OPAP (CR) Trade Ideas — ATHEX:OPAP

OPAP Revenue Surge: A Powerful Quarter Ahead – What to Expect OPAP Revenue Surge: A Powerful Quarter Ahead – What to Expect on the Stock Market The first quarter of 2025 is shaping up to be a blockbuster for OPAP, according to the latest data from the Hellenic Gaming Commission (EEEP). Based on the statistics for January through March, the company is heading into a very strong quarter, and this momentum is expected to make a noticeable impact on the Athens Stock Exchange. The Numbers Speak for Themselves In Q1 2025, OPAP (Retail and VLTs) reported Gross Gaming Revenue (GGR) of €373.3 million, marking a 4% increase compared to the same period in 2024, when GGR stood at €359 million. When factoring in OPAP’s online market share—estimated at 50% to 53%—the total GGR from OPAP-related activities is projected to be around €540–550 million for the first quarter. OPAP’s Adjusted Total Gaming Revenue (TGR) reached €1.81 billion in Q1 2025, up 1.36% from €1.78 billion in Q1 2024. State Contributions Also on the Rise The growth isn’t limited to revenue. OPAP’s contributions to the state are also surging. Public participation rights totaled €55.9 million in Q1 2025, showing a 39% increase over 2024’s €40.3 million. In addition, the withholding tax on player winnings rose to €34.3 million, up 8.2% from €31.7 million in the previous year. Dominance Over Competitors OPAP continues to lead the gaming market. Its share of total GGR for Q1 2025 is 50.3%, compared to 52.6% in 2024. This slight dip is mostly due to the sharp rise of online gaming operators, whose GGR jumped to €271.1 million in 2025 from €234.4 million in 2024—a 15.7% increase. However, since OPAP controls a significant portion of the online sector through Stoiximan (Kaizen), this revenue still contributes to its overall footprint. Even a 50% share of the online GGR would add roughly €135 million to OPAP’s revenue, pushing the total closer to €508 million. At 53%, that figure rises to €516 million. A Powerful Quarter in the Making The data points to a record-breaking quarter for OPAP: +4% increase in retail GGR +8.2% increase in withholding tax +39% increase in public participation rights Stable adjusted TGR at over €1.8 billion €135–140 million in added GGR from OPAP’s online share This performance signals strong operating and financial momentum, which is expected to translate into investor confidence and stock gains. Analysts are already anticipating stronger EBITDA and net profitability, to be confirmed in OPAP’s official financial results. On the Athens Stock Exchange OPAP stock is traditionally one of the most resilient and attractive picks on the Greek stock market. With Q1 revenue likely surpassing projections, the stock could experience bullish movement, drawing interest from both institutional and retail investors. Given OPAP’s consistent dividend policy, solid cash flow, and growing market presence, the stock remains appealing. If the company maintains this pace, 2025 is set to begin on a high note, and this will inevitably be reflected in its valuation. OPAP isn’t just holding its ground—it’s gaining momentum. The first quarter of 2025 already shows exceptional performance across all key metrics, and this momentum is likely to fuel further growth throughout the year. With higher revenues, increased contributions to the state, and a dominant online presence, OPAP is poised for a very strong showing on the stock exchange. Investors, take note—this could be one of the defining quarters of the year.

OPAP: A Safe Bet in Uncertain Markets OPAP: A Safe Bet in Uncertain Markets - OPAP Delivers Stability, Dividends, and Buybacks By Konstantinos Gougakis – April 8, 2025, 09:47 When international markets swing to the rhythm of uncertainty, geopolitical instability, and interest rates going up and down like an elevator, investors stop looking for the next unicorn. They look for stocks that offer stability, transparency, dividends, and solid prospects. They look for “corner store” stocks—established, reliable players. And one of the most prominent examples on the Greek market is, without a doubt, OPAP. OPAP has consistently shown it can perform even in times of crisis. It has strong liquidity, solid operating performance, investments that pay off, a digital transformation well underway, and—most importantly—a strategy that doesn’t shift with the wind. Now, it’s adding another key strength to its arsenal: a new two-year share buyback program. The program covers up to 5% of its share capital, with a proposed buyback range between €0.30 and €25 per share. That gives OPAP a flexible tool it can activate only when the Board of Directors sees it as the best available value move. This isn’t for show—it’s a deliberate, targeted action to benefit shareholders. To put it simply: when a company buys back its own shares, fewer shares remain in the market. So, for those holding on, the value of each share goes up. It’s a clear sign of confidence in the business and a “thank you” to long-term investors. In uncertain times, moves like this matter. And OPAP isn’t stopping there. Its 2024 financials exceeded expectations: Net operating profits of €828 million Profit margin of 36% 11.5% GGR growth in Q4 Citi called the results “outstanding,” while J.P. Morgan and AXIA Ventures raised their price targets and issued new buy recommendations. OPAP is also making steady digital progress. Its online platform accounts for 31% of GGR, and the Opap Store app saw average spend per visit grow from €27 to €35 in a year. Joker is hitting record numbers, Eurojackpot made history with over 1 million players, and scratch card revenue now makes up 12.2% of the lottery portfolio. The company is also refinancing €390 million in loans, securing stability through 2032. With €490 million in cash reserves by the end of 2024, OPAP is well-positioned to invest and continue supporting both dividends and share buybacks. The new dividend of €0.80 per share (4.7% yield) will be paid in May, while a €150 million buyback has already been completed, aimed at canceling shares. The new buyback is another part of OPAP’s value-return strategy—not flashy, just effective. And the market is responding: three top international firms have upgraded their forecasts, calling OPAP attractively priced with strong upside potential. With an EV/EBITDA ratio of 7.1x for 2026, OPAP is seen as a solid, low-risk investment with dependable returns. Bottom line: OPAP doesn’t make promises—it delivers. In stormy seas, some look for lighthouses. Like it or not, OPAP has become one of them.

Opap is the dividend king OPAP is one of the largest Greek companies, with the best dividend history in the country. This is really a share that has shown an upward trend in recent years and that exceeds an average of 10% in dividend yield per year. Really an amazing choice for long-term investors. As you can see in the chart it is clearly in an uptrend...

OPAP (CR)

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