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OPAP Valuation Multiples

Discover revenue and EBITDA valuation multiples for OPAP and similar public comparables like High Roller Technologies, Ainsworth Game Technology, and BetMakers.

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

Greece
Employees

1.9K+

Website

opap.gr

Financials

LTM Revenue $2.8B

LTM EBITDA $972M

EV

$8.4B

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OPAP Financials

OPAP has a last 12-month revenue (LTM) of $2.8B and a last 12-month EBITDA of $972M.

In the most recent fiscal year, OPAP achieved revenue of $1.9B and an EBITDA of $986M.

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

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OPAP P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.8B XXX $1.9B XXX XXX XXX
Gross Profit $1.6B XXX $1.1B XXX XXX XXX
Gross Margin 59% XXX 61% XXX XXX XXX
EBITDA $972M XXX $986M XXX XXX XXX
EBITDA Margin 35% XXX 53% XXX XXX XXX
EBIT $826M XXX $819M XXX XXX XXX
EBIT Margin 30% XXX 44% XXX XXX XXX
Net Profit $592M XXX $573M XXX XXX XXX
Net Margin 21% XXX 31% XXX XXX XXX
Net Debt XXX XXX $191M XXX XXX XXX

Financial data powered by Morningstar, Inc.

OPAP Stock Performance

As of July 3, 2025, OPAP's stock price is EUR 20 (or $23).

OPAP has current market cap of EUR 7.1B (or $8.4B), and EV of EUR 7.2B (or $8.4B).

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OPAP Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$8.4B $8.4B XXX XXX XXX XXX $1.62

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OPAP Valuation Multiples

As of July 3, 2025, OPAP has market cap of $8.4B and EV of $8.4B.

OPAP's trades at 4.6x EV/Revenue multiple, and 8.6x EV/EBITDA.

Equity research analysts estimate OPAP's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

OPAP has a P/E ratio of 14.2x.

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OPAP Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $8.4B XXX $8.4B XXX XXX XXX
EV (current) $8.4B XXX $8.4B XXX XXX XXX
EV/Revenue 3.1x XXX 4.6x XXX XXX XXX
EV/EBITDA 8.7x XXX 8.6x XXX XXX XXX
EV/EBIT 10.2x XXX 10.3x XXX XXX XXX
EV/Gross Profit 5.2x XXX n/a XXX XXX XXX
P/E 14.2x XXX 14.7x XXX XXX XXX
EV/FCF 11.0x XXX 10.6x XXX XXX XXX

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OPAP Margins & Growth Rates

OPAP's last 12 month revenue growth is 3%

OPAP's revenue per employee in the last FY averaged $1.0M, while opex per employee averaged $0.2M for the same period.

OPAP's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

OPAP's rule of X is 43% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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OPAP Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 3% XXX 25% XXX XXX XXX
EBITDA Margin 35% XXX 53% XXX XXX XXX
EBITDA Growth 1% XXX 5% XXX XXX XXX
Rule of 40 51% XXX 56% XXX XXX XXX
Bessemer Rule of X XXX XXX 43% XXX XXX XXX
Revenue per Employee XXX XXX $1.0M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 9% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 17% XXX XXX XXX

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Valuation Multiples Across 220+ Verticals

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OPAP Public Comps

See public comps and valuation multiples for Casinos & Gambling and Online Betting comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
High Roller Technologies XXX XXX XXX XXX XXX XXX
Ainsworth Game Technology XXX XXX XXX XXX XXX XXX
Aristocrat Leisure XXX XXX XXX XXX XXX XXX
BlueBet Holdings XXX XXX XXX XXX XXX XXX
BetMakers XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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OPAP M&A and Investment Activity

OPAP acquired  XXX companies to date.

Last acquisition by OPAP was  XXXXXXXX, XXXXX XXXXX XXXXXX . OPAP acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by OPAP

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About OPAP

When was OPAP founded? OPAP was founded in 1958.
Where is OPAP headquartered? OPAP is headquartered in Greece.
How many employees does OPAP have? As of today, OPAP has 1.9K+ employees.
Who is the CEO of OPAP? OPAP's CEO is Mr. Jan Karas.
Is OPAP publicy listed? Yes, OPAP is a public company listed on ATH.
What is the stock symbol of OPAP? OPAP trades under OPAP ticker.
When did OPAP go public? OPAP went public in 2001.
Who are competitors of OPAP? Similar companies to OPAP include e.g. High Roller Technologies, Ainsworth Game Technology, Aristocrat Leisure, BlueBet Holdings.
What is the current market cap of OPAP? OPAP's current market cap is $8.4B
What is the current revenue of OPAP? OPAP's last 12 months revenue is $2.8B.
What is the current revenue growth of OPAP? OPAP revenue growth (NTM/LTM) is 3%.
What is the current EV/Revenue multiple of OPAP? Current revenue multiple of OPAP is 3.1x.
Is OPAP profitable? Yes, OPAP is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of OPAP? OPAP's last 12 months EBITDA is $972M.
What is OPAP's EBITDA margin? OPAP's last 12 months EBITDA margin is 35%.
What is the current EV/EBITDA multiple of OPAP? Current EBITDA multiple of OPAP is 8.7x.
What is the current FCF of OPAP? OPAP's last 12 months FCF is $769M.
What is OPAP's FCF margin? OPAP's last 12 months FCF margin is 28%.
What is the current EV/FCF multiple of OPAP? Current FCF multiple of OPAP is 11.0x.

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