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OPAP (ASE: OPAP)

Last close As at 01/11/2024

EUR15.69

▲ 0.01 (0.06%)

Market capitalisation

EUR5,803m

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 that 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 gross gaming revenue was 5% ahead of the pre-COVID-19 level of €2.23bn.

Latest Insights

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Consumer | Update

OPAP — Improved momentum in Q224

Consumer | Update

OPAP — Steady progress towards FY24 guidance

Consumer | Update

OPAP — A good end to FY23

Consumer | Update

OPAP — Short-term challenges in Q323
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Richard Finch

Richard Finch

Analyst, Consumer

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • Jan Karas

    CEO

  • Pavel Mucha

    CFO

Balance Sheet

Forecast net debt (€m)

287

Forecast gearing ratio (%)

69

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.8) (2.7) (2.0)
Relative 3.2 4.1 (15.4)
52 week high/low €17.3/€14.5

Financials

OPAP enjoyed improved momentum in Q224, driven by the ongoing innovation of its core products in both retail and online and the anticipated boost from the UEFA European Football Championship 2024. Interestingly, management highlighted that the new active customers it gained for the event have spent money in other non-sports betting verticals and a high proportion have been retained, having enjoyed the increased functionality of its games. OPAP also announced the award of the exclusive licence (versus the prior bilateral and relatively informal agreement) to run the retail operations of numerical games and lotteries in Cyprus for 15 years, which represented c 4% of group gross gaming revenue in FY23.

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 12.4 7.5
2023A 2088.0 745.0 593.0 125.33 12.5 7.7
2024E 2185.0 763.0 634.0 128.11 12.2 7.5
2025E 2248.0 782.0 646.0 131.68 11.9 7.2

Research

Update

Consumer

OPAP — Steady progress towards FY24 guidance

Update

Consumer

OPAP — A good end to FY23

Consumer

Update

OPAP — Improved momentum in Q224

Update

Consumer

OPAP — Short-term challenges in Q323

Outlook

Consumer

OPAP — Strategy delivering incremental growth

Update

Consumer

OPAP — Revenue growth and margin leverage in Q123

Update

Consumer

OPAP — FY22 profit and cash returns exceed estimates

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
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Thematics

thematic

Consumer

ConsumerWatch – Don’t look down

thematic

Consumer

ConsumerWatch – The times they are a-changin’

thematic

Consumer

ConsumerWatch – Give me a reason to love you

thematic

Consumer

ConsumerWatch – At least someone loves me
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