Edison Investment Research - Greek Organisation of Football Prognostics SA (OPAP) OPAP - Significant new dividend commitment

Report

Edison Investment Research

Kate Heseltine

OPAP - Significant new dividend commitment

OPAP’s Q221 results showed a strong revenue recovery after the end of COVID-related lockdowns. Following the recent award of new online gaming licences to both OPAP and Stoiximan (fully consolidated from end FY20), management seeks to enhance its revenue opportunities by developing games that attract new players in underserved (younger and more female) demographics, whilst also increasing existing customer loyalty and engagement. The new commitment to pay an annual dividend that exceeds net profit with a minimum of €1/share (27% increase versus our prior FY21 estimate) highlights OPAP’s shareholder friendliness with respect to cash returns. Our DCF-based valuation remains at €16.6/share.

12/10/2021 7 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.

See profile

GRS419003009 Greece

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Kate Heseltine

Other Reports on these Companies

Wood and Company

WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI

HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CEZ NEUTRAL • Short News (APR)

April 16, 2025 April 16, 2025 1 EN

Wood and Company

The Rear-View Mirror – EME markets: Türkiye in the red, again

EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.

April 2, 2025 April 2, 2025 1 EN

Wood and Company

WOOD Daily: OPL PW; IGN1L LH; PZU PW; GPP PW; CZG CP; PPC GA; LAMDA GA; CAI AV; ECH PW; MBR PW; BHW PW; ENA PW; OPAP GA

HEADLINES: • Orange Polska: strategy focused on growth (stays BUY) • Ignitis Group: making headway (BUY - transfer of coverage) • PZU: 4Q24 well ahead of expectations, holding structure to be created within PZU group POSITIVE • Grupa Pracuj: 4Q24 results – EBITDA up 9% yoy, 9% above our forecast and 1% above the consensus POSITIVE • Colt CZ Group SE: FY24 results review NEUTRAL • Public Power Corporation: 4Q24 earnings, and preview of a potential mega data centre NEUTRAL • Lamda Development: 4Q24 – malls doing well, capex at Ellinikon accelerates • CA Immo: 4Q24 results largely in line, DPS of...

March 27, 2025 March 27, 2025 1 EN

Manx Financial Group - Termination of coverage

Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 10, 2025 March 10, 2025 1 EN

Kate Heseltine

Kate Heseltine

musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

Kate Heseltine

Kate Heseltine

Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

OPAP - Significant new dividend commitment

WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI

The Rear-View Mirror – EME markets: Türkiye in the red, again

WOOD Daily: OPL PW; IGN1L LH; PZU PW; GPP PW; CZG CP; PPC GA; LAMDA GA; CAI AV; ECH PW; MBR PW; BHW PW; ENA PW; OPAP GA

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe