ATSE:OPAP

Stock Analysis Report

Greek Organization of Football Prognostics

Executive Summary

Greek Organization of Football Prognostics S.A., together with its subsidiaries, operates and manages numerical lottery and sports betting games.

Rewards

Earnings are forecast to grow 9.76% per year

Earnings grew by 33.9% over the past year

Risk Analysis

Has a high level of debt



Snowflake Analysis

Solid track record with adequate balance sheet.


Similar Companies

Share Price & News

How has Greek Organization of Football Prognostics's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: OPAP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

5.2%

OPAP

4.6%

GR Hospitality

1.6%

GR Market


1 Year Return

33.9%

OPAP

30.9%

GR Hospitality

32.5%

GR Market

Return vs Industry: OPAP exceeded the Greek Hospitality industry which returned 31.6% over the past year.

Return vs Market: OPAP matched the Greek Market which returned 34.8% over the past year.


Shareholder returns

OPAPIndustryMarket
7 Day5.2%4.6%1.6%
30 Day4.9%4.0%-1.3%
90 Day22.3%18.8%1.3%
1 Year55.2%33.9%48.4%30.9%38.3%32.5%
3 Year105.9%46.2%94.0%44.8%57.5%42.1%
5 Year154.8%44.6%125.5%41.4%-59.8%-61.4%

Price Volatility Vs. Market

How volatile is Greek Organization of Football Prognostics's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Greek Organization of Football Prognostics undervalued compared to its fair value and its price relative to the market?

21.34x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: OPAP (€12) is trading above our estimate of fair value (€6.61)

Significantly Below Fair Value: OPAP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: OPAP is poor value based on its PE Ratio (21.3x) compared to the Hospitality industry average (20.3x).

PE vs Market: OPAP is poor value based on its PE Ratio (21.3x) compared to the Greek market (17.4x).


Price to Earnings Growth Ratio

PEG Ratio: OPAP is poor value based on its PEG Ratio (2.2x)


Price to Book Ratio

PB vs Industry: OPAP is overvalued based on its PB Ratio (5.6x) compared to the GR Hospitality industry average (0.9x).


Next Steps

Future Growth

How is Greek Organization of Football Prognostics forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

9.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: OPAP's forecast earnings growth (9.8% per year) is above the savings rate (1.9%).

Earnings vs Market: OPAP's earnings (9.8% per year) are forecast to grow slower than the Greek market (19% per year).

High Growth Earnings: OPAP's earnings are forecast to grow, but not significantly.

Revenue vs Market: OPAP's revenue (12.4% per year) is forecast to grow faster than the Greek market (3.2% per year).

High Growth Revenue: OPAP's revenue (12.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: OPAP's Return on Equity is forecast to be very high in 3 years time (41%).


Next Steps

Past Performance

How has Greek Organization of Football Prognostics performed over the past 5 years?

-7.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: OPAP has high quality earnings.

Growing Profit Margin: OPAP's current net profit margins (27.3%) are higher than last year (15%).


Past Earnings Growth Analysis

Earnings Trend: OPAP's earnings have declined by -7.4% per year over the past 5 years.

Accelerating Growth: OPAP's earnings growth over the past year (33.9%) exceeds its 5-year average (-7.4% per year).

Earnings vs Industry: OPAP earnings growth over the past year (33.9%) exceeded the Hospitality industry -1.8%.


Return on Equity

High ROE: OPAP's Return on Equity (25.4%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Greek Organization of Football Prognostics's financial position?


Financial Position Analysis

Short Term Liabilities: OPAP's short term assets (€353.0M) exceed its short term liabilities (€280.6M).

Long Term Liabilities: OPAP's short term assets (€353.0M) do not cover its long term liabilities (€759.3M).


Debt to Equity History and Analysis

Debt Level: OPAP's debt to equity ratio (91.8%) is considered high.

Reducing Debt: OPAP had negative shareholder equity 5 years ago, but is now positive and has therefore improved.

Debt Coverage: OPAP's debt is well covered by operating cash flow (45.7%).

Interest Coverage: OPAP's interest payments on its debt are well covered by EBIT (13.9x coverage).


Balance Sheet

Inventory Level: OPAP has a low level of unsold assets or inventory.

Debt Coverage by Assets: OPAP's debt is not covered by short term assets (assets are 0.5x debt).


Next Steps

Dividend

What is Greek Organization of Football Prognostics's current dividend yield, its reliability and sustainability?

9.06%

Forecast Dividend Yield


Dividend Yield vs Market

company0%marketbottom25%1.7%markettop25%3.6%industryaverage2.6%forecastin3Years9.1%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate OPAP's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate OPAP's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if OPAP's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if OPAP's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: OPAP is not paying a notable dividend for the Greek market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of OPAP's dividend in 3 years as they are not forecast to pay a notable one for the Greek market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.6yrs

Average management tenure


CEO

Damian Cope 0

3.6yrs

Tenure

0

Mr. Damian Cope has been the Chief Executive Officer of Greek Organization of Football Prognostics S.A. since July 1, 2016 and has been its Executive Director since July 2016. Mr. Cope served as Managing D ...


Leadership Team

NamePositionTenureCompensationOwnership
Kamil Ziegler
Executive Chairman0yrsno datano data
Damian Cope
CEO & Executive Director3.6yrsno datano data
Pavel Mucha
CFO & Executive Director0.3yrsno datano data
Konstantinos Tsilivis
Chief Accounting Officer0yrsno datano data
Radim Haluza
Chief Technology Officer3.8yrsno datano data
Evagelos Maganas
General Director of Administrative Services0yrsno datano data
Nikos Polymenakos
Head of Investor Relations Division0yrsno datano data
Petr Matejovsky
General Director of Marketing0yrsno datano data
Rene Langen
Chief Project & Business Development Officer3.9yrsno datano data
Isabelle Moser
Chief People Officer3.1yrsno datano data

3.6yrs

Average Tenure

45yo

Average Age

Experienced Management: OPAP's management team is considered experienced (3.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kamil Ziegler
Executive Chairman0yrsno datano data
Damian Cope
CEO & Executive Director3.6yrsno datano data
Pavel Mucha
CFO & Executive Director0.3yrsno datano data
Marco Sala
Non Executive Director0yrsno datano data
Pavel Saroch
Non-Executive Director6.3yrsno datano data
Pavel Horák
B' Vice-Chairman1.8yrsno datano data
Spyridonas Fokas
A' Vice Chairman0yrsno datano data
Dimitrakis Potamitis
Independent Non Executive Director0yrsno datano data
Christos Kopelouzos
Non Executive Director6.3yrsno datano data
Igor Rusek
Independent Non Executive Director6.3yrsno datano data

4.9yrs

Average Tenure

53yo

Average Age

Experienced Board: OPAP's board of directors are considered experienced (4.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Greek Organization of Football Prognostics S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Greek Organization of Football Prognostics S.A.
  • Ticker: OPAP
  • Exchange: ATSE
  • Founded: 1958
  • Industry: Casinos and Gaming
  • Sector: Consumer Services
  • Market Cap: €3.995b
  • Shares outstanding: 332.88m
  • Website: https://www.opap.gr

Number of Employees


Location

  • Greek Organization of Football Prognostics S.A.
  • 112 Athinon Avenue
  • Athens
  • 104 42
  • Greece

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
OPAPATSE (The Athens Stock Exchange)YesOrdinary SharesGREURApr 2001
GF8DB (Deutsche Boerse AG)YesOrdinary SharesDEEURApr 2001
0FI1LSE (London Stock Exchange)YesOrdinary SharesGBEURApr 2001
GRKZ.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDApr 2001
GOFP.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDJan 2009

Biography

Greek Organization of Football Prognostics S.A., together with its subsidiaries, operates and manages numerical lottery and sports betting games. It operates through Lotteries, Sports Betting, Instant & Passives, VLTs, Telecommunication & eMoney Services, and Other segments. The company holds rights to conduct, manage, organize, and operate six numerical lottery games comprising JOKER, LOTTO, PROTO, EXTRA 5, SUPER 3, and KINO; three sports and other betting games, such as PROPO, PROPOGOAL, and STIHIMA; two lottery games, including BINGO and SUPER 4; and Prognostika Agonon Basket and Prognostika Agonon Omadikon Athlimaton. It also holds license for the instalment and operation of 35,000 video lottery terminals; and license to produce, operate, circulate, and manage the state lotteries and Instant Scratch games, such as National Ticket, the Popular Ticket, the European Ticket, the Instant State Ticket or Scratch Ticket, the State Housing Ticket, and the New Year’s Eve Ticket in Greece. In addition, the company provides transaction services through electronic means; and intangible talk time selling, utility and bill payments, and electronic money services. Further, it engages in the design, production, adaptation, and maintenance of integrated information systems. Additionally, the company organizes and conducts terrestrial, and online mutual betting on horse races. The company offers its products and services through online and land-based sales’ network, including agents, street vendors, mini-markets, wholesalers, and 12,413 points of sales in Greece; and 201 shops in Cyprus. Greek Organisation of Football Prognostics S.A. was founded in 1958 and is based in Athens, Greece. As of October 29, 2019, Greek Organization of Football Prognostics S.A. operates as a subsidiary of SAZKA Group a.s. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 21:05
End of Day Share Price2020/02/17 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.