OPAP - Public Comps and Valuation Multiples

OPAP Overview

About OPAP

Greek Organisation of Football Prognostics SA is a gambling company that operates lotteries and sports betting, including horse races. The company is the exclusive gambling provider in Greece. The firm is organized into segments based on the type of game: Lotteries, Betting, Online betting, other online games, instant and passive, Vlts, Telecom and emoney services and others. The gaming services are provided either online or through physical retailers. The company generates the vast majority of its revenue in Greece.

Founded

1958

HQ

Employees

1.9K+

Website

opap.gr

Sectors

Casinos & Gambling
Online Betting
ViceTech

Financials

LTM Revenue $2.5B

LTM EBITDA $891M

EV

$7.5B

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OPAP Financials

OPAP has a last 12-month revenue of $2.5B and a last 12-month EBITDA of $891M.

In the most recent fiscal year, OPAP achieved revenue of $1.7B and an EBITDA of $897M.

OPAP expects next 12-month revenue of XXX and NTM EBITDA of XXX

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OPAP P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$1.7B	$1.7B	XXX	XXX	XXX
Gross Profit	$1.2B	$1.4B	XXX	XXX	XXX
Gross Margin	71%	84%	XXX	XXX	XXX
EBITDA	$800M	$897M	XXX	XXX	XXX
EBITDA Margin	48%	53%	XXX	XXX	XXX
Net Profit	$636M	$439M	XXX	XXX	XXX
Net Margin	38%	26%	XXX	XXX	XXX
Net Debt	$68.7M	$186M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

OPAP Stock Performance

As of April 25, 2025, OPAP's stock price is EUR 19 (or $20).

OPAP has current market cap of EUR 6.8B (or $7.3B), and EV of EUR 7.0B (or $7.5B).

See OPAP trading valuation data

OPAP Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$7.5B	$7.3B	XXX	XXX	XXX	XXX	$1.46

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OPAP Valuation Multiples

As of April 25, 2025, OPAP has market cap of $7.3B and EV of $7.5B.

OPAP's trades at 3.0x LTM EV/Revenue multiple, and 8.4x LTM EBITDA.

Analysts estimate OPAP's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

See valuation multiples for OPAP and 10K+ public comps

OPAP Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$7.5B	XXX	XXX	XXX
EV/Revenue	4.4x	XXX	XXX	XXX
EV/EBITDA	8.4x	XXX	XXX	XXX
P/E	14.0x	XXX	XXX	XXX
P/E/Growth	3.4x	XXX	XXX	XXX
EV/FCF	10.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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OPAP Valuation Multiples

OPAP's NTM/LTM revenue growth is 2%

OPAP's revenue per employee for the last fiscal year averaged $0.9M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, OPAP's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate OPAP's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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OPAP Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	1%	XXX	XXX	XXX	XXX
EBITDA Margin	53%	XXX	XXX	XXX	XXX
EBITDA Growth	12%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	55%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.9M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	9%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	6%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	17%	XXX	XXX	XXX	XXX

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