Wood and Company - Greek Organisation of Football Prognostics SA (OPAP) OPAP: licence to yield (reinitiating coverage with a BUY)

Report

Wood and Company

George Grigoriou ...

Lukasz Wachelko, CFA

OPAP: licence to yield (reinitiating coverage with a BUY)

We reinitiate coverage of OPAP, with a BUY rating and a price target (PT) of EUR 18.9/share, which implies 18% upside from the current levels. Safe never looked so good, in our view. OPAP is delivering results cementing its steady growth and low gearing qualities, coupled with a generous shareholder remuneration policy and an attractive valuation.

09/10/2024 1 EN

Underlying

Greek Organisation of Football Prognostics SA

OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.

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GRS419003009 Greece

Provider

Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

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Analysts

George Grigoriou

Lukasz Wachelko, CFA

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OPAP: licence to yield (reinitiating coverage with a BUY)

The Rear-View Mirror – EME markets: only the Czech Republic in the black in October

WOOD Daily: OPAP GA (reinitiating with a BUY); THYAO TI; AEGN GA; RICHT HB; EUR PW; DOM PW; OPL PW

EME Macro/Strategy: macro all-in-one – the Year-Ahead issue

WOOD Flash – Bank of Cyprus: 3Q24 highlights

WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC GA; ELPE GA

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