OPAP — Online and sports drive big FY24 beat

OPAP enjoyed nothing short of a stellar Q424 as evidenced by the fact FY24’s EBITDA was not only higher than management’s guidance and our estimates, which were above the guided range, but also above our prior FY25 estimate. The broad summary of the year is that management’s investment in online activities is driving customer engagement, with good growth in the number of active customers and their average spend. Despite a year of low revenue growth and a lower margin, we upgrade our FY25 and FY26 EBITDA estimates by 4%.