OPAP — Confident in delivering guidance

OPAP delivered good growth in revenue and EBITDA in H125 as its online activities continued to power ahead, with solid support from its retail activities. The results provide management with confidence in delivering FY25 guidance, against more challenging comparatives from H224 following OPAP’s exceptionally strong performance last year. Post the period end, OPAP bought the remaining minority stake in Stoiximan and the tender offer for the next 10-year licence to manage and operate the Greek State Lotteries (Instant & Passives vertical) has commenced, with OPAP through to the next stage of the process. The valuation looks well-supported by our unchanged DCF-based value of €22 per share and attractive dividend yield.