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.
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Outlook
Jan Karas
CEO
Pavel Mucha
CFO
Forecast net debt (€m)
293
Forecast gearing ratio (%)
72
% | 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 |
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.
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 | 11.6 | 7.1 |
2023A | 2088.0 | 745.0 | 593.0 | 125.33 | 11.8 | 7.2 |
2024E | 2185.0 | 763.0 | 626.0 | 126.45 | 11.7 | 7.0 |
2025E | 2248.0 | 782.0 | 650.0 | 132.51 | 11.1 | 6.8 |