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 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

Consumer |
Update

04.06.24

OPAP — Steady progress towards FY24 guidance

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

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Sector

Consumer

Equity Analyst

Russell Pointon

Director of Content, Consumer and Media

Richard Finch

Analyst, Consumer

Milo Bussell

Analyst, Consumer and TMT

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	(1.2)	(8.3)	(4.1)
Relative	3.8	(7.3)	(15.9)
52 week high/low	€17.3/€14.5

Financials

OPAP delivered good revenue growth in Q124 while profitability declined, mainly due to the upfront investment to support a major new product launch, which should boost revenue as the year progresses and provide better leverage on the higher cost base. The broad message was of strong online growth with resilience in its land-based activities, which gives management confidence to reiterate its guidance for the year.