Edison Investment Research - Greek Organisation of Football Prognostics SA (OPAP) OPAP - Progressing the strategy

Report

Edison Investment Research

Kate Heseltine

OPAP - Progressing the strategy

OPAP is a listed gaming operator with 100% pre-paid exclusive retail licences, which provide significant barriers to entry and strong recurring cash flow. In recent years OPAP has increased its online presence via a combination of organic growth and M&A, such that it is now the online market leader in Greece and Cyprus. Its Fast Forward strategy aims to grow OPAP’s customer interactions both online and offline while maintaining its leading position in corporate and social responsibility. This will be achieved through a combination of gaming innovation and brand investment, supported by improved technology and better customer relationship management. The key focus in FY21 was beginning the build out of the ‘infrastructure’, which will enable a step up in gaming innovation in the coming year, with management expecting incremental revenue and profits.

05/05/2022 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

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.

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Analysts

Kate Heseltine

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OPAP - Progressing the strategy

WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO TI; ARABIAND AB; RICHT HB; TLV RO; GPW PW; SFG RO; CBF PW; VRC PW; GPP PW; OPAP GA

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