€3242m market cap

€10.08 last close

OPAP was founded in 1958 as the Greek national lottery and it is the exclusive licensed operator of all numerical lotteries, sports betting, VLTs, instant and passive lotteries and horse racing. OPAP listed in 2001 and was fully privatised in 2013.

Investment summary

OPAP is Europe’s only listed gaming operator with 100% pre-paid exclusive retail licences, providing significant barriers to entry. Despite softness in Greek retail spending, management has successfully defended profits through product enhancements and cost controls. OPAP is over halfway through its 2020 Vision plan to create a leading gaming entertainment company and further momentum is underway with full deployment of video lottery terminals (VLTs), as well as a move into online. The business is highly cash generative, with the bulk of free cash flow (FCF) paid out as dividends (this equated to over 100% of FCF in 2018). OPAP has also recently introduced a scrip dividend option.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 1455.5 306.5 197.5 42.4 23.8 12.0
2018A 1547.0 353.6 234.9 51.9 19.4 11.5
2019E 1701.8 413.6 279.5 60.7 16.6 9.9
2020E 1865.1 461.2 314.6 67.7 14.9 8.8
Last updated on 25/07/2019
Industry outlook

The Hellenic Gaming Commission estimates that the total legal Greek gaming market amounted to €1.9bn in 2017, of which OPAP comprised €1.37bn gross gaming revenues (including horse racing and Hellenic Lotteries). Land-based casinos comprised an estimated €254m from casinos, with online amounting to c €280m.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (€m) 512.7
Forecast gearing ratio (%) 64
Price performance
Actual 0.0 7.8 6.6
Relative* (4.4) (6.0) (9.4)
52-week high/low €10.2/€7.6
*% relative to local index
Key management
Damian Cope CEO
Nikos Polymenakos Investor Relations Director