Financials OPAP

Equities

OPAP

GRS419003009

Casinos & Gaming

Market Closed - Athens S.E. Other stock markets 10:16:58 2024-04-26 am EDT			5-day change	1st Jan Change
16.42 ^EUR	+0.86%		-0.06%	+6.83%

Mar. 15	OPAP : OPAP’s revenue recovery clouded by transitory margin headwinds
Mar. 14	Transcript : Organization of Football Prognostics S.A., 2023 Earnings Call, Mar 14, 2024

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,414	3,706	3,719	4,377	4,783	5,972	5,972	-
Enterprise Value (EV) ¹	2,873	4,180	4,306	4,611	4,890	5,630	6,235	6,142
P/E ratio	16.8 x	18.2 x	17.8 x	16.5 x	7.92 x	13.7 x	13 x	12.4 x
Yield	9.22%	2.59%	13.2%	4.81%	11%	9.69%	8.54%	9.24%
Capitalization / Revenue	1.56 x	2.29 x	3.29 x	2.84 x	2.47 x	2.7 x	2.73 x	2.65 x
EV / Revenue	1.86 x	2.58 x	3.81 x	3 x	2.52 x	2.7 x	2.85 x	2.73 x
EV / EBITDA	8.12 x	10.3 x	16.5 x	8.38 x	6.64 x	7.54 x	8.05 x	7.67 x
EV / FCF	14.3 x	17.1 x	25.7 x	9.42 x	7.68 x	10.3 x	10.1 x	9.71 x
FCF Yield	7%	5.85%	3.89%	10.6%	13%	9.71%	9.88%	10.3%
Price to Book	3.33 x	4.92 x	5.05 x	4.83 x	-	7.86 x	11.4 x	12.1 x
Nbr of stocks (in thousands)	317,817	319,794	339,597	351,027	361,512	363,683	363,683	-
Reference price ²	7.595	11.59	10.95	12.47	13.23	16.42	16.42	16.42
Announcement Date	3/27/19	4/1/20	3/31/21	3/22/22	3/15/23	3/13/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,547	1,620	1,130	1,539	1,939	2,088	2,187	2,251
EBITDA ¹	353.6	406	260.3	550.3	736	746.2	774.7	800.6
EBIT ¹	239.3	289.7	250.4	400.8	763.3	590.2	634.2	660.9
Operating Margin	15.47%	17.88%	22.17%	26.05%	39.37%	28.27%	29%	29.37%
Earnings before Tax (EBT) ¹	215.9	269.2	216.9	357.3	723.3	570.1	616.4	644.8
Net income ¹	143.3	202.4	205.3	259.4	592.3	408.3	460.6	481.5
Net margin	9.26%	12.49%	18.18%	16.86%	30.55%	19.56%	21.06%	21.4%
EPS ²	0.4511	0.6356	0.6143	0.7544	1.671	1.120	1.261	1.328
Free Cash Flow ¹	201	244.6	167.5	489.5	637	607.2	616	632.7
FCF margin	12.99%	15.1%	14.83%	31.81%	32.85%	29.47%	28.16%	28.11%
FCF Conversion (EBITDA)	56.84%	60.23%	64.35%	88.96%	86.55%	82.43%	79.51%	79.03%
FCF Conversion (Net income)	140.25%	120.84%	81.57%	188.7%	107.54%	141.55%	133.75%	131.39%
Dividend per Share ²	0.7000	0.3000	1.450	0.6000	1.450	1.591	1.402	1.516
Announcement Date	3/27/19	4/1/20	3/31/21	3/22/22	3/15/23	3/13/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2020 S1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4
Net sales	779.6	507.9	395.9	570.1	470.2	498.5	-	457.2	442.1	899.3	498.8	540.9	-	498.1	1,026	481	-
EBITDA ¹	198.7	110.1	144.3	205.1	175.2	170.4	-	168.8	166.9	335.7	197.6	202.7	196.5	178	374.4	172.2	198.9
EBIT	141.9	-	110.3	-	133.1	129.4	-	135	114.5	249.5	164.9	348.9	-	145.4	-	112	-
Operating Margin	18.21%	-	27.86%	-	28.3%	25.96%	-	29.53%	25.89%	27.74%	33.06%	64.51%	-	29.2%	-	23.29%	-
Earnings before Tax (EBT)	132.5	24.82	99.77	-	123.5	116.9	-	119.5	102.6	222.1	156.7	344.5	-	143.4	-	108.3	-
Net income ¹	91.8	20.44	71.86	82.13	96.1	81.19	-	88.28	78.97	167.2	118.5	306.5	118	106.4	224.4	83.26	122.5
Net margin	11.78%	4.02%	18.15%	14.41%	20.44%	16.29%	-	19.31%	17.86%	18.6%	23.76%	56.68%	-	21.37%	21.88%	17.31%	-
EPS	-	-	-	-	-	-	-	-	-	-	-	0.8610	-	0.2943	-	0.2261	-
Dividend per Share	-	-	-	-	-	-	0.5000	-	-	-	-	-	-	-	1.000	-	-
Announcement Date	9/11/19	9/9/20	9/8/21	9/8/21	11/23/21	3/22/22	3/22/22	5/31/22	8/29/22	8/29/22	11/22/22	3/15/23	5/24/23	9/4/23	9/4/23	11/21/23	3/13/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	459	473	587	234	107	279	263	171
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.298 x	1.166 x	2.255 x	0.4246 x	0.146 x	0.3787 x	0.3399 x	0.2132 x
Free Cash Flow ¹	201	245	168	490	637	607	616	633
ROE (net income / shareholders' equity)	19.9%	27.4%	27.5%	33.6%	44.6%	46.8%	70.5%	91.2%
ROA (Net income/ Total Assets)	-	10.1%	9.01%	10.3%	16.5%	19.1%	23.4%	25.8%
Assets ¹	-	2,007	2,279	2,507	3,582	2,240	1,970	1,864
Book Value Per Share ²	2.280	2.360	2.170	2.580	-	2.090	1.450	1.360
Cash Flow per Share ²	0.8000	0.8800	0.5600	1.430	1.850	1.390	1.220	1.250
Capex ¹	52.1	34.8	18.9	24.2	22.8	25.7	25.9	27.3
Capex / Sales	3.37%	2.15%	1.67%	1.57%	1.18%	1.25%	1.19%	1.21%
Announcement Date	3/27/19	4/1/20	3/31/21	3/22/22	3/15/23	3/13/24	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for OPAP

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.42 EUR

Average target price

18.29 EUR

Spread / Average Target

+11.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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