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Consumer | Update

OPAP — A good end to FY23

Consumer | Update

OPAP — Short-term challenges in Q323

Consumer | Outlook

OPAP — Strategy delivering incremental growth

Consumer | Update

OPAP — Revenue growth and margin leverage in Q123

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Richard Finch

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 (%)

72

Share Price Performance

Price Performance
% 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

Financials

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

Research

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

Outlook

Consumer

OPAP — Fast Forward to growth and higher returns

Thematics

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

ConsumerWatch – Falling into the fall

thematic

Consumer

ConsumerWatch – Making the most of the summer

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